How Does This Work?
What Is The Funding For?
The Rental Protection Fund provides capital contributions to non-profit housing organizations to help them purchase existing, occupied, purpose-built rental buildings – and retain their affordability and stability over time.
Contributions from the Fund fill the equity gap to support these acquisitions, and support the capacity and growth of the non-profit housing sector throughout communities in B.C.
How Long Will It Take?
This is an applicant-led process - including what, where and when.
This means that once a non-profit housing operator is pre-approved, they need to ensure they have an acquisition property, the partners, financing and underwriting in place to bring forward proposals to the Fund.
3 Stage Process
STAGE 1
Applicant Pre-Qualification
There is a three-stage process for applicants seeking contributions from the Rental Protection Fund
In Stage 1 of the application process, potential applicants must pre-qualify to ensure they meet specific financial and operational requirements, including capacity, experience, mission and more. Stage 1 will evaluate the organization’s readiness to acquire, own and operate additional affordable housing
This pre-qualification will be evaluated independent of any specific acquisition proposal, and therefore, potential applicants must be successfully pre-qualified to bringing forward a specific acquisition/proceeding to Stages 2 and 3.
Potential Applicants must meet our Eligibility Criteria in order to apply. Submissions made in Stage 1 will seek to further validate and contextualize how they meet these criteria
Pre-Qualified Non-Profits will be posted to the website as they are approved.
STAGE 2
Property Pre-Qualification
Once the Pre-Qualified Applicant has an acquisition they are actively considering, they need to submit an inquiry to the Rental Protection Fund with high level details about the property in order to confirm that the Prospective Acquisition meets the Fund’s Eligible Properties Criteria, prior to proceeding to the detailed work of Due Diligence and Underwriting required for their Stage 3 Acquisition Proposal.
While brief, this Stage is not optional.
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STAGE 3
Acquisition Proposal
Qualifying organizations and properties that reach Stage Three of the process must submit formal Acquisition Proposals to the Rental Protection Fund. In order to submit a complete proposal, the Applicant will need to have undertaken their Due Diligence work.
Contributions made by the Fund must be combined with long-term mortgage financing secured by the applicant, so in order to submit a complete proposal at Stage 3, the Applicant will need to have substantially advanced their underwriting and have a commitment from their lender of choice.
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