Connective Support Society Kamloops has purchased a North Shore apartment building to protect 25 rental homes.
On Wednesday, BC’s Ministry of Housing and Municipal Affairs announced that the organization had received funding from the Rental Protection Fund (RPF) to purchase the Riverside Gardens building on Tranquille Road.
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“Connective is proud to be the new owner of Riverside Gardens and would like to thank and commend the BC government and the RPF for working rapidly and diligently in addressing the housing crisis through innovative programs,” said Lindsay Lord, CEO of Connective Kamloops.
“Connective remains committed to the development, acquisition and protection of affordable housing for our community.”
The apartment building has a mix of studio, one-bedroom and two-bedroom homes that provide affordable housing to families, seniors and individual households.
A news release from the province said the rents in the building are more than 40% lower than market rates in Kamloops and range from $800-$1,235 a month.
The province says the purchase will protect the long-term affordability of the homes and ensure existing tenants continue to have reliable and affordable homes.
The RPF provided $2.8 million to purchase the property as well as $230,000 in renewal grants to fund building improvements to keep the apartment building in good condition, the news release said.
“Riverside Gardens shows what’s possible when community-based organizations take the lead in preserving the homes people already rely on,” said Katie Maslechko, CEO of the Rental Protection Fund.
