CBC News, January 15, 2023 (With quotes from BCNPHA CEO Jill Atkey)
A non-profit organization dedicated to helping affordable rental housing tenants on Vancouver Island says B.C.’s new rental protection fund is “welcome news,” but not necessarily the kind of help they wanted to see.
The provincial government announced Thursday that it is planning to create a $500-million fund that will enable non-profits to buy older rental buildings in the province, rather than having those buildings sold to developers.
The Rental Protection Fund, billed as a way to help protect tenants from rising rents, will give non-profit housing organizations one-time grants so they can buy affordable rental buildings.
Premier David Eby said non-profits could then “work with tenants to make improvements or expand to house more people, and at the same time protect affordable housing.”