The Rental Protection Fund has recently made a significant impact in Vernon by securing 26 affordable rental homes at Sunrise Gardens, located at 3806 24th Ave. These homes were at risk of being sold, potentially displacing the residents. However, with an investment of approximately $3.1 million from the Rental Protection Fund and an additional $40,000 contribution from the CMHA Vernon, these homes have been safeguarded. CMHA Vernon will take ownership and management of the building, ensuring its continued operation as deeply affordable housing.
The homes will remain 45% below market rental rates and will benefit from a renewal grant of $47,000 for each home to facilitate necessary upgrades, ensuring that the housing remains viable and well-maintained for the residents. These upgrades will include immediate improvements to the building’s exterior, landscaping, and signage, which will be overseen by CMHA Vernon.
The Rental Protection Fund, with a total budget of $500 million, aims to address the pressing need for affordable housing across Canada by providing one-time capital grants to non-profit housing organizations. Through initiatives like the acquisition of Sunrise Gardens, they strive to ensure that vulnerable communities have access to stable and affordable housing options.
