Globe and Mail – Globe and Mail

NORTH VANCOUVER, British Columbia, Aug. 22, 2024 (GLOBE NEWSWIRE) — Today Rent Protection Fund (The Fund) announces the acquisition of two rental buildings: a 35-unit building in North Vancouver acquired by Hiy̓ám̓ ta Sḵwx̱wú7mesh Housing Society (Hiy̓ám̓ Housing) and a 40-unit building in Squamish acquired through a partnership between Hiy̓ám̓ Housing and Squamish Housing Cooperative (Squamish Housing)Both acquisitions will secure affordable housing for seniors, families and Indigenous people in communities that lack rental housing.

With capital contributions from the Rental Protection Fund and a $500,000 investment from the Squamish Nation, Hiy̓ám̓ Housing has acquired Oceanview Apartments, located at 165 6th Street West in North Vancouver. This will preserve 35 apartments, where average rents are less than half of market rent. The fund provided $9.4 million for the acquisition, including $8.6 million in capital contributions and a renewal grant of nearly $800,000 to fund boiler replacements and interior and exterior upgrades.

Hiy̓ám̓ Housing has strategically pursued acquisitions in the North Shore and Squamish areas to offer equitable and affordable homes conveniently located near Squamish Nation services and resources. North Vancouver is home to Squamish Nation people, and more will have the opportunity to move. Squamish Nation members on Hiy̓ám̓’s current waiting list will have priority to fill future vacancies at Oceanview Apartments, and rents will be held at inflation.

“We would like to thank the fund for protecting these affordable rentals,” said Donalene Rapada, CEO of Hiy̓ám̓ Housing. “This gives our Squamish residents the opportunity to live in these units and supports our goal of bringing our people home.”

Founded in 2019 by the Squamish Nation Council, Hiy̓ám̓ is a dedicated non-profit organization dedicated to building and managing affordable housing for the people of Squamish. Hiy̓ám̓ is committed to eliminating barriers to housing access for all Squamish residents, both on and off reserve. This acquisition will support Hiy̓ám̓’s mission to provide affordable housing for the people of Squamish Nation, with the goal of housing every person on the Squamish Nation within a generation.

The acquisition of Tantalus Manor, located at 1098 Wilson Crescent in Squamish, is a partnership between Hiy̓ám̓ Housing and Housing Squamish. Together, the organizations secured a 40-unit multifamily development offering rents that are approximately 62% below market rates. With several adjacent properties recently redeveloped and this property previously up for sale, there was a significant risk that residents would be displaced, underscoring the urgent need for preservation.

Squamish is one of the fastest growing communities in British Columbia, with very limited rental options. Average rents have increased significantly over the past five years, making it increasingly difficult to find affordable housing. Tantalus Manor provides a contrast to these rising prices, with average rents throughout the building affordable for households earning around $42,000 per year. Hiy̓ám̓ Housing and Housing Squamish are committed to maintaining this affordability for current tenants and keeping rents well below market forever.

The Fund committed $5.7 million for the acquisition, split between more than $4.6 million in capital contributions and a renewal grant of just over $1 million. Sustainable upgrades planned for the building will improve climate resilience, energy efficiency and extend its lifespan.

The property will provide safe and affordable housing for seniors, families and essential workers, meeting an urgent community need. Squamish Nation residents on Hiy̓ám̓ Housing’s current waiting list will have priority to fill future vacancies in the building.

“Hiy̓ám̓ Housing Society is making great strides in providing culturally safe, affordable housing for urban Indigenous people,” said Margaret Pfoh, CEO of the Aboriginal Housing Management Association (AHMA). “AHMA supports and celebrates the decolonizing approach taken by Hiy̓ám̓ and we are honoured to have them as members of our organisation.”

Hiy̓ám̓ Housing and Housing Squamish have developed a partnership protocol based on shared values ​​and principles that has been the foundation for this acquisition. Their joint application to the Rental Protection Fund is the first to be considered under this pilot partnership. This new and unique approach aims to enable smaller organizations to access the Fund in partnership with other community housing providers, building capacity in the community housing sector.

“The need for affordable rentals is so critical in our community and inventory is so limited,” said Sarah Ellis, Executive Director of Housing Squamish. “Forty units have already been preserved in perpetuity, which will provide homes for individuals and families so people can continue to call Squamish home.”

Established in 2021 as a result of dialogue between the District of Squamish and the local housing sector, Housing Squamish operates as an independent, not-for-profit organization dedicated to delivering housing solutions to Squamish.

“Investments in the Rental Protection Fund are equity in action – ensuring renters have the right to housing security, organizations like Hiy̓ám̓ Housing and Housing Squamish can expand their impact, and communities become more resilient,” said Katie Maslechko, CEO of the Rental Protection Fund. “These buildings are so much more than just structures for those who call them home, but affordable housing like this is disappearing across the province, so we need to prioritize investing in the affordable housing we already have.”

The announcement follows several foreclosures on Vancouver Island. To date, the Fund has announced the foreclosure of 529 homes in the Lower Mainland, 468 on Vancouver Island and 26 in the Okanagan, and approved financing to protect nearly 1,500 homes across the province.

Through one-time capital contributions from the Fund, nonprofits and housing cooperatives can secure, revitalize, and protect current rental units from rising market rents. Since the beginning of this year, the Rental Protection Fund has provided housing security to more than 2,500 British Columbians and ensured that these homes remain affordable for generations to come.

Media contact:
Rent Protection Fund
Public affairs
[email protected]

About the Rent Protection Fund:
Approved by the provincial government with a groundbreaking $500 million investment, the Rental Protection Fund is British Columbia’s direct response to the housing crisis. Led by CEO Katie Maslechko, the Fund is dedicated to protecting tenants and ensuring affordable rental housing for generations to come. By providing equity investments to non-profit housing organizations and co-ops, it facilitates the acquisition of existing rental properties. This initiative aims to maintain housing affordability and stability for tenants in British Columbia over the long term. Individuals who wish to have their property considered for purchase through the Rental Protection Fund can apply at www.RentalProtectionFund.ca