Overview
- Launched in 2023 with a $500 million provincial commitment, the program funds non-profits to acquire at‑risk rental buildings and co-ops to prevent redevelopment and steep rent hikes.
- New Chelsea Society bought two Grandview‑Woodland buildings providing 40 homes with about $6.8 million in capital support and $800,000 in renewal grants.
- More Than a Roof Housing Society acquired three White Rock properties with 37 homes using about $6.2 million in capital funding and $700,000 for upgrades, with rents roughly 45% below local market rates.
- Across B.C., 52 properties in 24 communities have been secured, preserving older purpose‑built rentals that house long‑term tenants including seniors and families.
- Approximately $150 million remains in the fund, which the CEO says could be nearly quadrupled by leveraging the federal rental protection financing announced in 2024.