NEW WESTMINSTER, British Columbia, Dec. 03, 2024 (GLOBE NEWSWIRE) -- The Rental Protection Fund (the Fund) celebrates the acquisition of an 11-unit building in New Westminster by New Hope Community Services Society (New Hope), securing a brighter and more affordable future for current and future residents.
The property is centrally located in New Westminster, anchored in the community near schools, grocery stores, and transit options, and is directly across from Moody Park, offering access to recreational space ideal for families. Combined with the building’s well-designed layout and large common areas, it supports New Hope’s mission of providing expanded services for refugee families with children.
“A secure, affordable home provides peace of mind and stability to many people – especially for refugee families who need that security in times of transition,” said Raj Chouhan, MLA for Burnaby-New Westminster. “Protecting these 11 homes in the community is one way we make sure that people won’t have to worry about losing their homes in the future. This immediate security will enable people, especially refugees, to focus on rebuilding their lives anew, in a community where they are welcomed and supported.”
This acquisition presents a unique opportunity to support current tenants by ensuring affordable rents while laying a foundation for future generations. Existing tenants will benefit from rent stability and housing security, allowing them to remain in their homes with confidence. As units become available, New Hope will open its doors to refugee families, ensuring that newcomers have access to essential resources and support services needed to successfully settle into their new life in Canada. Under New Hope’s stewardship, the units will continue to be rented below current market rental rates, securing the long-term affordability of these homes, which are already, on average, 39% below market.
“The City of New Westminster is excited to welcome New Hope Society into our community. Their work in providing safe, secure, and affordable housing for refugee families bolsters the City's own efforts to protect the affordable rental housing stock for vulnerable residents. We are deeply appreciative of the role the Rental Protection Fund has played in making it possible for New Hope Society to expand into our community,” said Mayor Patrick Johnstone.
The Rental Protection Fund provided a capital contribution of approximately $2 million for New Hope to acquire the building, resulting in one of the lowest per-unit contributions across all properties acquired through the Fund in Metro Vancouver to date. The Fund has also provided a renewal grant of approximately $10,000 per unit to support upgrades to the property, alongside a total of $30,000 in investments from the non-profit organization.
“Whether it's 11 homes or 111 homes, we know that every property protected has the power to transform lives and that thoughtful investments from the Rental Protection Fund create a legacy of stability that strengthens entire communities for generations to come.” said Katie Maslechko, CEO of the Rental Protection Fund. “New Hope proves that profound and enduring impact is not defined by scale - and by preserving affordability while advancing their mission, they are building a foundation for current and future residents to thrive in their community. It's not just about buildings, but about building futures full of hope, resilience and opportunity.”
New Hope plans to undertake several renovations to better serve current and future residents, including converting some large one-bedroom units into two-bedroom suites to accommodate larger families and renovating common areas to create welcoming gathering spaces. These areas will soon host a variety of programs—such as community dinners, language tutoring, movie nights, and tenancy expectation training—fostering a new sense of community among residents who may have had to leave their previous homes behind.
“New Hope has long dreamed of securing additional affordable housing for newcomer refugee families, and with the support of the Rental Protection Fund, this dream is now a reality,” said Christina Lui, Executive Director of New Hope. “Refugee families are a marginalized and underserved population in the housing sector who will benefit immensely from the provision of homes dedicated to their settlement and integration into Canadian life. Without housing, newcomer refugees move from instability to instability. Once stable affordable housing is secured, they can begin to rebuild their lives anew while contributing their unique skills and gifts to the community at large. We are profoundly grateful for the Fund’s support.”
Established in 2004, New Hope provides community connections and affordable housing to refugee families who have recently arrived, creating a stable foundation as they adjust to life in Canada. Their mission revolves around fostering a supportive environment that facilitates integration and independence through comprehensive community support and tenant education. They prioritize families with children, addressing their unique needs and challenges to ensure they thrive in their new home. New Hope is the owner and operator of a 13-unit affordable housing complex designed for newcomer refugee families, including 40% single-parent households. Since 2016, the organization has directly supported over 65 families in its 13-unit building, fostering a sense of community and helping refugee families build new lives in Canada.
This announcement is one of several that the Rental Protection Fund has made in the Lower Mainland this fall. Across British Columbia, the Fund has secured the affordability of over 1,500 homes in 20 communities, including 125 in Port Hardy, 26 in Vernon, and 108 in Langley, with more announcements to follow as additional homes move into the community housing sector.
Through one-time capital contributions provided by the Fund, non-profits and housing co-operatives can secure, revitalize, and safeguard current rental units against escalating market rents, creating housing for underserved and vulnerable groups within our communities. With the anticipated launch of the Canada Rental Protection Fund, and opportunities for continued Provincial Government support, B.C.’s Rental Protection Fund will be able to continue expanding its role—and the community housing sector—ensuring the affordable rental homes we have today remain affordable for generations to come.
We gratefully acknowledge the financial support of the Province of British Columbia through the Ministry of Housing and Municipal Affairs.
-30-
About The Rental Protection Fund:
The Rental Protection Fund stands as B.C.'s direct response to the housing crisis. Under the leadership of CEO Katie Maslechko, the Fund is dedicated to protecting tenants and ensuring the availability of affordable rental homes for future generations. By providing capital contributions to non-profit housing organizations and cooperatives, it facilitates the acquisition of existing rental buildings. This initiative is committed to maintaining housing affordability and stability for renters in B.C. in the long run. Those who wish to have a property considered for acquisition through the Rental Protection Fund can submit them at www.RentalProtectionFund.ca
Attachments
- Supporting affordable rental homes and newcomers to Canada
- New Hope Community Services Society acquires a building in New Westminster, BC through the Rental Protection Fund
