The sale of 108 apartment units in Langley City, facilitated by the Provincial Rental Protection Fund, ensures affordable housing for residents. New Vista Housing Society acquired the buildings with a $24 million capital contribution from the fund, preventing their redevelopment and displacement of tenants. Rents will be maintained at least 35% below market rates, benefiting 108 households. This purchase marks a shift from real estate investment trust ownership to non-profit ownership, safeguarding affordability for years. MLA Andrew Mercier emphasizes the importance of community stability, with residents able to remain near their families and public transportation.
The Rental Protection Fund, with a $500 million budget, aids non-profit housing organizations in purchasing affordable rental properties listed for sale, ensuring housing certainty for residents.
