British Columbia’s $500 million Rental Protection Fund has kicked into high gear since it was announced by Premier David Eby more than a year ago, but it's not without its critics.has kicked into high gear since it was announced by Premier David Eby more than a year ago. The $500 million fund helps non-profit housing providers purchase and maintain older housing stock to protect renters from skyrocketing rents and displacement.
“It's a great time to be able to be in the market as the community housing sector, and avoiding those instances where there is unnecessary competition,” says Maslechko. “But often, you know, the developers and the community housing sector are looking for different properties. In many cases... we're not ever necessarily buying the property at the intersection of Broadway and Fraser... We are more often purchasing the property that is down the street and around the corner.
Some of the acquisitions have not yet been announced. But purchases that have include those by non-profit group Connective, which used the fund to acquire nine properties in Campbell River and Port Hardy, ensuring affordability for 334 existing rental homes. Through the fund, the group accessed $12.3 million in funding for the five Campbell River properties, which will continue to rent at 46% below market rate.
“We have concluded one deal with a nonprofit who used the Rental Protection Fund to help finance a deal, and we have had numerous calls and showings that say we have level one commitment from the RPF,” he says. “Typically, the nonprofit will work with the RPF to target certain buildings, once they meet a certain threshold .”