BC’s Rental Protection Fund Announces Acquisition of 75 Affordable Rental Units in North Vancouver and Squamish

The acquisition will protect two buildings, securing affordable housing for Indigenous people, seniors and families in rapidly growing communities

/EIN News/ -- NORTH VANCOUVER, British Columbia, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Today, the Rental Protection Fund (the Fund) announces the acquisition of two rental buildings; a 35-unit building in North Vancouver acquired by 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 Society (Housing Squamish). Both acquisitions will safeguard affordable housing for seniors, families, and Indigenous people in communities where rental housing is in short supply.

With capital contributions from the Rental Protection Fund, and a $500,000 investment from the Squamish Nation, Hiy̓ám̓ Housing has acquired Oceanview Apartments located at 165 6th Street West in North Vancouver. This ensures the preservation of 35 rental units where average rents are less than half the local market rates. The Fund provided $9.4 million towards the acquisition, including $8.6 million in capital contributions and a renewal grant of nearly $800,000 to fund boiler replacements and upgrades to the interior and exterior of the building.

Hiy̓ám̓ Housing strategically pursued acquisitions in the North Shore and Squamish areas to offer equitable and affordable homes conveniently located near Squamish Nation services and resources. There are Squamish Nation People living in North Vancouver, and more who will have the opportunity to move home. Squamish Nation members from Hiy̓ám̓’s current waitlist will have priority to fill future vacancies at Oceanview Apartments and rents will be maintained with adjustments for inflation.

“We would like to thank the fund for protecting these affordable rents,” said Donalene Rapada, CEO, Hiy̓ám̓ Housing. “This gives an opportunity for our Squamish Nation people to reside in these units and it supports our goal to bring our people home.”

Established in 2019 by the Squamish Nation Council, Hiy̓ám̓ is a dedicated not-for-profit organization focused on building and managing affordable housing for Squamish People. Hiy̓ám̓ strives to eliminate barriers to housing for all Squamish people both on and off-reserve. This acquisition will support Hiy̓ám̓’s mandate to provide affordable housing for Squamish Nation People, with a goal of housing every Squamish Nation person within a generation.

The acquisition of Tantalus Manor, situated at 1098 Wilson Crescent in Squamish, represents a collaborative effort between Hiy̓ám̓ Housing and Housing Squamish. Together, these organizations have secured a 40-unit multi-family complex offering rents approximately 62% below market rates. With several adjacent properties recently redeveloped, and this property previously put up for sale, there was an acute risk that residents would be displaced, highlighting the urgency for preservation.

Squamish is one of the fastest-growing communities in B.C., with very limited rental options. Over the past five years average rents have risen significantly, making it increasingly challenging to find affordable housing. Tantalus Manor stands in contrast to these escalating prices, and building-wide average rents are attainable for households earning approximately $42,000 per year. Hiy̓ám̓ Housing and Housing Squamish are committed to maintaining this affordability for existing tenants and keeping rents well below market in perpetuity.

For this acquisition, the Fund provided $5.7 million, split between more than $4.6 million in capital contributions and a renewal grant of just over $1 million. Sustainable retrofits planned for the building will improve climate resiliency, energy efficiency, and extend its longevity.

The property will offer secure and affordable housing for seniors, families, and essential workers, addressing a critical need in the community. Squamish Nation People from Hiy̓ám̓ Housing’s current waitlist will have priority to fill future vacancies in the building.

“Hiy̓ám̓ Housing Society is making great strides to provide culturally safe, affordable housing for urban Indigenous people,” said Margaret Pfoh, CEO of the Aboriginal Housing Management Association (AHMA). “AHMA supports and celebrates the decolonized approach taken by Hiy̓ám̓ and we are honoured to have them as a member of our organization.”

Hiy̓ám̓ Housing and Housing Squamish have developed a Partnership Protocol based on shared values and principles, which was the foundation for this acquisition. Their joint application to the Rental Protection Fund is the first to be considered under this pilot partnership framework. This new and unique approach is designed to allow smaller organizations access to the Fund, in partnership with other community housing providers, building capacity in the community housing sector.

“Demand for affordable rental is so critical in our community and stock is so limited," said Sarah Ellis, Executive Director of Housing Squamish. “Forty units have now been saved in perpetuity that will provide homes for individuals and families so that people can continue to call Squamish home.”

Founded in 2021 through a dialogue between the District of Squamish and the local community housing sector, Housing Squamish operates as an independent non-profit entity, aiming to drive housing solutions throughout the Squamish area.

“Rental Protection Fund investments are equity in action - ensuring renters have the right to housing security, that organizations like Hiy̓ám̓ Housing and Housing Squamish can broaden their impact, and 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 structures, but affordable housing like this is disappearing across the Province, so we must prioritize investments 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 1500 homes across the Province.

Through one-time capital contributions provided by the Fund, non-profits and housing co-operatives can secure, revitalize, and safeguard current rental units against escalating market rents. Since the start of this year, the Rental Protection Fund has delivered housing security for more than 2,500 British Columbians and ensuring these homes remain affordable for generations to come.

Media Contact:
Rental Protection Fund
Public Affairs
media@rentalprotectionfund.ca

About The Rental Protection Fund:
Endorsed by the provincial government with a groundbreaking investment of $500 million, the Rental Protection Fund stands as B.C.'s direct response to the housing crisis. Under the leadership of CEO Katie Maslechko, the Fund is dedicated to protecting tenants and ensuring the availability of affordable rental homes for future generations. By providing capital contributions to non-profit housing organizations and cooperatives, it facilitates the acquisition of existing rental buildings. This initiative is committed to maintaining housing affordability and stability for renters in B.C. in the long run. Those who wish to have a property considered for acquisition through the Rental Protection Fund can submit them at www.RentalProtectionFund.ca