1
00:00:02,480 --> 00:00:30,580
Good afternoon, directors. Our capital region housing corporation board meeting of Wednesday, September 9th is called to order. And it's appropriate that we begin with a territorial acknowledgement from Vice Chair Cara Dona. Thank you very much, Chair. It's my pleasure to welcome us back and to begin this meeting by acknowledging, as we always do, that the CRD conducts its business on Coast Salish and neutral in the territory.

2
00:00:30,580 --> 00:00:34,340
and works to walk a path of reconciliation,

3
00:00:35,000 --> 00:00:37,580
including by main commitments

4
00:00:37,920 --> 00:00:39,980
to more inclusive governance with our neighbors.

5
00:00:40,720 --> 00:00:42,240
I want to acknowledge the 11 neighboring

6
00:00:42,240 --> 00:00:44,020
First Nation governments with whom we are committed

7
00:00:44,020 --> 00:00:45,600
to building stronger work relationships,

8
00:00:46,200 --> 00:00:48,120
including the song he used to co-saps them.

9
00:00:48,840 --> 00:00:51,940
Chihonu, Saouk, Pachi.secom, StartLib,

10
00:00:52,200 --> 00:00:55,180
SayOut, Pakujen, Malahad, and Penelicate tribes.

11
00:00:56,160 --> 00:00:56,420
Thank you, Chair.

12
00:00:57,220 --> 00:00:58,400
Thank you, Vice-Circura.

13
00:00:59,080 --> 00:01:05,460
Next up is approval of the agenda and get a motion to approve, moved by alternate director

14
00:01:05,460 --> 00:01:10,620
Wagner, seconded by director Lidl, those in favor, opposed, not opposed, that carries.

15
00:01:10,820 --> 00:01:15,680
We move on to adoption of the minutes of our July 8th, 26th meeting, a motion to adopt and

16
00:01:15,680 --> 00:01:20,780
circulated, moved by director Coleman, seconded by director Lidl, those in favor, opposed,

17
00:01:21,080 --> 00:01:22,420
not opposed, that carries.

18
00:01:25,720 --> 00:01:31,520
We will skip that to move into presentations and delegations, which there are nine.

19
00:01:31,720 --> 00:01:33,440
So we move into our consent agenda.

20
00:01:33,700 --> 00:01:35,080
There is no consent agenda.

21
00:01:35,400 --> 00:01:37,000
So we move on to administrative reports.

22
00:01:37,440 --> 00:01:40,500
I'll turn it over to Jim Kevon-Lorette.

23
00:01:41,620 --> 00:01:43,420
Yeah, thank you, through you, Chair.

24
00:01:44,760 --> 00:01:48,920
This report is to provide the housing corporation with an update on corporate performance at the

25
00:01:48,920 --> 00:01:50,820
end of Q2-2026.

26
00:01:50,820 --> 00:01:58,520
As the board may recall in November 2025, it approved the 2026 through 2030 major capital plan,

27
00:01:58,920 --> 00:02:06,880
which included $137.8 million in spending for this year and advances $780.5 million in

28
00:02:06,880 --> 00:02:13,020
project costs over the full five year plan. The board also approved the 2026 financial plan,

29
00:02:13,020 --> 00:02:19,540
which projected $33.3 million in revenue and included $2.6 million in expenditure under the

30
00:02:19,540 --> 00:02:25,260
routine capital plan while also identifying a longer-term funding gap related to aging assets

31
00:02:25,260 --> 00:02:31,620
and increasing repair costs. Appendix A provides a summary of expenditures under the major capital

32
00:02:31,620 --> 00:02:39,420
plan as of June 30. The housing corporation reported $15.1 million in expenditure through Q2 with

33
00:02:39,420 --> 00:02:42,300
the largest investments supporting Village on the Green,

34
00:02:42,760 --> 00:02:44,400
Seater Hill, and Campus View.

