B.C. increases Rental Protection Fund
Over 1,500 homes in British Columbia are seeking funding from the $500 million Rental Protection Fund, which aims to protect housing affordability. The fund allows non-profits to acquire older rental buildings to address the lack of housing for middle-class renters and curb renovictions. The province is focusing on acquiring properties for the fund rather than relying on the private sector. So far, 80 non-profit organizations have applied, with 22 already pre-qualified for acquisitions. The goal is to move over a billion dollars of assets into the hands of the community housing sector. The premier also emphasized the need to build more housing to address the housing crisis in the province.