BC’s Rental Protection Fund Announces Acquisition of 50 Affordable Homes in Parksville

Written by Customer Service on . Posted in Mergers And Acquisitions.

This marks the protection of much-need affordable housing for seniors at risk of displacement

PARKSVILLE, British Columbia, July 17, 2024 (GLOBE NEWSWIRE) — Today, the Rental Protection Fund (the Fund) and the Province of British Columbia announces the acquisition of 50 affordable rental homes in Parksville, B.C. This marks the transfer of ownership of 211 Moilliet St., “Moilliet Manor,” to Ballenas Housing Society (Ballenas), securing much-needed affordable housing in a community with the highest concentration of seniors per capita in the Province.

The Fund granted Ballenas $5 million in capital to acquire the site, which was earmarked for redevelopment following its listing for sale by the previous owners, along with $1.25 million for building renewal. Constructed in 1976, the building comprises three one-bedroom units, 46 two-bedroom units, and one three-bedroom unit. This building is a crucial component of the community’s affordable housing stock, offering rents below market rate. All of Moilliet Manor’s residents are seniors, over half of which are over the age of 75.

“When seniors make up the majority of Parksville’s affordable housing waitlist, and are the most prone to displacement, we simply can’t afford to lose the affordable seniors housing we already have,” said Katie Maslechko, CEO of the Rental Protection Fund. “Housing that many of these residents have called home for decades, in the community they’ve contributed so much to and come to rely on. This is what fairness for every generation looks like, and we hope to see the Federal government join us in protecting even more homes before they’re lost forever.”

In British Columbia, the rising number of seniors in the past forty years has led to a greater need for rental housing designed for seniors requiring support. This trend highlights a critical issue: the urgent need for more robust enforcement actions to safeguard seniors from eviction during periods of physical and financial fragility. This is equally relevant for middle-income renters, who frequently fall through the cracks of subsidy qualification while battling rising rental costs, underscoring the urgent necessity for enhanced support and housing stability.

“Thanks to the Rental Protection Fund, seniors in Parksville will be able to age in place affordably, close to their loved ones, community and services they rely on,” said Ravi Kahlon, Minister of Housing. “In addition, I look forward to seeing the impact of new renovations coming to the building, ensuring improved building conditions for residents.”

With numerous Moilliet Manor residents having called it home for over two decades, and an average residency of ten years across all units, this building currently offers rates 45% below the prevailing market prices. This acquisition showcases how the model effectively ensures affordability for British Columbians and beyond.

“Approximately half of the residents of Moilliet Manor are 75-plus, highly value the community they have created in the building, and rely on each other and the neighbourhood amenities that are very close by,” said Andrea Blakeman, Ballenas CEO. “Ensuring that we keep these sorts of buildings and communities intact – both in Parksville and around Vancouver Island – means that future generations of seniors can benefit from long-term stability to support the best quality of life possible.”

Through one-time capital contributions provided by the Fund, nonprofits and housing co-operatives can secure, revitalize, and safeguard current rental units against escalating market rents. Since the start of this year, the Rental Protection Fund has been able to reverse the threat of displacement at a rate of nearly 50 homes a week, delivering housing security for nearly 2,500 British Columbians and ensuring these homes remain affordable for generations to come.

About The Rental Protection Fund:
Endorsed by the provincial government with a groundbreaking investment of $500 million, the Rental Protection Fund stands as B.C.’s direct response to the housing crisis. Under the leadership of CEO Katie Maslechko, the Fund is dedicated to protecting tenants and ensuring the availability of affordable rental homes for future generations. By providing capital contributions to non-profit housing organizations and cooperatives, it facilitates the acquisition of existing rental buildings. This initiative is committed to maintaining housing affordability and stability for renters in B.C. in the long run.

Those who wish to have a property considered for acquisition through the Rental Protection Fund can submit them at www.RentalProtectionFund.ca

Media Contact:
Rental Protection Fund
Jennifer Kim, Talk Shop Media
media@rentalprotectionfund.ca

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