Every Acquisition BC's Rental Protection Fund Is Facilitating

Editor's Note: This article will be continously updated as new acquisitions are announced. Last update: July 18, 2024.

After David Eby stepped into the role of Premier in late 2022, one of the first big announcements he and Minister of Housing Ravi Kahlon made was the creation of the Rental Protection Fund, in January 2023.

Eby first raised the idea is his housing platform during his campaign, calling it the Rental Housing Acquisition Fund. Now operating as the Rental Protection Fund, the organization hired its Chief Executive Officer in May and then its Chief Investment Officer this January.

What is the Rental Protection Fund?

The tagline of the Rental Protection Fund is "The most affordable housing we have is the housing we've already got."

The belief behind the fund is that much of the affordable housing in British Columbia is being lost to redevelopment and being replaced with newer homes that are more expensive, quietly reducing the province's supply of affordable homes. Therefore, an important tool in the fight against housing affordability is to preserve existing affordable housing.

Stemming from this belief, the Rental Protection Fund will distribute money to non-profit organizations to help them acquire existing affordable rental buildings, essentially shielding them from redevelopment. Beginning last year, the fund sought out applications from non-profits seeking to pre-qualify for funding, before those non-profits then identified properties they were looking to acquire and presented them to the Rental Protection Fund. The final stage then entails the fund vetting formal acquisition proposals, including underwriting and confirmation of lenders.

For more details about how the Rental Protection Fund will work, its creation, and its launch, read our one-on-one interview with CEO Katie Maslechko here: Link.

How much money is the Rental Protection Fund distributing?

The Rental Protection Fund launched with a pool of $500M that will be distributed to non-profits.

The fund has a stated goal of acquiring 2,000 units of affordable housing and it remains up in the air whether the Province will inject another round of funding in the future.

Which buildings are being acquired through the Rental Protection Fund?

The Rental Protection Fund has now pre-qualified a group of 25 non-profits and is working its way through the acquisition proposals, with announcements of acquisitions beginning last month.

Below is a map and full list with all of the announced acquisitions, both of which will be updated as more announcements are made.

1. 2860 Packard Avenue, Coquitlam (Tri-Branch Co-Op)

Announced: February 8, 2024
Buyer: Community Land Trust (CLT)
Units: 169
Rental Protection Fund Grant: $71M (together with 2865 Packard Avenue)
Other Details: The land lease of the building expired in October 2022 and the co-ops were in lease-payment arrears, putting their future at risk. CLT is acquiring both 2860 and 2865 Packard Avenue for a total of $125M.

2. 2865 Packard Avenue, Coquitlam (Garden Court Co-Op)

Announced: February 8, 2024
Buyer: Community Land Trust
Units: 121
Rental Protection Fund Grant: $71M (together with 2860 Packard Avenue)
Other Details: The land lease of the building expired in October 2022 and the co-ops were in lease-payment arrears, putting their future at risk. CLT is acquiring both 2860 and 2865 Packard Avenue for a total of $125M.

3. 860 Carrie Street, Esquimalt

Announced: February 28, 2024
Buyer: Lu'ma Native Housing Society
Units: 16
Rental Protection Fund Grant: $3M
Other Details: The total acquisition cost is $5.3M. The building had been listed for sale and was at risk of redevelopment.

4. 5375 204 Street and 5375 203 Street, Langley

Announced: March 28, 2024
Buyer: New Vista Housing Society
Units: 108
Rental Protection Fund Grant: $23.8M
Other Details: The two buildings were named The Brighton and The Claymore and were listed by Cushman & Wakefiled on behalf of CAPREIT.

5. 3806 24th Avenue, Vernon

Announced: May 21, 2024
Buyer: CMHA Vernon
Units: 26
Rental Protection Fund Grant: $3.1M
Other Details: The acquisition was preserve the homes at 45% below Vernon's market rental rate and the Fund is also providing $47K per home for upgrades.

6. 7268 Balmoral Street, Burnaby

Announced: May 24, 2024
Buyer: Brightside Community Homes Foundation
Units: 56
Rental Protection Fund Grant: $11.8M
Other Details: The property was listed for sale by Cushman & Wakefield.

