- What B.C.’s Rental Protection Fund invested in three properties across the province
- Why The transactions help ensure affordable rents
- What next The fund said more transactions are on the way
British Columbia’s Rental Protection Fund announced the acquisition of 147 affordable rental units across the province in partnership with nonprofit owners.
In Burnaby, Catalyst Community Developments Society purchased Parkwood Gardens in May. The company received $15.9m of capital contributions and an $18,000/home renewal grant from the fund.
The property comprises 79 units, 75 of which have three bedrooms, and a 25-space childcare facility. The rent is at about half the local market rate.
In Maple Ridge, the fund provided an $8.9m capital grant to Connective Support Society for the purchase of Brookside Gardens.
The 44-unit property, at 20834 Dewdney Trunk Road, has three-bedroom townhouses. Rents at Brookside Gardens are approximately 46% below market rates.
Lookout Housing and Health Society acquired 8820 Cartier Street in Vancouver, marking the fund’s first acquisition in the city.
The fund provided a $5.3m capital contribution and a $240,000 renewal grant toward the purchase of the property. Lookout contributed $40,000 of its own equity to renovate and upgrade the 24-unit property.
Rents at 8820 Cartier Street on average are 62% below the local market rate.
So far, the fund has approved funding for 1,500 homes across B.C., with more on the way.
