A 16-unit rental apartment building in Esquimalt has been acquired to halt redevelopment plans.
In a strategic move to safeguard existing housing and prevent potential displacement, Lu’ma Native Housing Society has finalized the acquisition of the apartment building located in Esquimalt.
This acquisition comes amidst concerns over the impending redevelopment plans for the property, which could have led to the displacement of current residents.
The purchase, facilitated by a substantial funding contribution from the Rental Protection Fund, marks a significant milestone in ensuring the current tenants will not face renoviction or displacement.
“The goal of the Rental Protection Fund is to ensure people and families, including those living in these 16 homes, will have the security and safety of staying in the place they know and the community they love,” said Ravi Kahlon, Minister of Housing.
Lu’ma Native Housing acquired the apartment building situated at 860 Carrie Street for $5.3 million—$3-million of which came from the Rental Protection Fund.
The remaining balance being financed through low-interest loans.
Constructed in 1971, the building comprises four studio units and twelve one-bedroom units. Under the stewardship of Lu’ma Native Housing, plans are underway to undertake essential renovations, including roof repairs, exterior enhancements, and upgrades to three units.
Importantly, these renovations will be executed in a manner that minimizes disruption to existing tenancies, thereby ensuring the continued comfort and well-being of residents.
“I look forward to seeing the impact the Rental Protection Fund has on the tenants of this building and for the people in all the buildings it helps secure,” said Mitzi Dean, MLA for Esquimalt-Metchosin.
“Thanks to Lu’ma Native Housing Society for its leadership on acquiring this building and ensuring the current tenants have continued secure housing, while also planning for much-needed Indigenous-focused housing here in Esquimalt.”
As units become available at 860 Carrie Street, efforts will be made to allocate them to Indigenous individuals and families.
The $500-million Rental Protection Fund, a key component of the Province’s Homes for People action plan, aims to address the critical shortage of Indigenous housing in BC.
