Capital Regional District directors are proposing to continue a $6.50-per-household levy that has generated almost 300 affordable-housing units in the past five years.

"It's an absolutely fantastic program with a thoroughbred record over the past five years," said Victoria Mayor Dean Fortin, vice-chairman of the CRD committee recommending the Regional Affordable Housing Trust Fund's continuation.

Begun as an experiment five years ago, the fund, which operates like the CRD parks levy, has proved pivotal in leveraging other contributions to build affordable housing. In the past 41/2 years, the fund has raised $3.5 million that has been leveraged at a rate of about 15 to one, creating $51 million worth of affordable housing.

Some 281 units in 17 new projects have been built. Because the projects don't come onstream all at once, it seems not much is being accomplished, Fortin said. But the opposite is true.

"It just goes to prove the point that municipalities -- with the smallest tax base -- can really leverage senior levels of funding and commitments from private [enterprise] and non-profits," Fortin said.

The fund began in 2005 with five municipalities participating, but now there are 11. Current members are Metchosin, North Saanich, Saanich, Sooke, Victoria, View Royal, Esquimalt, Central Saanich, Oak Bay, Sidney and Saltspring Island.

Committee members were told this week that with Sidney coming on board late this year, the fund is expected to generate $859,173 in contributions from homeowners in 2009. Based on past experience, that would result in $12.8 million for affordable housing with contributions from senior governments, community groups and the private sector