The fund would offer the non-profit sector $500-million to purchase purpose-built rental buildings that come onto the market, with an eye to older suites throughout the province
The world of non-profit housing is celebrating B.C.’s new Rental Affordability Fund as a key move toward protecting renters who live in existing affordable units.
Right now they just want to get the fund up and running. But she said they’ve already heard from “a number of sellers” since the fund was announced, including an apartment building owner in Victoria, who’s concerned about the elderly tenants. She says they could also look at investors contributing to the fund, in exchange for a small return, perhaps 2 per cent.
“There are a lot of progressive organizations – certainly the credit union world – who all have an interest in perhaps partnering and leveraging the dollar. So this half a billion dollars is a solid foundation for the fund, for these organizations, but it’s just the beginning, and I do think you will see the fund become significantly larger, given the opportunities out there.”
The idea grew from a recognition that new housing is too often replacing affordable rental stock. Data provided by Ottawa consultant Steve Pomeroy helped form the new B.C. policy. Mr. Pomeroy wrote a paper calledin 2020. He said that the most serious threat to Canada’s supply of affordable housing is the erosion of units that are affordable to households earning less than $30,000 a year, or paying rents below $750.
He is hopeful for some sort of collaboration with the province since hearing about the fund. Habitat uses an “equity build” model, with approved buyers paying one-third of their income toward a mortgage held by the non-profit. “There is a whole host of initiatives experts have told us about that will increase the types of units that are available to buy and to get more from the existing land that we have. And so we are looking at those measures,” he said.
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