The provincial government of British Columbia has protected 290 affordable homes in Coquitlam in its first acquisition using money from the Rental Protection Fund.
Homes in two housing co-operatives, Tri-Branch Co-op and Garden Court Co-op, will cost the province a total of $125M.
“Far too many renters live in fear that their homes will be sold out from under them,” said B.C. Premier David Eby. “That’s why we created the Rental Protection Fund to defend people’s homes against profit-seeking speculators like big real estate investment corporations and preserve safe, secure and affordable homes for generations to come.”
The Community Land Trust of B.C. will own the properties, and the co-ops will continue to be self-managed by their respective member boards.
Resources from the protection fund will be used to support the land purchase and any necessary building upgrades.
“(Amid) a housing crisis, it’s critical to preserve these affordable homes for the seniors, families and individuals who have made these co-ops their community,” said Ravi Kahlon, B.C. Minister of Housing. “The Rental Protection Fund is part of our Homes for People plan that addresses the housing crisis through strong action by preserving affordable housing where it already exists and by delivering more homes within reach for people.”
Both co-ops were created in 1981 and set housing charges at no more than 30 per cent of people’s incomes. The co-ops had a 41-year land lease which expired in October 2022. After the lease expired, the co-ops were in lease-payment arrears and had incurred debt which put the future of the housing at risk.
“We celebrate the end of a very long period of fear and uncertainty among our members about having a place to call home,” Jewels Cressman, Tri-Branch Housing Co-op’s president said. “Our hearts are overflowing with gratitude for the tireless efforts of all those involved in the collaborative effort to purchase the two properties and save our homes.”
The $500-million Rental Protection Fund provides one-time capital grants to non-profit housing organizations so they can buy affordable residential rental buildings and co-operatives listed for sale.
“The residents of Tri-Branch and Garden Court Co-ops can now have peace of mind that the homes they have lived in for many years in the community they know, are secure for them and their families for the future, thanks to the Rental Protection Fund,” said Fin Donnelly, MLA for Coquitlam-Burke Mountain.
The Rental Protection Fund has approved funding to preserve nearly 700 homes throughout B.C., according to the government.