BC’s Rental Protection Fund Announces Acquisition of Casa Mia Apartments by Brightside Community Homes Foundation
25 May 2024 - 3:30AM
Today, the Rental Protection Fund (the Fund) and the Province of
British Columbia announce the acquisition of Casa Mia Apartments by
Brightside Community Homes Foundation (Brightside) in Burnaby. This
announcement marks the transition of 56 affordable rental units
located at 7268 Balmoral Street (Casa Mia) in the Edmonds Town
Centre neighbourhood into the care of Brightside, one of Metro
Vancouver’s longest-standing non-profit housing providers.
“It can be a scary thing for renters to see a for sale sign go
up at their affordable rental property that has been their home for
many years,” said Ravi Kahlon, Minister of Housing. “We created the
Rental Protection Fund to safeguard affordable homes, such as Casa
Mia in Burnaby, against private investors, potential redevelopments
and rent hikes. This is our Homes for People plan in action.”
The Fund has provided a capital contribution of $11.8M towards
the acquisition of Casa Mia and a grant of $15,000 per home to
support building renewal and renovations. Casa Mia provides rental
rates that are 56 per cent below median rents in Burnaby, in
addition to providing housing for seniors on fixed incomes. The
acquisition plays a vital role in addressing the rental erosion
crisis in Burnaby, where the city lost over 1,300 affordable rental
units from 2010 to 2021.
“For its residents, there's a bitter irony in watching 'Casa
Mia'—a place named 'my home'—go up for sale,” said Katie Maslechko,
CEO of the Rental Protection Fund. “Preserving these homes offers
immediate security and safeguards crucial housing stock. Through
the Rental Protection Fund, thousands of renters across BC can now
confidently say — this Province, this community, this building,
this is my home.
Casa Mia is located near a transit-oriented development area and
is a 10-minute walking distance to Edmonds Skytrain Station, a
major rapid-transit node. In addition, the purpose-built rental
building is located within the area of the City of Burnaby’s new
Edmonds Community Plan.
“It means a great deal for Brightside to be able to protect the
affordability of these homes, and to ensure rents remain affordable
for the long term,” shares William Azaroff, CEO of Brightside
Community Homes Foundation. “The Rental Protection Fund is already
making a real and tangible impact as the community housing sector
works to mitigate the affordability crisis gripping the province.
We are grateful to have one more important tool available to
continue growing the number of affordable homes available to
communities throughout Metro Vancouver.”
This acquisition aligns with the mission of Brightside Community
Homes Foundation, which is to provide affordable homes to those who
otherwise struggle with the demands of market housing. Through the
ongoing independent redevelopment efforts and the recent
acquisition of Casa Mia, Brightside will be adding nearly 550
affordable homes to Metro Vancouver's affordable housing inventory
by 2025.
“We are seeing the direct impact of our Rental Protection Fund
and Brightside’s commitment to provide affordable housing,” said
Raj Chouhan, MLA for Burnaby-Edmonds. “With this purchase, people
living in Casa Mia Apartments can continue to live in their homes
and benefit from affordable rents for years to come. This is
crucial in addressing the affordable housing needs of the community
of Burnaby.”
The Province’s $500-million Rental Protection Fund serves as a
blueprint for the recently announced Canada Rental Protection Fund.
Included in the federal Budget 2024, the $1.5 billion program aims
to preserve affordable homes across Canada by equipping non-profit
organizations with capital to facilitate the acquisition of
existing affordable housing.
Through one-time capital contributions provided by the Fund,
nonprofits and housing co-operatives can secure, revitalize, and
safeguard current rental units against escalating market rents. The
Fund has already approved funding to preserve more than 1,200 homes
throughout BC that will be announced in the coming months, with
thousands of additional homes under funding consideration.
Media Contact:Jennifer KimTalk
Shop Media778-898-4395Jennifer@talkshopmedia.com
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.