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B.C. opens $500M fund to help non-profits buy rental buildings, keep rent affordable
VICTORIA — The British Columbia government has opened access to its $500-million rental-protection fund that will help non-profit groups purchase rental buildings.
The goal of providing the capital funding is to allow renters to stay in the buildings and keep their rents affordable.
The province says in a statement that more than 97,000 units where the rent was below $1,000 a month were lost between 2016 and 2021 as they were converted to condominiums, demolished or the price of rent went up.
The fund’s CEO, Katie Maslechko, says the idea is a sector-led solution to keep homes affordable over the long term, without the need for ongoing operating subsidies.