New funding from BCs Rental Protection Fund will secure affordable housing for hundreds of people in the province.

Ravi Kahlon, Minister of Housing and Municipal Affairs, says the fund was created to help people stay in the homes they can afford now and in the future.

It has supported non-profit organizations to buy a total of 220 homes.

The properties are part of the nearly 1,600 homes protected through the fund since its launch in 2023.

The BC government says the fund is on track to exceed its target of protecting 2,000 homes well ahead of schedule.

The fund provides one-time capital contributions to non-profit housing organizations so they can buy existing affordable rental buildings and co-operatives, protecting the people living there, safeguarding the units and keeping those units as affordable, long-term housing.

On average, rents secured through the fund are 44.2% lower than local market rates and are kept below market to ensure long-term affordability for people with low or moderate incomes.

To learn more, visit Government of British Columbia.