35
00:02:45,260 --> 00:02:48,440
Only one project, the redevelopment of Rosewood,

36
00:02:48,500 --> 00:02:51,440
Willow Dean has not yet been awarded final project approval

37
00:02:51,780 --> 00:02:54,960
from BC Housing, but this is progressing as expected

38
00:02:54,960 --> 00:02:58,060
and is scheduled for Q4, 2026.

39
00:02:59,080 --> 00:03:02,160
Appendix B provides additional project profile updates.

40
00:03:03,200 --> 00:03:06,280
Chart two in the staff report shows a Q2 surplus

41
00:03:06,280 --> 00:03:13,280
of approximately 302,000 against a budgeted surplus of approximately 90,000 and that's

42
00:03:13,280 --> 00:03:19,880
primarily attributed to temporary position vacancies as well as the timing of the Caledonia

43
00:03:19,880 --> 00:03:26,660
mortgage payments. More detail is shown in Appendix C. This represents a positive operational

44
00:03:26,660 --> 00:03:33,220
variance of 212,000 as of Q2 and staff will continue working to improve revenue and control

45
00:03:33,220 --> 00:03:37,840
and costs to work towards maintaining positive performance throughout the rest of the year.

46
00:03:38,520 --> 00:03:42,760
Appendix D provides additional information on unit vacancy and rent up activities,

47
00:03:43,100 --> 00:03:49,400
including Caledonia, where 122 households have accepted offers as of August 11th,

48
00:03:49,480 --> 00:03:56,620
representing approximately 77% occupancy. Below market and deep sub-city homes continue to rent up as

49
00:03:56,620 --> 00:04:02,300
expected, but there does remain some leg in advancing rent-gear-to-income homes due to the community

50
00:04:02,300 --> 00:04:05,620
the housing fund program requirements and market conditions.

51
00:04:06,990 --> 00:04:11,680
Chart three in the report details expenditure under the routine capital plan,

52
00:04:11,980 --> 00:04:19,620
with approximately 1.6 million spent as the end of Q2 representing roughly 61% of the annual budget.

53
00:04:20,180 --> 00:04:25,850
Staff note that some higher than anticipated spending was due to completion of the work at

54
00:04:25,850 --> 00:04:31,070
very lane and various projects across 10 different properties, including items like plumbing,

55
00:04:31,330 --> 00:04:34,050
painting, flooring, and cabinet replacement works.

56
00:04:34,830 --> 00:04:39,290
In summary, delivery of the major capital plan continues largely as anticipated, with

57
00:04:41,350 --> 00:04:46,710
expenditure expected to increase, as projects move further into active construction phases.

58
00:04:47,310 --> 00:04:51,290
The housing corporations Q2 operating positionally is currently ahead of budget.

59
00:04:51,290 --> 00:05:01,250
Those staff recognize that continued work will be required to strengthen long-term revenue performance and address ongoing financial pressures across the portfolio.

60
00:05:01,930 --> 00:05:03,790
Thank you, Chair. Staff are available for any questions.

61
00:05:04,770 --> 00:05:08,610
Thank you. Any questions? Director Kobayashi.

62
00:05:09,430 --> 00:05:12,690
Thank you, Chair. Through the Chair, just a question to staff.

63
00:05:13,330 --> 00:05:20,690
If I understand reading the numbers here, there's, I think, our largest financial risk right now,

64
00:05:20,690 --> 00:05:26,070
Now, is $64.5 million of unfunded capital repairs?

65
00:05:26,750 --> 00:05:28,450
Am I interpreting that correctly?

66
00:05:30,250 --> 00:05:32,350
Through the chair, yes, that is correct.

67
00:05:32,590 --> 00:05:38,050
It's the aging asset, unfunded liability associated with the housing portfolio.

68
00:05:38,310 --> 00:05:42,410
So my key question is, how do we plan to fund that then?

69
00:05:47,500 --> 00:05:50,960
Through the chair, it's something that we look at as we're developing the budget and

70
00:05:50,960 --> 00:05:59,140
And we're trying to build up reserves, but we are in a very strict, you know, the revenue

71
00:05:59,140 --> 00:06:01,720
and expenditures runs a very tight margin.

