75 affordable rental units to be protected in North Vancouver, Squamish
Posted August 23, 2024 11:44 am.
Officials announced Thursday 75 more homes in Squamish and North Vancouver will be protected long-term from the speculative market.
The properties, acquired by non-profit organizations with contributions from the Rental Protection Fund, are a part of nearly 1,500 homes protected through the program since its launch in 2023.
“Nobody in this province should live in fear of losing their housing or having the rent increase dramatically in ways they can’t afford,” said Premier David Eby, standing outside one of the buildings in North Vancouver.
According to the province, the fund helps non-profit housing providers preserve homes and take them out of the speculative market through pre-qualified application grants.
“That’s more than 2,500 British Columbians that have had the experience of seeing their building go up for sale and then the relief of knowing that they and their neighbours are protected for the long term,” added Eby.
In 2023, the province invested $500 million to establish the Rental Protection Fund as part of the Homes for People action plan.
Katie Maslechko, CEO of the fund, says properties considered by the fund are anchored in the community and centrally located within walking distance of amenities and services.
“Rental Protection Fund investments are equity in action, ensuring renters have the right to housing security so that organizations like Hiyam Housing and Housing Squamish can broaden their impact, and entire communities become more resilient,” Maslechko said.
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.
