NORTH VANCOUVER, British Columbia, August 22, 2024 (GLOBE NEWSWIRE) — Today Rent Protection Fund (the Fund) announces the acquisition of two rental properties; a 35-unit building in North Vancouver acquired from Hiy̓ám̓ ta Sḵwx̱wú7mesh Housing Society (Hiy̓ám̓ Housing), and a 40-unit building in Squamish acquired through a partnership between Hiy̓ám̓ Housing and the Squamish Community Housing SocietyBoth purchases will ensure affordable housing for seniors, families and indigenous people in communities where rental housing is scarce.
With capital contributions from the Rental Protection Fund and a $500,000 investment from the Squamish Nation, Hiy̓ám̓ Housing has acquired the Oceanview Apartments at 165 6th Street West in North Vancouver, ensuring the preservation of 35 rental units where average rents are less than half of local market rates. The Fund provided $9.4 million for the acquisition, including $8.6 million in capital contributions and a renewal grant of nearly $800,000 to finance the replacement of boilers and upgrades to the building’s interior and exterior.
Hiy̓ám̓ Housing has strategically pursued acquisitions in the North Shore and Squamish areas to provide appropriate and affordable housing conveniently located close to Squamish Nation services and resources. North Vancouver is home to Squamish Nation members, and more will have the opportunity to relocate. Squamish Nation members on Hiy̓ám̓’s current waitlist will have priority in filling future vacancies at Oceanview Apartments, and rents will be maintained with adjustments for inflation.
“We would like to thank the Fund for securing these affordable rents,” said Donalene Rapada, CEO of Hiy̓ám̓ Housing. “This gives our Squamish Nation members the opportunity to live in these units and supports our goal of bringing our loved ones home.”
Established in 2019 by the Squamish Nation Council, Hiy̓ám̓ is a dedicated non-profit organization focused on building and managing affordable housing for the Squamish people. Hiy̓ám̓ is committed to removing barriers to housing for all Squamish people, both on and off reserve. This acquisition will support Hiy̓ám̓’s mission to provide affordable housing for the Squamish Nation, with the goal of providing housing to every Squamish Nation member within one generation.
The acquisition of Tantalus Manor, located at 1098 Wilson Crescent in Squamish, is the result of a collaboration between Hiy̓ám̓ Housing and Housing Squamish. Together, these organizations have acquired a 40-unit multifamily complex with rents approximately 62% below market. With several adjacent properties recently redeveloped and this property previously for sale, there was an acute risk that residents would be displaced, underscoring the urgency of preservation.
Squamish is one of the fastest growing communities in British Columbia with very limited rental options. Over the past five years, average rents have increased significantly, making affordable housing increasingly difficult to find. Tantalus Manor stands in contrast to these rising prices, and average rents throughout the building are attainable for households with annual incomes of approximately $42,000. Hiy̓ám̓ Housing and Housing Squamish are committed to maintaining this affordability for existing tenants and keeping rents well below market on a permanent basis.
The Fund provided $5.7 million for this acquisition, including over $4.6 million in capital contributions and a renewal grant of just over $1 million. The sustainable renovations planned for the building will improve climate resilience and energy efficiency and extend its lifespan.
The property will provide safe and affordable housing for seniors, families and essential workers, meeting a pressing community need. Priority will be given to Squamish Nation members from Hiy̓ám̓ Housing’s current waiting list to fill future vacancies in the building.
“The Hiy̓ám̓ Housing Society is making great efforts to provide culturally safe and affordable housing for urban Indigenous people,” said Margaret Pfoh, CEO of the Aboriginal Housing Management Association (AHMA). “The AHMA supports and celebrates the Hiy̓ám̓’s decolonized approach and we are honored to have them as a member of our organization.”
Hiy̓ám̓ Housing and Housing Squamish developed a partnership protocol based on shared values and principles that formed the basis for this adoption. Their joint application for the Rental Protection Fund is the first to be considered under this pilot partnership. This new and unique approach is designed to provide smaller organizations with access to the Fund in partnership with other social housing providers, building capacity in the social housing sector.
“The demand for affordable rental housing in our community is huge and the supply is very limited,” said Sarah Ellis, Executive Director of Housing Squamish. “Forty units have now been saved permanently and will provide homes for individuals and families so people can continue to call Squamish home.”
Formed in 2021 through a dialogue between the District of Squamish and the local municipal housing sector, Housing Squamish operates as an independent, not-for-profit corporation with the mission of advancing housing solutions across the Squamish area.
“Investing in the Rental Protection Fund is justice in action – ensuring renters have the right to housing security, ensuring organizations like Hiy̓ám̓ Housing and Housing Squamish can expand their impact, and ensuring entire communities become more resilient,” said Katie Maslechko, CEO of the Rental Protection Fund. “For those who call them home, these buildings are far more than just buildings, but affordable housing like this is disappearing across the province, so we need to prioritize investing in the affordable housing we already have.”
This announcement follows several acquisitions on Vancouver Island. To date, the Fund has announced the acquisition of 529 homes in the Lower Mainland, 468 on Vancouver Island and 26 in the Okanagan, and approved funding to protect nearly 1,500 homes across the province.
Through one-time capital contributions from the fund, nonprofit organizations and housing cooperatives can secure, revitalize and protect their current rental housing from rising market rents. Since the beginning of the year, the Rental Protection Fund has created housing security for more than 2,500 British Columbians and ensured that these homes remain affordable for future generations.
Media contact:
Rent Protection Fund
Public Affairs
[email protected]
About the Rental Protection Fund:
Backed by the provincial government with a groundbreaking $500 million investment, the Rental Protection Fund is BC’s direct response to the housing crisis. Led by CEO Katie Maslechko, the Fund is dedicated to protecting renters and ensuring the availability of affordable rental housing space for future generations. It facilitates the acquisition of existing rental housing by providing capital contributions to non-profit housing organizations and cooperatives. This initiative is committed to maintaining housing affordability and stability for renters in BC over the long term. Those who would like to consider a property for acquisition through the Rental Protection Fund can submit their application at: www.RentalProtectionFund.ca
