Open for Applications: Rental Protection Fund launches in B.C.
Protecting renters, affordable rental housing, and supporting growth of the community housing sector in B.C.
Unceded territories of the xʷməθkʷəy̓əm (Musqueam), Sḵwx̱wú7mesh (Squamish) and səlilwətaɬ (Tsleil-waututh) First Nations (Vancouver, B.C.) | June 28, 2023 – B.C.’s Rental Protection Fund (the Fund) officially launched today, enabling non-profit organizations to begin the application process for funding under this important, first-of-its-kind funding mechanism in the province.
The Rental Protection Fund, announced by the Province of B.C. in January with an initial investment of $500 million, will provide one-time capital contributions to non-profit organizations to help them purchase existing, occupied, rental buildings – and retain that affordability over time.
Between 2016 and 2021, there were 97,390 units that rented below $1,000 per month and were lost in B.C. as a result of rising rents. For every new affordable rental home that is built in B.C., three more are lost to investors, conversions, demolitions and rent increases, preventing the province from keeping pace with the demand for affordable housing supply.
The Fund will help renters keep their homes while stemming the net loss of affordable rental housing units, and offering renters stability, security and affordability over time. The Fund also helps facilitate the growth of and investment in community ownership of rental housing in B.C.
“Now more than ever, the most affordable housing we’ll ever have is the affordable housing we’ve already got – and now we have a sector-led solution to keep those homes affordable over the long term without the need for ongoing operating subsidies,” says Rental Protection Fund CEO Katie Maslechko. “The Fund is a powerful tool that will help protect against the loss of affordable rental, providing stability, and in turn resilience and upward mobility for thousands of British Columbians.”
The goals of the Fund are to:
Help to retain and renew existing affordable homes, without the need for ongoing operating subsidies, for years to come.
Secure these homes through non-profit, Indigenous and co-op ownership, keeping communities intact and reducing displacement or disinvestment.
Support the capacity and growth of the community housing sector in communities across B.C. through asset acquisition.
Create more equitable access to capital and capacity building across the community housing sector.
The Rental Protection Fund Society is announcing a three-stage process for eligible applicants seeking contributions from the Rental Protection Fund:
Stage 1: Pre-qualification of non-profit housing organizations. In this first stage, non-profit housing providers will pre-qualify to ensure they meet specific Eligibility Criteria, as well as financial and operational requirements, including capacity, housing experience, mission and more. Applicants will need to pre-qualify before moving ahead in the application process. The Application Form for Stage 1 can be accessed via www.RentalProtectionFund.ca
Stage 2: Pre-qualification of eligible properties. Upon successful pre-qualification, organizations can move on to Stage 2, where they can make inquires to the Fund on proposed properties to ensure they qualify for acquisition under the Fund’s Property Eligibility Criteria.
Stage 3: Acquisition Proposal review and decision. Qualifying organizations and properties for sale that reach this final stage must submit formal Acquisition Proposals that will be reviewed by an Investment Advisory Committee (IAC). The IAC will recommend projects based on criteria set out by the Fund to the CEO for final decision.
“We encourage potential applicants, municipalities, social-enterprise lenders and others to find out more, and determine how they can work with the community housing sector to retain affordable rental homes and multiply the impact of this investment in their communities” adds Maslechko.
For more information on the Rental Protection Fund, visit www.rentalprotectionfund.ca.
We gratefully acknowledge the financial support of the Province of British Columbia through the Ministry of Housing.
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About the Rental Protection Fund
The Rental Protection Fund, created with a $500-million investment from the BC government, provides capital contributions to non-profit housing operators to help them purchase existing, occupied, purpose-built rental buildings and retain housing affordability and stability for tenants over time. For more information, visit www.RentalProtectionFund.ca.
Media Contact
Allison Murray
Senior Communications Associate
Boldt Communications for BC Rental Protection Fund
T 604-442-1846