Positive Reception and Insights from B.C.’s Rental Protection Fund Head

Source: Burnaby Now

Canada is taking inspiration from B.C. with the announcement of the Canada Rental Protection Fund, and the head of B.C.’s version of this fund expressed her satisfaction with the initiative.

The federal government unveiled the $1.5-billion Canada Rental Protection Fund on April 4, aiming to safeguard affordable housing and bolster rental stock.

“I am really, really pleased to see them step up with such a significant grant contribution because that really is an important part of not only this model but a long-term view on how we’re investing in the community housing sector. So, that was great to see, and it’ll allow for much more significant impacts as well,”

said Rental Protection Fund CEO Katie Maslechko.

“It’s probably fair to say they’re pulling many ideas from B.C.”

The Rental Protection Fund, launched in January 2023, aims to shield affordable rental units from redevelopment, disinvestment, displacement of tenants, and rent price increases, backed by $500 million in funding from the province.

As per the announcement, Ottawa’s program is slated to become available “later this year,” marking a pivotal measure in the forthcoming federal Budget 2024.

“We’re making the playing field fairer for renters. Through Budget 2024, we’re working with non-profits to protect affordable housing, preserve rent prices, and build thousands of new apartments. It’s simple — you should be able to live in the community you love, with a rent you can afford,” said Prime Minister Justin Trudeau in a statement.

When questioned about the similarities and differences between the two rental funds, Maslechko said it’s too early to say.

“It’s hard to say, based on the limited information we have to date,” she said.

“There’s certainly lots of experience and learning that we can bring to the table, I think time is very much of the essence here. If the experience we’ve built over the past year can help that be deployed that much faster and it’s that much more significant of a scale, we are more than willing and would be certainly quite eager to continue conversations with them and any other provinces.”

During the federal government’s announcement, Manitoba Premier Wab Kinew mentioned that besides the federal protection fund, the province plans to allocate $30 million this year to collaborate with housing partners in acquiring new and existing housing stock.

Maslechko suggested that if she were to advise Trudeau, she would recommend placing the fund in the hands of those who are “closest to the work and know what’s happening on the ground in the community housing sector.”

“They know [what’s] best and that has been a proven point of success for the fund here in B.C. and our ability to be nimble and efficient and effective in deploying the funds very quickly,” she said.

“A really important piece of this is timeliness. … Every single one of these units, they may be the most affordable housing we currently have but they’re also never going to be more affordable than they are right now.”

According to Maslechko, B.C.’s rental protection fund currently has 35 pre-qualified applicants from the non-profit sector, an increase from 22 in November 2023.

“We have about 2000 units in the pipeline total, including those we’ve approved, and those coming forward soon for consideration and that equates to 42 properties,” she said.

The fund currently has 100 applications undergoing the vetting process.

Maslechko mentioned they are well positioned to receive a notable allocation from the $1.5-billion federal investment when asked about it.

“We certainly hope so, because the feds were very clear yesterday that a big aim for them is to have this incentivize other sources of capital, to join them in their commitment and leverage their investments that much further.”

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