Presentation: Habitat for Humanity Victoria's Affordable Home Ownership Program

Program Overview

Our program assists local families with low to moderate income, as BC Housing defines it, to purchase their first (Habitat) home.

We offer an equity-based solution to create stability and positive intergenerational change in place of dependency on social subsidies.

Program Overview

• Builder, Developer and LENDER.
• Housing costs capped at no more than 30% of the homeowner's gross income = affordable homeownership.

Habitat Victoria

the alternative “bank of mom & dad”

• Homeowner savings or equity
• 1st Mortgage: Vancity (Vancity 1st mortgage is at market rates; families independently apply and qualify for maximum amount.)
• 2nd Mortgage (0% Interest): Habitat for Humanity Victoria (Habitat 2nd mortgage payment is elastic, with payments adjusted to household income.)
• Total Home Value

NO DOWNPAYMENT REQUIRED

Housing costs will not exceed 30% of the family’s gross household income annually.

Why Affordable Homeownership Matters

SOCIOECONOMIC BENEFITS: The average Habitat homeowner’s earnings end up almost 30% higher than if they had continued renting. Through increased productivity, Habitat’s program injects $35 million into Canada’s economy every year.

CONSTRUCTION BENEFITS: In a 5-year period from 2019-2023, the total economic footprint of Habitat’s work to build and rehabilitate homes was $311 million, generating nearly $40 million in tax revenues.

After moving into their Habitat home, families see improvements in:

• Health
  • 73% of families say their physical health is better
  • 79% of families say their mental health is better
• Education
  • 41% of adults start of complete additional education
  • 50% of families’ children are doing better in school
• Community Involvement
  • 50% of families take part in more community events
  • 50% of families volunteer more
• Employment
  • 44% of adults improve their employment
• Financial Security
  • 51% of families say their financial security is better

Myth: Getting a Habitat Home is a Lottery Win for One family

Like a Rental but Better

• Stemming “Brain Drain”
• Homeowners give back and volunteer in their community
• Reduced strain on the healthcare system

Capped Appreciation

Community Asset

Challenges we hear municipalities struggle with in creating affordable homeownership

• Clear, consistent definition of affordable homeownership
• Management and administration of affordable units
• Ensuring inventory of affordable units remain affordable

How Habitat Can Help

MANAGEMENT AND ADMINISTRATION OF HOUSING

Experienced in managing affordable homeownership units, including purchase selection and eligibility compliance.

FOREVER AFFORDABLE

Work with municipalities to register Affordable Housing Agreements that align with BC Housing definitions and preserve affordability in perpetuity.

Register options to purchase and ROFRs on all units.

What can Municipalities do?

• Require affordable housing components on redevelopments through density bonusing.
• Partner with Habitat for Humanity Victoria to administer & manage affordable homeownership inventory.
• Utilize municipal Affordable Housing Reserve Funds to provide per door funding for affordable homeownership.
• Donate land to create affordable homeownership opportunities in perpetuity.
• Remove community and development charges from affordable housing developments.

Upcoming Planned Projects

Irwin Road - Langford

Stacked townhouse development with 16 units comprised of the following: 1-4 bedroom, 7-3 bedrooms, 7-2 bedrooms and 1-1 bedroom unit.

Ferguson Place - Saanich

Stacked townhouse and mixed residential development with 13 units comprised of the following: 6-3 bedrooms, 3-2 bedrooms and 4-1 bedroom units.

Recent Partnership Projects

North Saanich Project

2166 Bakerview Place

• As part of a subdivision rezone to create 17 market SFHs, Reay Creek Developments donated adjacent land for Habitat’s 10-unit project; Council required affordable housing to consider the rezone.
• The projects were severed at the development permit stage and Habitat then acted as prime for its own build.
• Registered restricted price covenants on homes ensuring affordability in perpetuity
• Completed in May 2021, four buildings making up the 10 units: two tri-plexes and two duplexes, and homes range from 2 – 4 bedrooms. Two units are fully-accessible, with barrier-free common areas.

Central Saanich Project

2162 Timber Ridge

• Walking Stick Developments donated a lot to Habitat as part of an 17-unit development.
• Habitat then contracted the developer to build the home, completed in November 2020.
• This is a 3 bedroom, 1.5 bath home integrated into the market (bare-land) development.

Central Saanich

8026 East Saanich Road

• In 2018, Cube Developments donated serviced land to Habitat as part of a 17-unit development rezone.
• Habitat contracted Cube to build the home at “cost” + a management fee.
• This 3 bedroom, 1.5 bath home is 1073 sq ft and is situated on a “micro” lot of 2000 sq ft.

Our Build History

Habitat Victoria has built 34 homes in the region:

• 2000 – Victoria – Habitat Victoria completes first home!
• 2001 – Saanich (single home)
• 2001 – Saanich (single home)
• 2002 – Sidney (single home)
• 2003 – Sidney (single home)
• 2005 – Sidney (single home)
• 2007 – Brentwood Bay (duplex)
• 2007 – Sidney (single home)
• 2008 – Sidney (duplex)
• 2010 – Saanich (five-plex)
• 2012 – Saanich (duplex)
• 2015 – Saanich (four-plex)
• 2019 – Central Saanich (single home)
• 2020 – Central Saanich (single home)
• 2021 – North Saanich (10 units)

Coming soon – 2026/2027 – Langford & Saanich (29 Units) !!!

Together, we build strong, vibrant communities.

Thank you!

Questions?

www.habitatvictoria.com info@habitatvictoria.com 250-480-7688 @habitatvictoria

Word Pyramid: HOME OPPORTUNITY LIFE | INDEPENDENCE | PARTNERSHIP CARING | OPENING DOORS | MEMORIES GIVING | SECURITY | NEW BEGINNINGS A HAND UP ESTABLISHING ROOTS | HOPE | MAKING A DIFFERENCE EMPOWERMENT | COMMUNITY | FAMILIES ROLLING UP YOUR SLEEVES | FUTURE | SHARING | SUSTAINABILITY