72
00:06:02,180 --> 00:06:03,380
And so we're doing the best we can.

73
00:06:03,560 --> 00:06:07,160
It's not uncommon for housing corporations to be in this situation.

74
00:06:07,940 --> 00:06:13,340
And we recognize that we're probably better off than most of the nonprofit providers in

75
00:06:13,340 --> 00:06:13,760
the region.

76
00:06:13,760 --> 00:06:17,820
But it's something that we have been hanging out in the last couple of years and are actively

77
00:06:17,820 --> 00:06:24,260
looking at ways, the redevelopment strategy of our existing portfolio was one of the,

78
00:06:24,260 --> 00:06:31,360
it's the 2045 path forward on redevelopment of those that will, should we be able to land

79
00:06:31,360 --> 00:06:37,620
a future grant funding and match funding through the CRD, will be able to address a significant

80
00:06:37,620 --> 00:06:42,340
portion of that funding up, but it's something that we will be reporting out regularly as we advance.

81
00:06:42,880 --> 00:06:43,700
Thank you very much.

82
00:06:45,960 --> 00:06:46,860
Director Tobias.

83
00:06:46,860 --> 00:06:55,580
Yes. Thank you, Chair. Through you to staff, I'm looking at the PENICS-D, which is the

84
00:06:56,460 --> 00:07:04,860
second quarter unit vacancy snapshot. Quite surprised to see the market rate vacancy rate

85
00:07:04,860 --> 00:07:12,820
being 13.17%, I think even better than the West Shore. I'm just wondering if staff can

86
00:07:12,820 --> 00:07:19,420
explain that as well. Can you give us some sense of vacancy rate over time? This is a snapshot

87
00:07:19,420 --> 00:07:25,880
annually, but I'm just wondering what that looks like over years, and is this really

88
00:07:25,880 --> 00:07:26,840
to standing up?

89
00:07:28,850 --> 00:07:31,330
Yes, thank you through the chair. I'll ask a senior manager

90
00:07:31,330 --> 00:07:33,750
Elliott to come to the podium to address.

91
00:07:48,510 --> 00:07:51,630
Okay, we're live. Thank you so much for the

92
00:07:51,630 --> 00:07:57,710
question. I really appreciate that. The CRHC's vacancy rate over time is, well, we don't

93
00:07:57,710 --> 00:08:02,730
have the analysis in front of us and I'll explain why. Historically, the vast majority of our

94
00:08:02,730 --> 00:08:07,710
housing with subsidized housing rent gear to income housing where we typically saw very low

95
00:08:07,710 --> 00:08:12,690
vacancy rates could be in the neighborhood of one to two to three percent and that's just a

96
00:08:12,690 --> 00:08:18,430
function of typical turnover that you would see in any housing as households move in and move out.

97
00:08:19,050 --> 00:08:25,630
As we look at our product now we see a much higher proportion of below market housing and in that

98
00:08:25,630 --> 00:08:30,230
housing. It's a more competitive operating environment. There's more turnover. It's a less

99
00:08:30,230 --> 00:08:36,050
stable housing stock when compared to some of our subsidized housing models. So what we started

100
00:08:36,050 --> 00:08:41,930
doing quite recently was actually providing this data to the board and part of why we're just

101
00:08:41,930 --> 00:08:48,590
doing this now is in 2026 we were able to onboard dedicated property management software and that's

102
00:08:48,590 --> 00:08:54,150
enabling us a much better line of sight on the performance of our different properties with a

103
00:08:54,150 --> 00:08:59,210
specific focus on trying to understand the nuances between a rent care to income property

104
00:08:59,210 --> 00:09:04,250
and a market affordable property. I also do note that though this vacancy rate is high,

105
00:09:04,510 --> 00:09:10,630
it is down a couple of percent from Q1 and there are significant and very targeted marketing

106
00:09:10,630 --> 00:09:16,570
efforts and a promotional package that we launched in mid-August that is also starting to yield

107
00:09:16,570 --> 00:09:23,510
positive results. Staff didn't form me yesterday. That last week we had 11 new sign-ups on those

108
00:09:23,510 --> 00:09:26,910
buildings in the West Shore that we're currently showing high vacancy rates in.

