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Premier David Eby says the primary buy utilizing the federal government’s Rental Safety Fund will save 290 inexpensive rental items in two housing co-ops which have expired leases and have been going through the prospect of being offered out from below the residents.
Eby says the federal government’s fund will contribute $71 million in the direction of the $125 million acquisition within the Metro Vancouver metropolis of Coquitlam by the non-profit Neighborhood Land Belief of B.C.
The New Democrat authorities final 12 months launched the $500-million Rental Safety Fund to supply one-time grants to non-profit housing organizations to purchase rental buildings and co-operatives.
Eby says with the province in a housing disaster, authorities should get entangled in preserving and constructing inexpensive properties.
The Ministry of Housing says the 41-year land leases at Coquitlam’s Tri-Department and Backyard Metropolis co-ops expired in October 2022 and the way forward for residents was in danger with lease funds in arrears and mounting debt.
The ministry says the fund has now authorized funding to protect a complete of 700 inexpensive properties throughout B.C., with the Coquitlam co-ops being the primary.
“We can’t afford to lose inexpensive rental properties like this constructing,” Eby mentioned at a information convention Thursday.
He mentioned with out the funding, 290 items of inexpensive housing “would have in any other case been misplaced perpetually to redevelopment.”
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This report by The Canadian Press was first printed Feb. 8, 2024.
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