Whereas the current parameters of the Rental Protection Fund only provides funding for the purchase of rental buildings that have a minimum of 5 units and 4 in rural Fund communities; And whereas many small rural and remote communities do not have properties that are for sale with a minimum of 4 units; Therefore be it resolved that the UBCM urge the provincial government to expand the Rental Protection Fund to allow for the purchase of individual units in communities that are less than 5,000 in population classified as remote or very remote.
Ministry of Housing and Municipal Affairs The Province contributed 500 million to the Rental Protection Fund in 2023 as part of the Homes for People Action Plan to protect affordable rental housing stock and provide good homes for British Columbians for decades to come. The Fund is independent of the BC government, acting at arms-length to facilitate the acquisition of existing, occupied rental buildings. The Rental Protection Fund has facilitated the acquisition of 125 units in communities that are less than 5,000 in population, and nearly 275 in communities less than 25,000 in population. The Rental Protection Fund is not currently contemplating changes to the minimum unit criterion, but they welcome discussions with local governments about the challenges faced in their communities. Non-profits can apply to the Rental Protection Fund through a three-stage process to acquire affordable rental properties, which they will own and operate as secure, below-market housing. As part of the acquisition process, non-profits secure commercial financing to purchase the properties, which can become challenging for smaller properties in rural and remote areas. In addition, many non-profits benefit from acquisitions of a certain scale to cost-effectively operate and provide support programs to residents. Since early 2024, acquisitions supported through Rental Protection Fund contributions have provided housing security for more than 3,000 people in BC. With BC Housing, the Province is working to create more rental homes across the province, including in small communities. Since 2017, the Province has had nearly 92,000 homes delivered or underway, including over 2,800 in communities with populations of less than 5,000.