BC’s Rental Protection Fund Announces Acquisition of 50 Affordable Homes in Parksville
18 July 2024 - 7:24AM
Today, the Rental Protection Fund (the Fund) and the Province of
British Columbia announces the acquisition of 50 affordable rental
homes in Parksville, B.C. This marks the transfer of ownership of
211 Moilliet St., “Moilliet Manor,” to Ballenas Housing Society
(Ballenas), securing much-needed affordable housing in a community
with the highest concentration of seniors per capita in the
Province.
The Fund granted Ballenas $5 million in capital to acquire the
site, which was earmarked for redevelopment following its listing
for sale by the previous owners, along with $1.25 million for
building renewal. Constructed in 1976, the building comprises three
one-bedroom units, 46 two-bedroom units, and one three-bedroom
unit. This building is a crucial component of the community's
affordable housing stock, offering rents below market rate. All of
Moilliet Manor’s residents are seniors, over half of which are over
the age of 75.
“When seniors make up the majority of Parksville’s affordable
housing waitlist, and are the most prone to displacement, we simply
can’t afford to lose the affordable seniors housing we already
have,” said Katie Maslechko, CEO of the Rental Protection Fund.
“Housing that many of these residents have called home for decades,
in the community they’ve contributed so much to and come to rely
on. This is what fairness for every generation looks like, and we
hope to see the Federal government join us in protecting even more
homes before they’re lost forever.”
In British Columbia, the rising number of seniors in the past
forty years has led to a greater need for rental housing designed
for seniors requiring support. This trend highlights a critical
issue: the urgent need for more robust enforcement actions to
safeguard seniors from eviction during periods of physical and
financial fragility. This is equally relevant for middle-income
renters, who frequently fall through the cracks of subsidy
qualification while battling rising rental costs, underscoring the
urgent necessity for enhanced support and housing stability.
“Thanks to the Rental Protection Fund, seniors in Parksville
will be able to age in place affordably, close to their loved ones,
community and services they rely on,” said Ravi Kahlon, Minister of
Housing. “In addition, I look forward to seeing the impact of new
renovations coming to the building, ensuring improved building
conditions for residents.”
With numerous Moilliet Manor residents having called it home for
over two decades, and an average residency of ten years across all
units, this building currently offers rates 45% below the
prevailing market prices. This acquisition showcases how the model
effectively ensures affordability for British Columbians and
beyond.
“Approximately half of the residents of Moilliet Manor are
75-plus, highly value the community they have created in the
building, and rely on each other and the neighbourhood amenities
that are very close by,” said Andrea Blakeman, Ballenas CEO.
“Ensuring that we keep these sorts of buildings and communities
intact – both in Parksville and around Vancouver Island – means
that future generations of seniors can benefit from long-term
stability to support the best quality of life possible.”
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.
Since the start of this year, the Rental Protection Fund has been
able to reverse the threat of displacement at a rate of nearly 50
homes a week, delivering housing security for nearly 2,500 British
Columbians and ensuring these homes remain affordable for
generations to come.
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
Media Contact:Rental Protection FundJennifer
Kim, Talk Shop Mediamedia@rentalprotectionfund.ca