CANADA, February 28 - People living in 16 homes will have safe and secure housing as Lu’ma Native Housing Society is buying an apartment building facing potential redevelopment in Esquimalt.
The purchase is through a funding contribution from the Rental Protection Fund.
“The goal of the Rental Protection Fund is to ensure people and families, including those living in these 16 homes, will have the security and safety of staying in the place they know and the community they love,” said Ravi Kahlon, Minister of Housing. “The Rental Protection Fund is making it possible for Lu’ma Native Housing to ensure current tenants will not face renoviction or displacement — and that’s exactly why our government made the initial investment in the fund.”
Lu’ma Native Housing is purchasing the 16-unit apartment building at 860 Carrie St. for $5.3 million, using a $3-million contribution from the Rental Protection Fund. Lu’ma Native Housing will contribute the balance through low-interest financing. The building was listed for sale and was at risk of redevelopment and potential tenant displacement.
Built in 1971, the building features four studio units and 12 one-bedroom units. People living in the building will be able to stay there with the same rents. Lu’ma Native Housing will manage renovations to the roof, the building exterior and upgrades within three units. These renovations will prolong the building’s lifespan without disrupting tenancies.
“I look forward to seeing the impact the Rental Protection Fund has on the tenants of this building and for the people in all the buildings it helps secure,” said Mitzi Dean, MLA for Esquimalt-Metchosin. “Thanks to Lu’ma Native Housing Society for its leadership on acquiring this building and ensuring the current tenants have continued secure housing, while also planning for much-needed Indigenous-focused housing here in Esquimalt.”
Lu’ma Native Housing manages its buildings with a culturally appropriate lens, while prioritizing housing for Indigenous people. Over time, as units become available at 860 Carrie St., Lu’ma will make them available to Indigenous people.
“Lu’ma Development Management is grateful for the opportunity to support our client to purchase this building and protect these 16 units,” said Dave Ward, CEO, Lu’ma Development Management. “We are honoured to work with Indigenous housing providers, who continue to demonstrate not only their capacity but their willingness to grow, innovate and adapt to tools like the Rental Protection Fund. At Lu’ma, we envision a future where Indigenous people thrive through self-determination and are connected to their communities and traditions, and we look forward to implementing this service delivery model in Esquimalt.”
The $500-million Rental Protection Fund is part of the Province’s Homes for People action plan, which includes addressing the crucial need for new Indigenous housing throughout B.C. The Rental Protection Fund has approved funding to preserve nearly 700 homes throughout the Province that will be announced in the coming months, with thousands of additional homes under funding consideration.
Quotes:
Margaret Pfoh, CEO, Aboriginal Housing Management Association (AHMA) –
“AHMA being a full and equal partner at the table of the Rental Protection Fund is an excellent example of elevating Indigenous leadership. We celebrate our member, Lu’ma Native Housing Society, for their involvement in this acquisition, which helps preserve affordable rental units for future generations.”
Katie Maslechko, CEO of the Rental Protection Fund –
“Investments from the Rental Protection Fund don't just bridge the equity gap required to keep these homes affordable, they address the gap in equitable access to capital. This is just the first of many acquisitions through the Rental Protection Fund that will provide renters with meaningful, immediate housing security, while growing the capacity of our Indigenous-led housing providers, like Lu'ma Native Housing Society, by tens of millions of dollars.”
Barbara Desjardins, mayor of Esquimalt –
“People who are part of the community can stay in the community, thanks to the forward-thinking approach of Lu’ma Native Housing Society and the support of the Ministry of Housing. Not only are we seeing the positive effects today, but will see value in the future as spaces open up for Indigenous households.”
Quick Facts:
- Since fall 2023, non-profit housing providers have been removing homes from the speculative market through pre-qualified application grants from the Rental Protection Fund.
- More than 2,000 units, otherwise destined for sale to the private market, have had property owners sell the property to non-profit housing providers, ensuring housing stability for the residents.
- The Rental Protection Fund has pre-qualified 25 non-profit organizations and advanced 36 proposals for consideration.
Learn More:
For information about the Rental Protection Fund, visit: https://rentalprotectionfund.ca
