Protecting Renters, Preserving Supply
The Rental Protection Fund facilitates the purchases of rental buildings that have been put on sale – and adds these into the non-profit housing sector. It provides one-time capital contributions to community housing organizations to offset the purchase of existing rental buildings that provide affordable housing.
The Problem
British Columbia has lost 97,390 units that rented below $1,000 per month between 2016 and 2021. For every new affordable rental home that is built in B.C., three more are lost to investors, conversions, demolition and rent increases, preventing the Province from keeping pace with the demand for affordable housing supply.
The Solution
The Fund’s objective is to help keep renters in their homes by stemming the net loss of affordable rental housing. Slowing the loss of affordable rental homes by removing them from market economics & protecting them forever in the community housing sector is making life more affordable for renters everywhere in B.C. – and that’s what this Fund is all about.
The most affordable housing we have is the housing we've already got.
By supporting renewal and retrofits, we not only retain this housing but lower the cost to operate and extend its viable life.
Even with the investment in renewal, this naturally affordable housing is a fraction of the cost of new construction.
By providing these capital contributions, the Fund is safeguarding affordable rental homes for years to come, without the need for ongoing operating subsidy to keep those homes affordable.