Another nine buildings on the Island have been purchased through the province’s Rental Protection Fund to save about 330 below-market-price rental units from redevelopment.
The total includes 153 units in Campbell River, 125 in Port Hardy and 56 in Duncan, the Housing Ministry said Thursday.
The Rental Protection Fund provided $5.4 million for the Duncan units, $12.3 million for the Campbell River purchases and $7.9 for the Port Hardy purchases. The properties were bought by the non-profit, social-services organization Connective with the provincial grants.
About $2.6 million was also provided for building upgrades.
The 56 units in Duncan are in the Woodland Gardens complex on Cowichan Lake Road, made up primarily of one- and two-bedroom suites.
In Campbell River, five buildings have been purchased and include many two- and three-bedroom units that rent for as much as 46 per cent below current market rates in the city.
Port Hardy’s units are spread over three sites and rent at about 20 per cent below the community’s market rate.
A similar purchase of a 50-unit apartment building in Parksville with $5 million from the fund was announced Wednesday. The building will be operated by the Ballenas Housing Society.
“Rent is getting so far out of reach, not only for the elderly but also for families with children, people with physical and mental disabilities, and young adults making minimum wage,” said Campbell River resident Sonya Laroche. She said she has “a feeling of freedom” because her home will remain affordable, and won’t be torn down or rebuilt and rented out at higher rates.
Forty per cent of the units protected have two bedrooms or more.
Connective chief executive Mark Miller said the Rental Protection Fund is allowing the organization “to leverage our expertise in response to an underserved community need.”
Housing Minister Ravi Kahlon said having a secure, affordable home provides people with stability.
The Rental Protection Fund has so far approved financial support to protect close to 1,500 homes throughout the province that will be announced in the coming months, with thousands of additional homes under funding consideration, the ministry said.
The $500-million fund provides one-time capital grants to non-profit housing organizations so they can buy below-market-price residential rental buildings and co-operatives listed for sale.
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