On July 18, the Rental Protection Fund announced the acquisition of nine properties across the Island by the Connective Support Society at Discovery Village in Campbell River.

The nine properties are in Campbell River, Port Hardy and one in Duncan. In total, there are 153 newly protected homes in Campbell River, 125 in Port Hardy, and 56 in Duncan. The units accommodate various household sizes, with 40 per cent having two bedrooms or more. Most of the buildings are close to schools and amenities.

"Nothing is scarier for someone living in a building than seeing a for sale sign go up. Especially, if they are living in an affordable housing situation. There is the fear of what will happen," says Ravi Kahlon, Minister of Housing. "That is why we launched the Rental Protection Fund."

The Rental Protection Fund, provided $500 million by the provincial government, uses the funds to purchase affordable residential rental buildings and co-operatives to protect renters and the units long-term. 

"The loss of existing affordable rental homes in smaller B.C. communities are even more destabilizing, with profound ripple effects," says Katie Maslechko, CEO of the Rental Protection Fund. "This is housing for families, workplaces, and essential workers, and by protecting the homes where they already live affordably, these tenants won't be pushed into housing precarity and will be able to continue contributing to these communities. But they face even greater challenges being protected and would have undoubtedly been lost forever without the incredible efforts of Connective and the support of the Rental Production Fund."

The five buildings in Campbell River are Discovery Village, 275 1st Ave. (65 units), Oceanview Apartments, 541 7th Ave. (22 units), Scenic View Apartments, 627 7th Ave. (15 units), Park Place Apartments, 621 7th Ave. (29 units) and Highland Court, 644 4th Ave. (22 units). 

The Rent Production Fund provided approximately $12.3 million for the buildings, with a further $1.3 million to keep them up to standard. Most of the units are family-friendly, with two- and three-bedrooms. They will be rented out at a 46 per cent rate below the average current market value. 

The 125 units in Port Hardy are being split between Creekside Apartments, Cypress Park and New Horizon. The fund granted $7.9 million in funds, with a further $684,000 in renewing the buildings. These units will rented for 20 per cent lower than the average current market value in Port Hardy. 

The lone property in Duncan is the 56-unit Woodland Gardens at 3048 Lake Cowichan Rd. It is a mixture of one- and two-bedroom units near the hospital. The fund provided $5.4 million in equity and more than $630,000 for building renewal.