Forty-five affordable homes protected in Richmond

More Richmond residents can keep their affordable homes with support from the Province and the B.C. Rental Protection Fund.

“We’re working on every front to address the housing crisis and rising costs, so people have an affordable home in the community they love,” said Ravi Kahlon, Minister of Housing and Municipal Affairs. “When a building changes hands, residents worry whether they will be forced to move or pay much higher rent. By helping non-profits to buy these buildings, we are protecting the people who have lived there for years, close to their families, their jobs and the activities they enjoy.”

The property, at 8660 Westminster Hwy. in Richmond, has been bought by Tikva Housing through the Rental Protection Fund, and with a gift from the Ronald S. Roadburg Foundation. In recognition of this support, the building has been renamed Ronald S. Roadburg Residences.

This purchase of the 45 affordable homes means people have an affordable, long-term, stable place to stay, in a community where rental options are limited.

“This momentous acquisition embodies the core of Tikva’s mission to provide access to innovative housing solutions, giving new hope to individuals and families in need, transforming lives and strengthening the community,” said Anat Gogo, executive director, Tikva Housing. “We are deeply grateful to the Ronald S. Roadburg Foundation for its extraordinary generosity and to the Rental Protection Fund for ensuring these 45 homes will remain protected and affordable for generations to come.”

The property offers a mix of one-bedroom and large two-bedroom homes with an existing elevator, making it suitable for low-income seniors and families. It is located near parks, shopping and other services. Rents at the property average approximately $1,500 to $1,600, or about 42% below community averages, and will remain below local market rates.

The B.C. Rental Protection Fund contributed $5 million toward the purchase, helping keep housing affordable for tenants. This includes $1.2 million in renewal grants to help with building improvements to keep the homes safe and comfortable.