The B.C. Rental Protection Fund has invested about $30 million in three Lower Mainland multi-family properties.

The fund made the investments to enable non-profit groups to acquire the properties and operate them as affordable housing projects.

“The investments will allow more people to continue living in affordable homes and “be protected from housing speculators and profiteers,” said the B.C. government in a news release.

Financed by the B.C. government, the Rental Protection Fund is independent of the province. The fund is managed by the Housing Protection Fund Society and acts as an arm’s length facilitator of acquisitions of existing, occupied rental buildings through one-time capital contributions to non-profit housing organizations and co-operatives. 

The three properties are located in Vancouver and its suburbs of Burnaby, B.C., and Maple Ridge, B.C.

“Having safe homes with secured affordable rents makes a difference in the lives of so many, especially in communities seeing a high demand for homes,” said Ravi Kahlon, the province’s housing minister. “The acquisition of these three properties through the Rental Protection Fund will protect 147 households from significant rent increases, ensuring they remain affordable under new non-profit ownership.

“This is our Homes for People action plan addressing the critical needs of our communities.”

Catalyst Community Developments Society bought Parkwood Gardens – a 79-unit complex located at 8357 10th Ave., 8350 and 8353 11th Ave. in Burnaby – with approximately $16 million in capital contributions from the province.

Units are currently renting for 50% below current market rents, said government.

“This acquisition of 79 homes by a non-profit was impossible without the collaboration of the new Rental Protection Fund and an accommodating vendor that shared our objective of ensuring Parkwood Gardens remains affordable to its current community members,” said Luke Harrison, Catalyst’s CEO.

The Rental Protection Fund also provided approximately $9 million in capital contributions to allow Connective – a 92-year-old Vancouver-based social services non-profit – to buy and manage Brookside Gardens, 20834 Dewdney Trunk Rd. in Maple Ridge.

The complex contains 44 three-bedroom townhomes with fenced yards.

“This exciting addition to Connective’s affordable housing portfolio allows us to apply our expertise in response to an identified community need,” said Mark Miller, Connective’s CEO. “Brookside Gardens, as the only purpose-built rental townhomes in Maple Ridge, are an important resource for families looking to build a life in the region.” 

The fund has also provided about $5 million in equity toward Lookout Housing and Health Society’s purchase of a 24-unit property at 8820 Cartier Street in Vancouver’s Marpole area. An additional $240,000 grant came from the fund to support building renewals.

The units include one-, two- and three-bedroom homes, with rents that average 62% below Marpole’s current rents.

“These investments help address the need for the full continuum of housing in communities like Vancouver, where it’s needed most,” said Shayne Williams, CEO of the Lookout Group of Non-Profits.

The government created the Rental Protection Fund in 2023 through through a $500-million initial investment as part of the Homes for People action plan.

Pictured: Brookside Gardens in Maple Ridge, B.C.

Photo: Courtesy of Goodman Commercial