The Rental Protection Fund Commends the $1.5 Billion Canada Rental Protection Fund

VANCOUVER, British Columbia, April 05, 2024 (GLOBE NEWSWIRE) -- The Rental Protection Fund welcomes the federal government's announcement of the $1.5 billion Canada Rental Protection Fund. This significant commitment is a critical step to protect renters from facing displacement and more precarious housing situations due to the loss of affordable rental housing supply.

During the announcement, Prime Minister Justin Trudeau heralded BC's Rental Protection Fund as a compelling "proof of concept" for this transformative model to address the housing crisis. We are thrilled to see this successful model scaled up to the national level and commend the federal government's recognition of the urgent need to protect existing affordable rental homes and the Canadians who call them home.

"We are ready, and we are excited," said Katie Maslechko, CEO of the Rental Protection Fund, in response to the announcement. "We are ready to leverage our experience so that this proven, scalable model can be delivered across the country, ensuring that these federal funds can be deployed as efficiently and effectively as possible and non-profits can access provincial and federal dollars seamlessly to ensure affordable rental housing remains accessible for future generations throughout the country. We are ready with over 2,000 homes positioned to be acquired immediately by pre-qualified community housing providers ? acquisitions that would leverage BC's landmark $500M investment and over $50M in philanthropic and social impact capital already leading by example alongside the new Canada Rental Protection Fund. Community assets build community wealth, and these assets alone would grow the community housing sector by over $500M."

As affordable housing stock declines faster than it can be built, the creation of the Canada Rental Protection Fund represents a pivotal step toward addressing the housing affordability crisis and ensuring that Canadians are not displaced from their communities due to escalating rents and threats of eviction or displacement. The most affordable housing we have is the affordable housing we've already got. We know that it will never be this affordable again and that for every one of those affordable homes we've lost in the last five years, there are still four more renting at affordable rates that can still be preserved.

In less than eight months, over 800 homes in 18 different buildings have been approved for funding through the Rental Protection Fund. It is easy to see the profound impact it will have on a national scale ? and the Rental Protection Fund is committed to working collaboratively with federal, provincial, and community partners to ensure the efficient deployment of funds and the preservation of affordable housing units across Canada.

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Jennifer Kim
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About The Rental Protection Fund:

Endorsed by the provincial government with a groundbreaking $500 million investment, the Rental Protection Fund is B.C.'s direct response to the housing crisis. Spearheaded by CEO Katie Maslechko, the Fund's core mission is to safeguard tenants and ensure attainable rental homes are available for future generations. It empowers non-profit housing organizations and co-operatives with capital contributions, facilitating the acquisition of existing rental buildings. This initiative aims to sustain housing attainability and stability for B.C.'s renters over time.