109
00:09:27,530 --> 00:09:31,670
So there is positive progress happening as a result of some of those operational efforts

110
00:09:31,670 --> 00:09:35,970
that you're not seeing in the data yet and won't see until we report on this towards

111
00:09:35,970 --> 00:09:40,470
the end of the year because because of budget we don't have a Q3 report but hopefully that

112
00:09:40,470 --> 00:09:42,550
answers the question but happy to follow up if required.

113
00:09:44,230 --> 00:09:44,970
Thank you, Chair.

114
00:09:45,150 --> 00:09:45,330
Yeah.

115
00:09:45,710 --> 00:09:47,670
Thank you for your response.

116
00:09:47,670 --> 00:09:49,090
That was great.

117
00:09:49,090 --> 00:09:54,730
and I realize that greater analysis of data insight gives you better questions to ask.

118
00:09:55,190 --> 00:10:00,090
So I'm going to ask, try to ask a better question is if we see this trending over time,

119
00:10:00,630 --> 00:10:07,930
how will that influence the prioritization of what the board is recommended to build in the future

120
00:10:07,930 --> 00:10:13,490
as a priority because we're seeing high vacancy rates in some areas, particularly around market,

121
00:10:13,490 --> 00:10:19,610
but zero for a shelter rate or deep subsidy or RGI,

122
00:10:20,100 --> 00:10:24,030
just wondering how that might impact the next board's

123
00:10:24,030 --> 00:10:25,450
decision making on what to prioritize.

124
00:10:27,160 --> 00:10:28,550
Yeah, thank you so much for the question.

125
00:10:29,010 --> 00:10:30,910
What we build is really a function

126
00:10:30,910 --> 00:10:32,550
of the programs that are available.

127
00:10:33,210 --> 00:10:36,110
The affordable housing we provide cannot be provided

128
00:10:36,110 --> 00:10:38,370
without support from other orders of government.

129
00:10:38,970 --> 00:10:42,010
Much of the subsidized housing that we see the very low

130
00:10:42,010 --> 00:10:47,490
vacancy rates and the continued high demand for are primarily funded through grants received

131
00:10:47,490 --> 00:10:51,310
and ongoing operating subsidies, mostly from the provincial government.

132
00:10:51,850 --> 00:10:56,990
The market affordable and below market stock that we see is primarily driven by the regional

133
00:10:56,990 --> 00:11:01,170
housing first program, which was a partnership program that included the capital regional

134
00:11:01,170 --> 00:11:03,930
district, it included CMHC and it included BC housing.

135
00:11:04,410 --> 00:11:10,250
And that was designed primarily to support 20% up to 20% at shelter rate.

136
00:11:10,250 --> 00:11:18,570
The 80% market affordable was just a function of what pro forma could work when modeled initially in 20, 27, 28 or 2017,

137
00:11:18,870 --> 00:11:26,390
2018 pardon me without ongoing operating subsidy. So for us, it's not so much as what we wish to build.

138
00:11:26,430 --> 00:11:32,270
If we could, we would certainly look to build more subsidized housing. The challenge is at present.

139
00:11:32,430 --> 00:11:39,510
We aren't seeing the programs from other orders of government, but we still believe that there are two key things that we're trying to accomplish.

140
00:11:39,510 --> 00:11:54,110
1. Limit the risk to the corporation through the redevelopment of aged assets, and 2. Create more housing supply that is owned and operated in the nonprofit sector to try and disincentivize the financialization of housing product.

141
00:11:56,090 --> 00:11:58,430
Thank you, Chair. Appreciate it. Thank you, Mr. Elliot.

142
00:11:59,170 --> 00:12:01,070
Thank you. Director, welcome next place.

143
00:12:01,070 --> 00:12:03,710
Thank you.

