With the assistance of the B.C. government to protect renters from displacement an Indigenous housing society announced on Feb. 28, it has purchased a $5.3 million 16-unit apartment building in Esquimalt.
Using $3 million from the rental protection fund, LuB次元官网网址檓a Native HousingB次元官网网址檚 newly obtained 860 Carrie St. complex will be housing prioritized for Indigenous tenants.
B次元官网网址淣ot only are we able to keep these homes protected long into the future, weB次元官网网址檙e able to protect the 16 families that live in these homes,B次元官网网址� said Minister of Housing, Ravi Kahlon at the Esquimalt property.
The apartment was listed for sale and was at risk of redevelopment and potential tenant displacement, according to the province.
A year ago Black Press Media published an opinion piece on the sale of 860 Carrie St, stating, B次元官网网址渢his highly desirable apartment building is a superb opportunity for an investor to acquire a stable cash-flowing asset with below market financing.B次元官网网址�
This column caught the attention of the provincial government, as they made direct reference to it during WednesdayB次元官网网址檚 event.
B次元官网网址淭he article said that if you were to have tenant turnover, you could actually make a lot of profit from this building and because of that article itB次元官网网址檚 exciting to be here today,B次元官网网址� explained Kahlon.
The opinion piece did note that the province froze rent increases at two per cent so current renters would have avoided massive rent increases. However, tenants could have potentially gotten renovicted or displaced and new renters at the building were at risk for immense rent increases.
Now, that risk is gone.
B次元官网网址淥ur long-term goal is to ensure Indigenous people of Esquimalt are given an opportunity to be housed in a culturally appropriate space and to provide the same support services that LuB次元官网网址檓a provides to all its residents by filling the vacancies in this building with Indigenous tenants as the units become available,B次元官网网址� said LuB次元官网网址檓a CEO, Dave Ward.
The society explained it will prioritize housing for Indigenous renters by using a rental application list where people will be evaluated through the typical recruitment of tenants for new and vacancies. To help with the evaluation LuB次元官网网址檓a stated it will also tap into the expertise of its tenants relations staff and will start occupying the units as they are made available.
LuB次元官网网址檓a will contribute payments for the complex through low-interest financing. Built in 1971, the building features four studios and 12 one-bedroom units. People living in the building will be able to stay there at the same rent. LuB次元官网网址檓a Native Housing will manage renovations to the roof, the building exterior and upgrades within three units. These renovations will prolong the buildingB次元官网网址檚 lifespan without disrupting tenancies.
The $500-million Rental Protection Fund is part of the ProvinceB次元官网网址檚 Homes for People action plan, which includes addressing the crucial need for new Indigenous housing throughout B.C.
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