NORTH VANCOUVER – British Columbia’s Rental Protection Fund has protected 75 affordable rental homes in Squamish and North Vancouver.
The properties were acquired by non-profit organizations with contributions from the fund and are part of nearly 1,500 homes protected through since its launch in 2023, with thousands more under consideration, a release said.
The fund is on track to exceed its target of 2,000 homes well ahead of schedule, the release added.
“Everyone deserves a place to call home in a community they love. No one should have to live in fear of losing that housing – afraid that their homes are going to be sold out from under them to speculators or large corporate real estate companies. We’re helping community partners purchase existing rental buildings like these buildings in North Vancouver and Squamish – to protect renters and preserve more affordable units,” B.C. Premier David Eby said in the release.
Hiy̓ám̓ ta Sḵwx̱wú7mesh Housing Society (Hiy̓ám̓ Housing) has bought Ocean View Apartments, a 35-unit property at 165 6th St. West in North Vancouver as well as Tantalus Manor, in partnership with Squamish Community Housing Society (Housing Squamish), a 40-unit multi-family building at 1098 Wilson Cres. in Squamish. The acquisition secures a total of 75 mixed-unit rental homes.
The fund provided approximately $8.6 million in capital contributions and nearly $800,000 in renewal grants to Ocean View Apartments and Squamish Nation also provided $500,000 to help secure the property and ensure the units are accessible for nation people.
The fund also provided more than $4.6 million in equity and more than $1 million in renewal grants towards the purchase of Tantalus Manor in Squamish, the release said.
B.C. made an initial investment of $500 million in January 2023 to establish the fund and has approved funding for nearly 1,500 homes throughout the province since pre-qualifying non-profit organizations in fall 2023.
The Rental Protection Fund provides one-time capital contributions to non-profit housing organizations and co-operatives so they can buy affordable residential rental buildings, the release added.
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