BC’s Rental Protection Fund Announces Acquisition of 334 Mixed-Unit Rental Homes by Connective on Vancouver Island
The acquisition will safeguard homes across nine properties in Campbell River, Port Hardy & Duncan
July 18, 2024 13:20 ET| Source: Rental Protection Fund
CAMPBELL RIVER, British Columbia, July 18, 2024 (GLOBE NEWSWIRE) -- Today, the Rental Protection Fund (the Fund) announces the acquisition of nine properties across Vancouver Island by Connective Support Society. This marks the transfer of 334 rental homes in Campbell River, Port Hardy, and Duncan to Connective's ownership.
The acquisition safeguards a wide range of unit types tailored for accommodating various household sizes, with 40 percent of the units featuring two bedrooms or more, ideal for families. With over 90 years of experience supporting communities in B.C., this funding will allow Connective to ensure that 153 homes in Campbell River, 125 homes in Port Hardy, and 56 homes in Duncan will remain affordable.
Most of these properties are strategically located in close proximity to local schools, recreational centres, hospitals, and a variety of downtown amenities, ensuring residents have easy access to essential services and a vibrant community life.
“The loss of existing affordable rental homes in smaller BC communities are even more destabilizing, with profound ripple effects,” said Katie Maslechko, CEO of the Rental Protection Fund. “This is housing for families, for workforce, for essential workers, and by protecting the homes where they already live affordably, these tenants won’t be pushed into housing precarity and will be able to continue contributing to these communities. But they face even greater challenges being protected and would have undoubtedly been lost forever without the incredible efforts of Connective and the support of the Rental Protection Fund.”
The acquisition announcement marks a significant milestone for the Fund on Vancouver Island and the surrounding rural communities. This expansion goes beyond the previous announcements made in the Lower Mainland, Vancouver Island, and the Okanagan region, showcasing the Fund's commitment to reaching and supporting a wider network of areas across B.C.
“Having a secure, affordable home provides people with stability - losing affordable housing because the building is being sold can be destabilizing for families,” said Ravi Kahlon, Minister of Housing. “The Rental Protection Fund is helping to protect more than 330 homes on Vancouver Island to ensure they remain affordable for the people living in them. This is our Homes for People plan in action – protecting existing rental stock so people can keep their homes affordable, without worrying about their future.”
The Fund allocated around $12.3 million in equity and more than $1.3 million for building refurbishments to acquire five properties in Campbell River. This investment will secure numerous family-friendly two- and three-bedroom homes renting at an average of up to 46 per cent below current market rates in the city. This will meet a growing need in Campbell River for affordable rental housing that has been improved and upgraded to ensure safety and stability for its residents.
In Port Hardy, the Fund allocated nearly $7.9 million in equity and over $684,000 in building renewal aid for three properties, securing continued affordable housing access for households, including Indigenous ones, with low and middle incomes. These homes rent, on average, 20 per cent below Port Hardy’s current market rates, providing increased options for households that are below the affordability threshold.
This will also further Connective’s partnership with the Aboriginal Housing Management Association (AHMA), independent of these acquisitions, by securing and enhancing housing opportunities for Indigenous households in Port Hardy. AHMA stands as a respected authority in Indigenous housing, while Connective is known for its expertise in intricate service delivery. They are ideally positioned to collaboratively address the requirements of Indigenous communities within the area.
“AHMA celebrates the protection of these much-needed affordable rentals in Port Hardy, and we look forward to leveraging our partnership with Connective to ensure these homes serve the local population equitably,” Margaret Pfoh, CEO of the Aboriginal Housing Management Association (AHMA) and Board Member of the Rental Protection Fund. “Over 35% of those living in Port Hardy are of First Nations decent and Connective’s commitment to working with AHMA in service to Indigenous people demonstrates reconciliACTION.”
Finally, the 56-unit Woodland Gardens at 3048 Lake Cowichan Rd. in Duncan offers affordable one- and two-bedroom units popular among smaller households in the community. This will also help seniors and those with low incomes, especially those living alone, who have the greatest difficulty obtaining housing. Supported by the Fund, it received approximately $5.4 million for equity and over $630,000 for building upgrades.
“The Rental Protection Fund presents an exciting opportunity for Connective to further diversify our range of offerings across the housing spectrum, leverage our expertise in response to an underserved community need, and support those looking to live independently in Campbell River, Duncan and Port Hardy,” said Mark Miller, CEO of Connective. “We’re grateful to the Rental Protection Fund for making these acquisitions possible, and the Government of BC for their leadership in establishing it so that we and other non-profits can play a role in the protection of housing affordability across the province.”
“Like many places in B.C., the North Island is not immune to the housing crisis. The lack of affordable, safe housing is causing concern for many families and individuals,” said Michele Babchuk, MLA for North Island. “The purchase of these affordable homes is welcome news to the community as it ensures that people can remain in their homes, safe and secure as buildings are upgraded, stay close to amenities such as schools and hospitals, and paying rents that will continue to be within their budgets.”
Yesterday, the Fund acquired and unveiled 50 affordable rental homes in Parksville, contributing to the preservation of 384 homes on the Island in just one week.
Through one-time capital contributions provided by the Fund, nonprofits and housing co-operatives can secure, revitalize, and safeguard current rental units against escalating market rents. Since the start of this year, the Rental Protection Fund has been able to reverse the threat of displacement at a rate of nearly 50 homes a week, delivering housing security for nearly 2,500 British Columbians and ensuring these homes remain affordable for generations to come.
About The Rental Protection Fund:
Endorsed by the provincial government with a groundbreaking investment of $500 million, 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