Today, the Rental Protection Fund (the Fund) announces the
acquisition of nine properties across Vancouver Island by
Connective Support Society. This marks the transfer of 334 rental
homes in Campbell River, Port Hardy, and Duncan to Connective's
ownership.
The acquisition safeguards a wide range of unit
types tailored for accommodating various household sizes, with 40
percent of the units featuring two bedrooms or more, ideal for
families. With over 90 years of experience supporting communities
in B.C., this funding will allow Connective to ensure that 153
homes in Campbell River, 125 homes in Port Hardy, and 56 homes in
Duncan will remain affordable.
Most of these properties are strategically located
in close proximity to local schools, recreational centres,
hospitals, and a variety of downtown amenities, ensuring residents
have easy access to essential services and a vibrant community
life.
“The loss of existing affordable rental homes in
smaller BC communities are even more destabilizing, with profound
ripple effects,” said Katie Maslechko, CEO of the Rental Protection
Fund. “This is housing for families, for workforce, for essential
workers, and by protecting the homes where they already live
affordably, these tenants won’t be pushed into housing precarity
and will be able to continue contributing to these communities. But
they face even greater challenges being protected and would have
undoubtedly been lost forever without the incredible efforts of
Connective and the support of the Rental Protection Fund.”
The acquisition announcement marks a significant
milestone for the Fund on Vancouver Island and the surrounding
rural communities. This expansion goes beyond the previous
announcements made in the Lower Mainland, Vancouver Island, and the
Okanagan region, showcasing the Fund's commitment to reaching and
supporting a wider network of areas across B.C.
“Having a secure, affordable home provides people
with stability - losing affordable housing because the building is
being sold can be destabilizing for families,” said Ravi Kahlon,
Minister of Housing. “The Rental Protection Fund is helping to
protect more than 330 homes on Vancouver Island to ensure they
remain affordable for the people living in them. This is our Homes
for People plan in action – protecting existing rental stock so
people can keep their homes affordable, without worrying about
their future.”
The Fund allocated around $12.3 million in equity and more than
$1.3 million for building refurbishments to acquire five properties
in Campbell River. This investment will secure numerous
family-friendly two- and three-bedroom homes renting at an average
of up to 46 per cent below current market rates in the city. This
will meet a growing need in Campbell River for affordable rental
housing that has been improved and upgraded to ensure safety and
stability for its residents.
In Port Hardy, the Fund allocated nearly $7.9 million in equity
and over $684,000 in building renewal aid for three properties,
securing continued affordable housing access for households,
including Indigenous ones, with low and middle incomes. These homes
rent, on average, 20 per cent below Port Hardy’s current market
rates, providing increased options for households that are below
the affordability threshold.
This will also further Connective’s partnership
with the Aboriginal Housing Management Association (AHMA),
independent of these acquisitions, by securing and enhancing
housing opportunities for Indigenous households in Port Hardy. AHMA
stands as a respected authority in Indigenous housing, while
Connective is known for its expertise in intricate service
delivery. They are ideally positioned to collaboratively address
the requirements of Indigenous communities within the area.
“AHMA celebrates the protection of these
much-needed affordable rentals in Port Hardy, and we look forward
to leveraging our partnership with Connective to ensure these homes
serve the local population equitably,” Margaret Pfoh, CEO of the
Aboriginal Housing Management Association (AHMA) and Board Member
of the Rental Protection Fund. “Over 35% of those living in Port
Hardy are of First Nations decent and Connective’s commitment to
working with AHMA in service to Indigenous people demonstrates
reconciliACTION.”
Finally, the 56-unit Woodland Gardens at 3048 Lake Cowichan Rd.
in Duncan offers affordable one- and two-bedroom units popular
among smaller households in the community. This will also help
seniors and those with low incomes, especially those living alone,
who have the greatest difficulty obtaining housing. Supported by
the Fund, it received approximately $5.4 million for equity and
over $630,000 for building upgrades.
“The Rental Protection Fund presents an exciting
opportunity for Connective to further diversify our range of
offerings across the housing spectrum, leverage our expertise in
response to an underserved community need, and support those
looking to live independently in Campbell River, Duncan and Port
Hardy,” said Mark Miller, CEO of Connective. “We’re grateful to the
Rental Protection Fund for making these acquisitions possible, and
the Government of BC for their leadership in establishing it so
that we and other non-profits can play a role in the protection of
housing affordability across the province.”
“Like many places in B.C., the North Island is not
immune to the housing crisis. The lack of affordable, safe housing
is causing concern for many families and individuals,” said Michele
Babchuk, MLA for North Island. “The purchase of these affordable
homes is welcome news to the community as it ensures that people
can remain in their homes, safe and secure as buildings are
upgraded, stay close to amenities such as schools and hospitals,
and paying rents that will continue to be within their
budgets.”
Yesterday, the Fund acquired and unveiled 50
affordable rental homes in Parksville, contributing to the
preservation of 384 homes on the Island in just one week.
Through one-time capital contributions provided by
the Fund, nonprofits and housing co-operatives can secure,
revitalize, and safeguard current rental units against escalating
market rents. Since the start of this year, the Rental Protection
Fund has been able to reverse the threat of displacement at a rate
of nearly 50 homes a week, delivering housing security for nearly
2,500 British Columbians and ensuring these homes remain affordable
for generations to come.
About The Rental Protection Fund:
Endorsed by the provincial government with a groundbreaking
investment of $500 million, the Rental Protection Fund stands as
B.C.'s direct response to the housing crisis. Under the leadership
of CEO Katie Maslechko, the Fund is dedicated to protecting tenants
and ensuring the availability of affordable rental homes for future
generations. By providing capital contributions to non-profit
housing organizations and cooperatives, it facilitates the
acquisition of existing rental buildings. This initiative is
committed to maintaining housing affordability and stability for
renters in B.C. in the long run.
Those who wish to have a property considered for
acquisition through the Rental Protection Fund can submit them at
www.RentalProtectionFund.ca
Media Contact:Rental Protection
FundJennifer Kim, Talk Shop Mediamedia@rentalprotectionfund.ca