The Squamish Community Housing Society is asking the District of Squamish to contribute $150,000 toward purchasing rental housing.
In a letter to the council, Executive Director Sarah Ellis said the contribution would be used to apply for the B.C. government’s Rental Protection Fund (RPF), potentially unlocking more than $5 million in combined provincial grants and federal loans. The Rental Protection Fund provides capital contributions to non-profit housing organizations to help them buy existing, occupied, rental buildings.
“This investment by both parties would significantly improve the competitiveness of a funding application to the RPF,” Ellis wrote, noting a possible financial commitment from the Squamish Nation. Housing Squamish has partnered with the Nation’s Hiy̓ám̓ Housing Society and other stakeholders to protect and expand the community’s affordable housing stock. Ellis suggests the district provide the $150,000 from the District’s Affordable Housing Reserve Fund, which is money collected from developers for housing initiatives.
Ellis emphasized the urgency of protecting existing rental units amid long timelines and high costs associated with new builds. “Protecting existing purpose-built rental is the quickest way to ensure affordable housing stock remains available in the community,” she said.
No specific property has been identified yet, but several are under consideration for the upcoming RPF intake in June. She added that the funding would be restricted to purchasing existing rental housing under the RPF program. “There are a few properties in Squamish that are good contenders for the RPF program, and we are currently exploring which would be the best opportunity for the upcoming intake to RPF in June,” she added.
Housing Squamish aims to deliver more than 300 affordable housing units by 2029 and leverage over $150 million in partner resources. It recently acquired Tantalus Manor and manages eight affordable units at the Highline.
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