New $500 million Rental Protection Fund announced in BC – to be managed by community housing organizations
Published January 16, 2023
Last week, British Columbia Premier David Eby announced the launch of a new $500-million fund that will help fund the purchase of residential buildings to secure long term affordability.
The Fund will be jointly managed and distributed through a non-profit society created by the Aboriginal Housing Management Association (AHMA), BC Non-Profit Housing Association‘ (BCNPHA), and the Co-operative Housing Federation of BC (CHF BC). It will provide one-time capital grants to purchase residential buildings to protect renters. The fund is expected to protect thousands of affordable housing units.
“We look forward to working together on a solution to one of the most persistent problems in our current housing market—the growing loss of affordable rental housing,” said CHF BC Chief Executive Officer Thom Armstrong. “There has never been a more important time to focus our collective knowledge, experience and energy on the protection of rental homes for those who need them most.”
“We are thrilled about this tremendous news in BC,” said CHF Canada Executive Director Tim Ross. “CHF Canada commends our BC partners for this historic investment to preserve affordable housing. We’re eager to support the creation of new co-operative housing communities and to share this precedent across the country.”
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