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.
