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

Editor's Note: This article will be continously updated as new acquisitions are announced. Last update: September 13, 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 launch 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. The Rental Protection Fund provides a grant to non-profits to acquire the property and oftentimes also a renewal grant to renovate and/or upgrade the homes.

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
• Purchaed: February 2024
• Purchase Price: $37,985,915
• RPF Acquisition Grant: $71M (together with 2865 Packard Avenue)
• RPF Renewal Grant: $6.5M (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.

• Announced: February 8, 2024
• Buyer: Community Land Trust
• Units: 121
• Purchased: February 2024
• Purchase Price: $49,014,085
• RPF Acquisition Grant: $71M (together with 2860 Packard Avenue)
• RPF Renewal Grant: $6.5M (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.

• Announced: February 28, 2024
• Buyer: Lu'ma Native Housing Society
• Units: 16
• Purchased: February 2024
• Purchase Price: $5.3M
• RPF Acquisition Grant: $3M
• RPF Renewal Grant: N/A
• Other Details: The building had been listed for sale and was at risk of redevelopment.

• Announced: March 28, 2024
• Buyer: New Vista Housing Society
• Units: 108
• Purchased: March 2024
• Purchase Price: $18.535M + $16.465M
• RPF Acquisition Grant: $23.8M
• RPF Renewal Grant: N/A
• Other Details: The two buildings were named The Brighton and The Claymore and were listed by Cushman & Wakefield on behalf of CAPREIT.

• Announced: May 21, 2024
• Buyer: CMHA Vernon
• Units: 26
• Purchased: March 2024
• Purchase Price: $4M
• RPF Acquisition Grant: $3.1M
• RPF Renewal Grant: $1,222,000
• 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.

• Announced: May 24, 2024
• Buyer: Brightside Community Homes Foundation
• Units: 56
• Purchased: February 2024
• Purchase Price: $16.24M
• RPF Acquisition Grant: $11.8M
• RPF Renewal Grant: $840,000
• Other Details: The property was listed for sale by Cushman & Wakefield.

• Announced: July 17, 2024
• Buyer: Ballenas Housing Society
• Units: 50
• Purchased: June 2024
• Purchase Price: $11M
• RPF Acquisition Grant: $5M
• RPF Renewal Grant: $1.25M
• Other Details: The RPF also provided a renewal grant of $1.25M to support necessary building renovations.

• Announced: July 18, 2024
• Buyer: Connective
• Units: 65
• Purchased: May 2024
• Purchase Price: $13M
• RPF Acquisition Grant: $12.3M (including four other Campbell River properties)
• RPF Renewal Grant: $1.3M (across the 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
• Purchased: May 2024
• Purchase Price: $3.85M
• RPF Acquisition Grant: $12.3M (including four other Campbell River properties)
• RPF Renewal Grant: $1.3M (across the 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
• Purchased: May 2024
• Purchase Price: $2.625M
• RPF Acquisition Grant: $12.3M (including four other Campbell River properties)
• RPF Renewal Grant: $1.3M (across the four other Campbell River properties)
• Other Details: The preserved units are renting on average up to 46% below current market rents in Campbell River.

• Announced: July 18, 2024
• Buyer: Connective
• Units: 29
• Purchased: May 2024
• Purchase Price: $5.075M
• RPF Acquisition Grant: $12.3M (including four other Campbell River properties)
• RPF Renewal Grant: $1.3M (across the 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
• Purchased: May 2024
• Purchase Price: $3.85M
• RPF Acquisition Grant: $12.3M (including four other Campbell River properties)
• RPF Renewal Grant: $1.3M (across the 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
• Purchased: May 2024
• Purchase Price: $7.05M
• RPF Acquisition Grant: $7.9M (including two other Port Hardy properties)
• RPF Renewal Grant: $684,000 (across the 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
• Purchased: May 2024
• Purchase Price: $6M
• RPF Acquisition Grant: $7.9M (including two other Port Hardy properties)
• RPF Renewal Grant: $684,000 (across the 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
• Purchased: May 2024
• Purchase Price: $3.36M
• RPF Acquisition Grant: $7.9M (including two other Port Hardy properties)
• RPF Renewal Grant: $684,000 (across the 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
• Purchase Price: $11M
• RPF Acquisition Grant: $5.4M
• RPF Renewal Grant: $630,000
• Other Details: RPF also provided more than $630,000 towards building renewal.

• Announced: August 13, 2024
• Buyer: Greater Victoria Housing Society
• Units: 24
• Purchased: May 2024
• Purchase Price: $7.525M
• RPF Acquisition Grant: $11.3M (along with 430 Michigan Street)
• RPF Renewal Grant: $1.2M (along with 430 Michigan Street)
• Other Details: RPF is also providing $1.2M towards renewing the two buildings.

18. 430 Michigan Street, Victoria

• Announced: August 13, 2024
• Buyer: Greater Victoria Housing Society
• Units: 44
• Purchased: June 2024
• Purchase Price: $13.65M
• RPF Acquisition Grant: $11.3M (along with 1500 Chambers Street)
• RPF Renewal Grant: $1.2M (along with 1500 Chambers Street)
• Other Details: The RPF is also providing $1.2M towards renewing the two buildings.

• Announced: August 22, 2024
• Buyer: Hiy̓ám̓ ta Sḵwx̱wú7mesh Housing Society
• Units: 35
• Purchased: March 2024
• Purchase Price: $13M
• RPF Acquisition Grant: $8.6M
• RPF Renewal Grant: $800,000
• Other Details: The property was purchased for $13M and the RPF is also providing $800K towards renewing the building.

• Announced: August 22, 2024
• Buyer: Hiy̓ám̓ Housing and Housing Squamish
• Units: 40
• Purchased: June 2024
• Purchase Price: $7M
• RPF Acquisition Grant: $4.6M
• RPF Renewal Grant: $1M
• Other Details: The RPF is also providing $1M towards renewing the building.

• Announced: September 13, 2024
• Buyer: Catalyst Community Developments Society
• Units: 79
• Purchased: May 2024
• Purchase Price: $33M
• RPF Acquisition Grant: $15.9M
• RPF Renewal Grant: $1,422,000
• Other Details: The transactions was a share purchase and the previous owner appears to be CAPREIT.

Total Amount of Funds (Acquisition + Renewal) Distributed: $214,988,000