144
00:12:04,810 --> 00:12:15,610
And recognizing that we're not providing housing for a profit, do you have any estimation

145
00:12:15,610 --> 00:12:27,990
as to what percentage of cost rental income be it subsidized, provides for the housing

146
00:12:27,990 --> 00:12:39,570
commission? Is it like 10% the rent provides 10% of the cost of the housing or is it 50% or do

147
00:12:39,570 --> 00:12:45,090
you have any rough numbers on that? So as shown and forgive me, director, if I'm, thank you

148
00:12:45,090 --> 00:12:48,930
through the chair. Forgive me if I'm not answering the question appropriately, but what I'm looking at

149
00:12:48,930 --> 00:12:56,370
is a Pindex C to the staff report, which does note that government subsidies account for pardon

150
00:12:59,220 --> 00:12:59,400
me,

151
00:12:59,400 --> 00:13:07,020
I don't have the percentage breakdown. It's approximately 14 to 16% of our overall revenue comes from government subsidies.

152
00:13:07,460 --> 00:13:12,560
The remaining is from tenant rents. And pardon me, I don't have the specific numbers, but that's roughly the breakdown.

153
00:13:13,760 --> 00:13:15,340
Okay, so that's pretty good.

154
00:13:18,060 --> 00:13:19,460
I'm impressed with that. Thank you.

155
00:13:21,420 --> 00:13:22,960
Director Plant online, please.

156
00:13:34,830 --> 00:13:36,810
Can we unmute Director Plant?

157
00:13:44,880 --> 00:13:45,820
Are you able to hear me?

158
00:13:48,320 --> 00:13:49,160
I apologize.

159
00:13:58,700 --> 00:14:05,300
My question was going to be what director Tobias had raised, but I guess it is appropriate

160
00:14:05,300 --> 00:14:09,720
if it's not a recommendation that we could also make a comment at this point.

161
00:14:11,440 --> 00:14:11,860
Absolutely.

162
00:14:13,360 --> 00:14:15,100
Yeah, I thank staff for providing the report.

163
00:14:15,280 --> 00:14:19,700
I think we obviously are not happy to see when we have vacancies because nobody wants that.

164
00:14:19,700 --> 00:14:24,080
we don't build housing to have vacancies, but I think what Mr. Elliott has kind of highlighted

165
00:14:24,080 --> 00:14:29,040
for us is that the newer type of housing that we're building is not just affordable housing in

166
00:14:29,040 --> 00:14:35,360
the sense of all deeply subsidized. We are competing near market, and as such, I think we just have

167
00:14:35,360 --> 00:14:42,800
to be aware of that, and nobody wants to see those higher levels of vacancy, but it is a reality,

168
00:14:42,940 --> 00:14:48,380
and hopefully it'll keep moving down. Thank you. Thank you, Director Plant. We'll go to Director

169
00:14:48,380 --> 00:14:49,220
or home and next.

170
00:14:50,320 --> 00:14:51,180
Yes, thanks, Chair.

171
00:14:51,420 --> 00:14:52,540
And to staff for the report.

172
00:14:52,980 --> 00:14:54,020
A couple of questions.

173
00:14:54,960 --> 00:14:59,820
I know it's in the report, but even with the vague.

174
00:15:00,000 --> 00:15:25,460
I can see rates were starting to experience low end of market. The year end 2025 and the projected 2026 kind of bottom line for the housing corp. Are we covering all costs? Like, what was the outcome for 25? Is there a projected like are you projecting the possibility of a deficit in 2026? And I have one other question.

175
00:15:29,160 --> 00:15:32,280
Yes. Thank you. Through the chair. At the end of the day.

176
00:15:32,280 --> 00:15:35,820
In 2025, the housing corporation did turn a small surplus.

177
00:15:36,140 --> 00:15:38,500
I don't recall exactly what the surplus was.

178
00:15:38,720 --> 00:15:39,140
So forgive me.

179
00:15:39,580 --> 00:15:43,280
In 2026, we are also forecasting a small surplus.

180
00:15:43,500 --> 00:15:46,380
If you recall the at the budgeted surplus was going

181
00:15:46,380 --> 00:15:48,980
to be $180,455.

