Two apartment buildings in Victoria with a total of 68 units are being purchased so that they can stay as they are.
The Greater Victoria Housing Authority has worked with the province's Rental Protection Fund to acquire 430 Michigan Street in James Bay and 1500 Chambers Street near Harris Green.
The two older buildings had been put up for sale. The Rental Protection Fund provided approximately $8 million in capital contributions for 430 Michigan St. and approximately $4.6 million for 1500 Chambers St. to secure the purchase.
The fund's CEO, Katie Maslechko, tells C-FAX the money comes from the province but is managed by their group. "We are set up as an arm’s length organization that is governed by the community housing sector. And with that [provincial] investment, we're able to support nonprofits and co-ops in purchasing existing rental properties that are at risk of those tenants being displaced - whether do to redevelopment or disinvestment or other market factors."
The Greater Victoria Housing Society will manage the properties with a goal of keeping their rents affordable. The society is also investing in capital and energy-efficiency upgrades to ensure the buildings remain in good condition.