The announcement of the $500-million Rental Protection Fund last month was welcome news for the community housing sector across BC. It will help protect the affordable homes we have now and begin to address the erosion of affordability we’ve seen over the past decade. We understand there are many questions about when the Fund will be operational and how it will work, and we wanted to update you with the information we’ve confirmed over the past month.
Together with our Housing Central partners, we have been working closely with the provincial government to get the Fund established and develop guidelines on how it will be disbursed. The Fund will provide grants that enable community housing providers (including our own Community Land Trust) to purchase existing, occupied, purpose-built rental buildings and secure their affordability over time. These acquisitions will take place through a combination of Rental Protection Fund grant money and financing, with the amount of each dependant on the purchase price and existing rents in the building.
The Fund will be operated by an external entity formed by CHF BC, the BC Non-Profit Housing Association, and the Aboriginal Housing Management Association, and led by a CEO and staff we are in the process of recruiting. We expect to begin receiving applications and proposals in the second quarter of 2023 in anticipation of the first acquisitions before year end.
We are confident and excited to continue our work on this important initiative with our Housing Central partners and the Province. Please reach out to us at email@example.com if you have any questions.