182
00:15:49,040 --> 00:15:54,720
So we expected covering all costs plus about almost 200,000.

183
00:15:55,020 --> 00:15:57,560
We are trending a little bit better than that.

184
00:15:57,920 --> 00:16:00,180
But it is really important to note as well

185
00:16:00,180 --> 00:16:06,340
that when we look at the five-year financial outlay for the housing corporation, we were

186
00:16:06,340 --> 00:16:15,840
looking at a cumulative deficit of around $380,000 by 2030, primarily a function of

187
00:16:15,840 --> 00:16:21,620
modeled performance under the RHFP portfolio, which is why we are putting so much energy

188
00:16:21,620 --> 00:16:28,220
into making sure that we are seeing fewer vacancies in that housing portfolio specifically, and

189
00:16:28,220 --> 00:16:33,420
And that's part of what incentivized the direction to look at marketing packages, promotional

190
00:16:33,420 --> 00:16:39,380
packages, and just trying to make sure that we are seeing that number coming down, because

191
00:16:39,380 --> 00:16:45,160
that will be the biggest contributor to overall financial performance on a cumulative basis in

192
00:16:45,160 --> 00:16:46,040
the coming five years.

193
00:16:47,640 --> 00:16:48,860
Thanks for that, Chair.

194
00:16:49,080 --> 00:16:57,220
One other question just can staff tell us, is there anything new from the provincial government

195
00:16:57,220 --> 00:17:03,540
regarding are pausing of their funding, affordable housing funding programs, and also I understand

196
00:17:03,540 --> 00:17:08,360
the federal government is taking through it's called Build Canada Homes. I think they're taking

197
00:17:08,360 --> 00:17:19,560
a portfolio approach and can you remind the board if you can, if you can say so publicly, is there any

198
00:17:19,560 --> 00:17:26,780
CRHC initiative around the Federal Building Canada Homes program? Thanks.

199
00:17:27,220 --> 00:17:29,860
Thank you for the chair.

200
00:17:31,160 --> 00:17:38,740
At present, the CRHC is not applying directly for Build Canada Homes at present.

201
00:17:39,280 --> 00:17:45,180
As has been reported to this board previously, we are really looking to better understand

202
00:17:45,610 --> 00:17:49,500
how that program can specifically support what we're looking for.

203
00:17:49,940 --> 00:17:55,600
There are timeline requirements, 12 years to beginning of construction, I believe.

204
00:17:55,600 --> 00:18:01,540
We're also looking at some pretty rigorous standards applied to affordability.

205
00:18:01,960 --> 00:18:06,560
And what I mean by that is it is not a deeply affordable housing program.

206
00:18:07,280 --> 00:18:13,740
So for us, it really is about looking at CRHC 2045, looking at that ambitious vision,

207
00:18:14,200 --> 00:18:20,760
looking at opportunities to align the missions of the CRD and the CRHC and creating a value

208
00:18:20,760 --> 00:18:24,940
proposition that can form the foundation of a potential application through

209
00:18:24,940 --> 00:18:30,420
Build Canada Homes. On the provincial side, we are not hearing any updates yet.

210
00:18:31,540 --> 00:18:36,360
Excuse me, but we continue to work with our provincial advocacy organization,

211
00:18:36,460 --> 00:18:40,200
the British Columbia Nonprofit Housing Association, and we continue to connect

212
00:18:40,200 --> 00:18:44,700
regularly with other nonprofits in the region and across the province to

213
00:18:44,700 --> 00:18:48,480
understand what they're hearing, what they're saying, and is there anything that we

214
00:18:48,480 --> 00:18:53,240
we can do together to help amplify the importance

215
00:18:53,240 --> 00:18:55,720
of the service that many of us provide in communities,

216
00:18:55,880 --> 00:18:57,960
not just in Victoria, but across the province as well.

217
00:19:01,180 --> 00:19:01,640
Thank you.

218
00:19:01,840 --> 00:19:04,300
Are there any other directors wishing to ask questions

219
00:19:04,300 --> 00:19:04,860
or speak?

220
00:19:05,560 --> 00:19:06,240
Director Little, please.

