A British Columbia government fund to help non-profits buy rental buildings to protect tenants from eviction and maintain affordable rents is on track to exceed its target of 2,000 homes.
Premier David Eby says the government’s $500 million rental protection fund has so far approved funding to provide 1,500 affordable homes under the project, with many more applications being considered.
The government introduced the rental protection fund last year as part of its homebuilding and affordability agenda, to help preserve existing affordable rental properties and protect tenants from large rent increases.
Eby says the latest projects include a 35-unit apartment in North Vancouver and a 40-unit multi-family building in Squamish that have been purchased by Indigenous-led non-profit housing agencies.
He says both properties have rents that are less than 50 per cent of current market rates.
Eby says the buyers, North Vancouver’s Hiyam Housing and Housing Squamish, have committed to keep rents at current rates, with adjustments for inflation.
“Nobody in this province should live in fear of losing their housing or having their rent increased dramatically in ways they can’t afford,” Eby said at a news conference.
“We can ensure affordable housing for every single British Columbian if we work together.”