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.

“Investing in protecting the affordable housing we already have means we spend less while achieving more: more capacity, more resilience, more opportunity,” said Katie Maslechko, CEO, Rental Protection Fund. “By leveraging public investment to unlock private and philanthropic partnerships like this, we can transform housing from a commodity into a catalyst for community-driven solutions, multiplying the impact of every dollar invested through the Rental Protection Fund for decades to come.”

The fund is part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has more than 93,250 homes delivered or underway, including 380 homes in Richmond.

Quotes:

Kelly Greene, MLA for Richmond-Steveston –

“Preserving these 45 affordable homes in Richmond is a vital step in protecting housing that people can afford. As housing costs rise, we’re taking action to ensure long-term affordability and keep people in their communities. This is how we build a more inclusive, livable Richmond for everyone.”

Rob Botterell, B.C. Green house leader, MLA for Saanich North and the Islands –

“Rental rates across B.C. are exorbitant. That’s why protections like this are essential. The Rental Protection Fund has proven to be a great tool to help tackle the housing crisis and ensure thousands of homes remain affordable. We look forward to the Province continuing to advance this important work.”

Bernard Pinsky, chair, Ronald S. Roadburg Foundation –

“Providing secure and affordable homes strengthens the entire community, and we are honoured to help make this happen.”

Timothy Schafli, tenant, Ronald S. Roadburg Residences –

“It’s a relief that Tikva has stepped in to secure the future of the Ronald S. Roadburg building. It’s helped me set aside a nagging fear of needing to relocate due to redevelopment or similar. I’m happy to have called Richmond home for over a decade and that I’m confident I’ll be able to continue to do that. Thanks to Tikva for the excellent communication during the transition as well.”

Learn More:

For information about the Rental Protection Fund, visit: https://rentalprotectionfund.ca

To learn about steps the Province is taking to address the housing crisis and deliver affordable homes for British Columbians, visit: https://strongerbc.gov.bc.ca/housing/