221
00:19:07,700 --> 00:19:08,580
Thank you.

222
00:19:09,280 --> 00:19:11,020
I'm pleased to see the delivery

223
00:19:11,020 --> 00:19:15,080
with the major capital plan proceeding as expected.

224
00:19:15,420 --> 00:19:18,820
So thank you, GM Loretten, Mr. Elliott.

225
00:19:18,820 --> 00:19:22,280
in Appendix B under Project Update,

226
00:19:24,200 --> 00:19:28,900
sorry, Update, the Cedar Hill Library and Affordable Housing

227
00:19:29,820 --> 00:19:36,280
is the project expected to be receiving occupants.

228
00:19:36,320 --> 00:19:37,960
He's still in about 2030.

229
00:19:38,180 --> 00:19:42,460
I notice the shovels are in the ground now as of May or June.

230
00:19:42,960 --> 00:19:45,220
It's an exciting project, lots of people watching.

231
00:19:45,760 --> 00:19:46,320
Thank you.

232
00:19:47,760 --> 00:19:52,780
Yes. Thank you so much through the chair. The project is progressing as anticipated.

233
00:19:53,240 --> 00:19:58,960
We are currently in the process of revising all of our schedules and those will be brought

234
00:19:58,960 --> 00:20:06,120
back to the CRHC Board as part of their consideration of the updated major capital plan in December

235
00:20:06,120 --> 00:20:11,350
of this year. So we will have fresh numbers. What we are hearing right now is that there

236
00:20:11,350 --> 00:20:13,770
is no cause for concern that that project

237
00:20:13,770 --> 00:20:16,230
has received final project approval,

238
00:20:16,410 --> 00:20:17,110
it is fully funded,

239
00:20:17,310 --> 00:20:19,410
and it is progressing on schedule.

240
00:20:20,750 --> 00:20:21,450
Thank you.

241
00:20:22,830 --> 00:20:24,590
Thank you, and the other directors

242
00:20:24,590 --> 00:20:25,750
wishing to ask questions.

243
00:20:27,510 --> 00:20:30,250
Seeing none, there is no recommendation,

244
00:20:30,690 --> 00:20:32,030
so no motion not required.

245
00:20:32,230 --> 00:20:35,050
I just wanna thank staff for their reporting,

246
00:20:35,170 --> 00:20:37,150
but also the hard work that goes into making sure

247
00:20:37,150 --> 00:20:40,330
that we're addressing various challenges and opportunities

248
00:20:40,330 --> 00:20:45,370
that exists for the housing corporation, as obviously aligned in this quarterly report.

249
00:20:45,770 --> 00:20:52,930
And aligned in every quarterly report, we're challenged with the near market affordable portion of our portfolio.

250
00:20:53,410 --> 00:21:00,250
But that is a good problem to have because it means that the market has been coming closer to what we're offering.

251
00:21:00,250 --> 00:21:05,030
We're seeing asking the rents come down, and that's basically more competitive, which is a win for

252
00:21:05,030 --> 00:21:08,710
For many people looking for rental accommodation within our region.

253
00:21:10,110 --> 00:21:14,710
With that, we can move to our next item, which is a report from committee, of which there

254
00:21:14,710 --> 00:21:15,090
are none.

255
00:21:15,330 --> 00:21:16,630
Are there any notices of motion?

256
00:21:18,150 --> 00:21:19,650
Seeing none, there's no new business.

257
00:21:19,890 --> 00:21:21,110
We'll take a motion to adjourn.

258
00:21:21,630 --> 00:21:22,430
Move by Director Coleman.

259
00:21:22,730 --> 00:21:23,690
Seconded by Director Williams.

260
00:21:23,970 --> 00:21:24,410
Those in favor?

261
00:21:25,130 --> 00:21:25,470
Opposed?

262
00:21:25,630 --> 00:21:25,910
Not opposed.

263
00:21:26,070 --> 00:21:27,030
I curious who we are adjourned.

264
00:21:27,210 --> 00:21:27,590
Thank you all.