25 Affordable Homes Preserved through Rental Protection Fund in Kamloops
Connective Support Society Kamloops acquires Riverside Gardens property to protect affordable rental housing and stop the threat of displacement.
Kamloops, B.C. – April 23, 2025 – The Rental Protection Fund (the Fund) is proud to announce the acquisition of Riverside Gardens, a 25-unit rental property in Kamloops, by Connective Support Society Kamloops (CSSK). This milestone protects long-term tenants from the threat of displacement and secures deeply affordable rental homes at an average of 43% below market rates.
Located at 139 Tranquille Road, Riverside Gardens offers residents a big backyard overlooking the river, and easy access to the growing Tranquille Road corridor and downtown Kamloops. Its prime location and large property made the building a target for redevelopment into high-end condominiums—well out of reach for current residents. Removing these homes from the rental market would have worsened an already challenging situation, with nearly one in four Kamloops tenants facing unaffordable rents.
Instead, this acquisition by CSSK ensures Riverside Gardens will remain an affordable, pet-friendly rental community for years to come. The non-profit has committed to maintaining current affordability levels, setting future rents at 20% below the Canada Mortgage and Housing Corporation (CMHC) local median rates, and capping rent increases below the annual allowable amount.
“The acquisition of the 25 homes provides much-needed support for people in Kamloops who are struggling to find affordable housing when they need it,” said Ravi Kahlon, Minister of Housing and Municipal Affairs. “Protecting existing affordable rental housing is an important way we are providing stability to people faced with a global housing affordability crisis and rising costs. This a step in the right direction when it comes to making progress for renters."
The building consists of a mix of studio, one-, and two-bedroom units, and has provided a welcoming home for families, seniors, and independent adults for many years. More than a quarter of residents have lived in the building for over 10 years, with some calling it home for nearly three decades.
“Riverside Gardens shows what’s possible when community-based organizations take the lead in preserving the homes people already rely on,” said Katie Maslechko, CEO of the Rental Protection Fund. “By keeping this housing in community hands, Connective Kamloops is not only protecting affordability—they’re helping to ensure that renters have a lasting place in the neighbourhoods they call home. It’s a powerful example of how locally driven solutions can shape a more secure and inclusive future.”
To secure this much-needed affordable housing in perpetuity, the Rental Protection Fund provided a Capital Contribution of approximately $2.8 million and a Renewal Grant of slightly less than $10,000 per home. Connective Kamloops also provided $50,000 of their own equity and leveraged over $500,000 of impact investment.
Although the building is several decades old, like the majority of Kamloops’ rental housing, it has been well-cared for and remains in excellent condition. With minor improvements supported by the Fund’s Renewal Grant, Riverside Gardens will continue to offer quality housing for future generations.
“It has been nice to have Connective take over the site, as their staff have shown that they care about the property and people who live here. I feel safe and secure in my home,” shared a Riverside Gardens tenant who has lived in the building since 1996.
Connective Support Society Kamloops operates independently within the broader Connective network. Connective Kamloops has deep roots in the community, operating more than 350 affordable homes, with another 29 units of affordable housing in development. Connective has been providing a wide range of supportive services across the interior region for over 30 years.
“Connective is proud to be the new owner of Riverside Gardens and would like to thank and commend the B.C. government and the RPF for working rapidly and diligently in addressing the housing crisis through innovative programs. Connective remains committed to the development, acquisition and protection of affordable housing for our community,” said Lindsay Lord, CEO of Connective Kamloops.
Last year, the Rental Protection Fund secured more than 1500 affordable rental homes across British Columbia. Today, the Fund continues to leverage its initial investment by the Province of British Columbia through strategic acquisitions that safeguard affordability so that thousands more British Columbians have access to stable, secure rental housing.
Through one-time capital contributions provided by the Fund, non-profits and housing co-operatives can secure, revitalize, and safeguard current rental units against escalating market rents, creating housing for underserved and vulnerable groups within our communities.
We gratefully acknowledge the financial support of the Province of British Columbia through the Ministry of Housing and Municipal Affairs.
About The Rental Protection Fund:
The Rental Protection Fund stands as B.C.'s direct response to the housing crisis. Under the leadership of CEO Katie Maslechko, the Fund is dedicated to protecting tenants and ensuring the availability of affordable rental homes for future generations. By providing capital contributions to non-profit housing organizations and cooperatives, it facilitates the acquisition of existing rental buildings. This initiative is committed to maintaining housing affordability and stability for renters in B.C. in the long run. Those who wish to have a property considered for acquisition through the Rental Protection Fund can submit them at www.RentalProtectionFund.ca