The Rental Protection Fund (RPF) announced that provincial funding has safeguarded nearly 70 homes labeled as affordable in Victoria.
In collaboration with the Greater Victoria Housing Society (GVHS), RPF has contributed to the purchase of two properties in the community.
The properties, which were listed for sale, are located at 430 Michigan Street and 1500 Chambers Street.
The Michigan Street apartment building has 44 homes that range in size from studio to two-bedroom units. The Chambers Street property has a mix of 24 one-bedroom and two-bedroom units.
“Protecting affordable rental housing means residents can feel secure in their homes and their community,” said Katie Maslechko, CEO Rental Protection Fund.
“Not only will these homes continue to be affordable for renters in Victoria, but through this investment, these buildings will be more sustainable and continue to provide secure, affordable homes for the future at a fraction of the cost of building new.”
Both properties rent below current Victoria market rates and are located in convenient areas, close to transit and shops.
According to the Ministry of Housing, around 70% of the homes in the buildings are affordable for those earning median incomes in Victoria.
In order to secure the purchases of these two buildings, the RPF provided around $8 million for the 430 Michigan Street property and around $4.6 million for 1500 Chambers Street.
This includes $1.2 million in renewal grants provided for building improvements, which will fund upgrades to ensure the building remains in good condition for a long time.
Currently, the RPF has approved funding to preserve almost 1,500 homes in the province, with thousands of additional homes under funding consideration.