7. 211 Moilliet Street (Moilliet Manor), Parksville

Announced: July 17, 2024
Buyer: Ballenas Housing Society
Units: 50
Rental Protection Fund Grant: $5M
Other Details: The RPF also provided a renewal grant of $1.25M to support necessary building renovations.

8. 275 1st Avenue (Discovery Village), Campbell River

Announced: July 18, 2024
Buyer: Connective
Units: 65
Rental Protection Fund Grant: $12.3M (including four other Campbell River properties)
Other Details: The preserved units are renting on average up to 46% below current market rents in Campbell River.

9. 541 7th Avenue (Oceanview Apartments), Campbell River

Announced: July 18, 2024
Buyer: Connective
Units: 22
Rental Protection Fund Grant: $12.3M (including four other Campbell River properties)
Other Details: The preserved units are renting on average up to 46% below current market rents in Campbell River.

10. 621 7th Avenue (Scenic View Apartments), Campbell River

Announced: July 18, 2024
Buyer: Connective
Units: 15
Rental Protection Fund Grant: $12.3M (including four other Campbell River properties)
Other Details: The preserved units are renting on average up to 46% below current market rents in Campbell River.

11. 680 4th Avenue (Park Place Apartments), Campbell River

Announced: July 18, 2024
Buyer: Connective
Units: 29
Rental Protection Fund Grant: $12.3M (including four other Campbell River properties)
Other Details: The preserved units are renting on average up to 46% below current market rents in Campbell River.

12. 644 4th Avenue (HiIghland Court), Campbell River

Announced: July 18, 2024
Buyer: Connective
Units: 22
Rental Protection Fund Grant: $12.3M (including four other Campbell River properties)
Other Details: The preserved units are renting on average up to 46% below current market rents in Campbell River.

13. 7340 Highland Drive (Creekside Apartments), Port Hardy

Announced: July 18, 2024
Buyer: Connective
Units: 47
Rental Protection Fund Grant: $7.9M (including two other Port Hardy properties)
Other Details: The preserved units are renting on average up to 20% below current market rents in Campbell River.

14. 7235 Highland Drive (Cypress Park), Port Hardy

Announced: July 18, 2024
Buyer: Connective
Units: 50
Rental Protection Fund Grant: $7.9M (including two other Port Hardy properties)
Other Details: The preserved units are renting on average up to 20% below current market rents in Campbell River.

15. 7275 Highland Drive (New Horizon), Port Hardy

Announced: July 18, 2024
Buyer: Connective
Units: 28
Rental Protection Fund Grant: $7.9M (including two other Port Hardy properties)
Other Details: The preserved units are renting on average up to 20% below current market rents in Campbell River.

16. 3048 Cowichan Lake Road (Woodland Gardens), Duncan

Announced: July 18, 2024
Buyer: Connective
Units: 56
Rental Protection Fund Grant: $5.4M
Other Details: RPF also provided more than $630,000 towards building renewal.

17. 3940 Pender Street, Burnaby

Announced: TBA
Buyer: TBA
Units: 41
Rental Protection Fund Grant: TBA
Other Details: The sale was brokered by Goodman Commercial with an asking price of $11,790,000.

Total Number of Units Acquired: 880

Total Amount of Funding Distributed: $143.3M

From Your Site Articles

Policy

Every Acquisition BC's Rental Protection Fund Is Facilitating (MAP)

The Rental Protection Fund will distribute $500M to non-profits to acquire existing affordable housing buildings and we're following the money.

What is the Rental Protection Fund?

How much money is the Rental Protection Fund distributing?

Which buildings are being acquired through the Rental Protection Fund?

Total Number of Units Acquired: 880

Total Amount of Funding Distributed: $143.3M

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For those who prefer to opt out of urban life without being too far removed from modern comforts, hamlets like Sherwood Park, Alberta are a perfect landing place.

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Cedar Coast acquired the Langley Mall at 5501 204 Street from First Capital REIT over two years ago.