FAQs
Your answers to common questions about how the Rental Protection Fund works, who can apply, and how it supports the preservation and expansion of affordable housing.
Frequently asked questions
This FAQ section provides answers to common questions about how the Rental Protection Fund works, who can apply, and how it supports the preservation and expansion of affordable housing.
The Fund is designed to support the preservation and expansion of affordable housing by facilitating property acquisitions for long-term community benefit. Whether you are a nonprofit organization, housing provider, or community partner, this resource aims to clarify key aspects of the Fund and its operations.
General
General information about The Fund that you might find useful.
The Rental Protection Fund (RPF) was established in 2023 through a historic initial investment of $500 million by the Province of British Columbia to directly address the erosion of affordability in the private rental market and disrupt housing inequities that contribute to the displacement of vulnerable renters. The Fund provides capital contributions to non-profit housing organizations to help them purchase existing, occupied, purpose-built rental buildings, thereby maintaining affordability and housing stability for tenants over time.
No. Although the Fund was launched with an initial investment from the B.C. Provincial Government in 2023, the RPF is an independent, non-profit organization, operating at an arms-length.
Interested community housing providers undertake a pre-qualification process to determine their eligibility for the Fund. This process reviews the organization's financial position, governance and experience, owning and operating below-market housing along with their capacity to expand.
Once an organization is successfully pre-qualified they can bring forward potential acquisitions which are evaluated by the RPF and their Investment Advisory Committee to find the right fit.
The Rental Protection Fund prioritizes properties where rents are affordable for middle-income households. It does not impose specific income restrictions but ensures rents remain below market levels to prevent displacement.
No. A key principle of the Rental Protection Fund is to preserve tenant housing stability. Tenants should not be displaced during or after the acquisition process.
Eligibility
Check eligibility criteria to see if you are qualified to apply.
Non-profit housing organizations, First Nations and housing cooperatives in British Columbia are eligible to apply for the Fund. These organizations should have the capacity to acquire, renew, and operate rental properties that were previously at risk of displacement, under a non-profit, affordability-focused model.
Eligible properties include existing, occupied, purpose-built rental buildings with a significant number of units attainable to middle-income British Columbians. The properties must be at risk of significant rent increases or redevelopment and should not be currently owned by a government entity. Additionally, they must have a minimum of five units (four in rural and remote municipalities) and be primarily residential, with commercial uses not exceeding 25% of the building's total floor space.
The Rental Protection Fund primarily supports:
- Acquisition of eligible rental properties.
- Limited renovation costs necessary to maintain or improve the habitability of units.
The fund does not cover day-to-day operations or purely cosmetic renovations.
The Rental Protection Fund focuses on non-profit-led initiatives. While partnerships may be considered, the non-profit organization must remain the majority owner and operator of the property.
To submit a property for consideration, fill out the form on the property submission portal including as much relevant information as possible.
All submissions are reviewed by the Rental Protection Fund team and staff work with the Fund's pre-qualified non-profits to identify a good fit for a potential acquisition.
Applications
The application process involves multiple stages, starting with a pre-qualification application to assess the eligibility of the organization. Applicants are expected to obtain long-term, first-mortgage financing to support acquisition and/or renovation costs to the greatest extent possible. Detailed information about the process can be found on the RPF website.
Applications are accepted on a rolling basis. There is no specific deadline, but applicants are encouraged to submit as early as possible, as funds will be distributed until the $500-million allocation is fully committed.
Yes. Successful applicants are required to provide periodic updates on:
- Property condition.
- Rental affordability levels.
- Tenant stability.
This ensures long-term compliance with the Fund's objectives.