45 Affordable Homes Protected in Richmond by the Rental Protection Fund
First Fund-supported acquisition in Richmond secures below-market rents and long-term housing stability under Tikva Housing’s stewardship
Richmond, B.C. – July 14, 2025 – The Rental Protection Fund (the Fund) joins Tikva Housing Society (Tikva) in celebrating the acquisition of a 45-unit rental building in Richmond. This marks the Fund’s first investment in the city and protects the long-term affordability of much-needed homes in the Lower Mainland.
“Investing in protecting the affordable housing we already have means we spend less while achieving more—more capacity, more resilience, more opportunity.” said Katie Maslechko, CEO, Rental Protection Fund. “By leveraging public investment to unlock private & philanthropic partnerships like this, we can transform housing from a commodity into a catalyst for community-driven solutions, multiplying the impact of every dollar invested through the Rental Protection Fund for decades to come.”
Located at 8660 Westminster Highway, the property includes a mix of one- and two-bedroom units. Most are family-sized with rents approximately 42 percent below local market rates. Under Tikva’s non-profit stewardship, these homes will remain affordable for the long-term, providing stability and peace of mind for more than 110 residents.
Now named the Ronald S. Roadburg Residences, the building offers convenient access to transit, grocery stores, and other amenities. With Richmond’s vacancy rate consistently around 1 percent, securing homes like these is critical to ensuring renters continue to have access to affordable housing in their community.
“We’re working on every front to address the housing crisis and rising costs so people have an affordable home in the community they love,” said Ravi Kahlon, Minister of Housing and Municipal Affairs. “When a building changes hands, residents worry whether they will be forced to move or pay much higher rent. By helping non-profits to buy these buildings, we are protecting the people who have lived there for years, close to their families, their jobs and the activities they enjoy.”
The acquisition was made possible through a combined investment of approximately $5 million from the Fund, including $3.8 million in capital contributions and $1.2 million in renewal grants. A transformational $2 million donation from the Ronald S. Roadburg Foundation also supported Tikva's purchase of the property. In recognition of this historic gift—which enabled the largest acquisition in Tikva’s history—the building was renamed in honour of the Foundation.
“This momentous acquisition embodies the core of Tikva’s mission to provide access to innovative housing solutions—giving new hope to individuals and families in need, transforming lives, and strengthening the community,” said Anat Gogo, Executive Director of Tikva Housing. “We are deeply grateful to the Ronald S. Roadburg Foundation for their extraordinary generosity and to the Rental Protection Fund for ensuring these 45 homes will remain protected and affordable for generations to come.”
Since 2006, Tikva's mission has been to provide access to innovative and affordable housing solutions, primarily for Jewish individuals and families, guided by Tikkun Olam—a commitment to repairing the world. Tikva operates 213 homes across eight properties in Burnaby, Richmond, and Vancouver, and administers a Rent Relief Program that offers temporary financial assistance to renters in the private market.
Across British Columbia, the Rental Protection Fund has now secured the long-term affordability of nearly 1,600 rental homes in more than 20 communities, ranging from small towns of fewer than 5,000 residents to major urban centres. More announcements will follow as additional homes transition into the community housing sector.
Through one-time capital contributions provided by the Fund, non-profits and housing co-operatives can protect at-risk rental homes from rising rents and redevelopment. These acquisitions ensure long-term affordability and provide stable housing for people who are often underserved in the private market. With the potential for collaboration with the Canada Rental Protection Fund, and continued support from the Province, B.C.’s Rental Protection Fund is well-positioned to expand its impact and ensure that the affordable rental homes we have today remain affordable for generations to come.
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
