BC Rental Protection Fund acquires 147 affordable units in Vancouver

On September 13, 2024, the Rental Protection Fund announced the acquisition of 147 affordable rental units across the Lower Mainland of British Columbia, including Vancouver, Burnaby, and Maple Ridge. The Fund aims to address the housing crisis by securing affordable homes through non-profit ownership. In Vancouver, a four-storey, 24-unit building in the Marpole neighbourhood will be preserved, while Burnaby will see 79 homes secured by Catalyst Community Developments Society, ensuring long-term rent stability for residents. In Maple Ridge, 44 townhomes at Brookside Gardens will remain affordable for families, with Connective Support Society managing the property. The Rental Protection Fund provided significant financial support for these acquisitions, including $15.9 million for Parkwood Gardens and an $8.9 million grant for Brookside Gardens. These investments are crucial for non-profit organizations to maintain affordable housing in communities facing severe shortages. Katie Maslechko, CEO of the Rental Protection Fund, emphasized the importance of these acquisitions, stating that every dollar invested is worth at least three dollars in addressing the housing crisis. The Fund has approved funding for nearly 1,500 homes across 19 communities in British Columbia, with plans for further expansion. The anticipated launch of the Federal Rental Protection Fund and potential recapitalization support from the Provincial Government will enable the Fund to continue its mission of preserving affordable rental homes for future generations, ensuring housing security for thousands of residents in the region.