CRD buys affordable housing for $10 million

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The CRD has acquired 22 properties from BC Housing for $10 million.

The 22 pieces of land are already under a 30-year lease and managed by the CRD’s subsidiary Housing Corporation. The buildings on them are owned by the CRD and hold 538 affordable housing units, which are managed in partnership with local non-profit organizations. Lapham said the real estate sale value of the land is about $30 million but the existing lease devalues that — which is why the capital region got the price it did.

Read the article: CRD buys affordable housing for $10 million

Source: Times Colonist