NORTH VANCOUVER, BC — A British Columbia government fund designed to help nonprofits purchase rental homes to protect tenants from eviction and maintain affordable rents is on track to exceed its goal of 2,000 homes.

According to Premier David Eby, funding from the government’s $500 million rental protection fund has so far been approved to provide 1,500 affordable homes as part of the project, and many more applications are being reviewed.

The government introduced the Rent Protection Fund last year as part of its housing and affordability program to preserve existing affordable rental properties and protect tenants from large rent increases.

Eby said recent projects include a 35-unit apartment building in North Vancouver and a 40-unit apartment building in Squamish that were purchased by Indigenous-led nonprofit housing associations.

He says the rents for both properties are less than 50 percent of the current market rent.

According to Eby, the buyers, Hiyam Housing and Housing Squamish of North Vancouver, have committed to keeping rents at current levels and adjusting them for inflation.

“No one in this province should live in fear of losing their home or experiencing a drastic rent increase that they can no longer afford,” Eby said at a press conference.

“If we work together, we can ensure affordable housing for every single British Columbian.”

This report by The Canadian Press was first published August 22, 2024.

The Canadian Press