BC Government Introduces Rental Protection Fund

The BC government has introduced a new $500 million fund to support non-profit housing organizations in purchasing affordable residential rental buildings and ownership co-operatives.
Categories: Personal Insurance
Jan 13th, 2023 | By: CapriCMW

The BC government has introduced the Rental Protection Fund, designed to help maintain existing affordable rental housing options and protect tenants from being displaced. 

According to a recent BC Housing report, 2022 had a total of 14,546 new purpose-built rental homes registered, the highest number in one year on record. However, the loss of older rental properties to redevelopment continues to prolong the affordable housing crisis. 

This $500 million fund will provide non-profit housing organizations with one-time grants to help in the purchase of affordable residential rental buildings and ownership co-operatives. Additionally, there will be further support for these non-profit property buyers in securing private financing, so that rental income will cover required loans and operating expenses for the buildings. 

According to the BC government, the Rental Protection Fund is expected to help preserve thousands of affordable housing units in BC from being acquired by property speculators and large corporations.

The fund will be managed by the Housing Protection Fund Society, an external entity, which is comprised of the BC Non-Profit Housing Association (BCNPHA), Co-operative Housing Federation B.C. (CHFBC), and the Aboriginal Housing Management Association (AHMA).

To learn more, see the official Government of BC news release.

Recent Blog Posts

Employee Benefits / group benefits, long term disability, employment insurance, short term disability
Impact of Recent EI Changes on Employers and Employees

As of December 18, 2022, the federal government has extended the length of time that individuals can…

Jan 6th, 2023 | By: CapriCMW
Personal Insurance / travel insurance
Five Tips to Keep You Safe During Your Holiday Travels

If you're going to be away this holiday season, there are some important steps for you to take…

Dec 16th, 2022 | By: CapriCMW
Personal Insurance / natural disaster, severe weather, climate change
Top Trends Affecting the Insurance Market for Natural Disasters

Over the past year alone, Canada was hit by two of the costliest natural disasters in the country's…

Dec 8th, 2022 | By: CapriCMW
Search the Blog
photo-10.jpg

Confidence and Freedom

At CapriCMW, we provide personalized insurance and custom risk solutions to give you the confidence and freedom to focus on what matters to you. Talk to an Advisor or get a quote today.

Get a Quote    Or call 1-800-670-1877

Can’t find what you are looking for? Ask us!