Affordable rental homes to stay in place in Vernon

May 21, 2024 | 1:24 PM

People living with low or moderate incomes will not be at risk of losing affordable housing opportunities in Vernon.

The Vernon and District Branch of the Canadian Mental Health Association (CMHA Vernon), with support from the province, has purchased the 26 unit Sunrise Gardens affordable housing property.

“The Rental Protection Fund’s purchase of Sunrise Gardens in Vernon means 26 people will continue to have deeply affordable housing in Vernon,” Ravi Kahlon, Minister of Housing, said.

“The Rental Protection Fund has saved this building from being sold to the private sector or to housing speculators, ensuring that these tenants will benefit from affordable rents for years to come.”

The building at 3806 24th Ave. was at risk of being sold, but the province swooped in and purchased it for approximately $3.1-million, with the CMHA Vernon contributing $40,000 to the purchase.

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The Rental Protection Fund is also providing a renewal grant of $47,000 to upgrade the building with repairs, landscaping and new signs.

CMHA Vernon will own, operate and maintain the building that has a mix of studio and one-bedroom units to be rented at 45 per cent of the market rental rate in Vernon.

“The Rental Protection Fund is also a rental resilience fund,” Katie Maslechko, CEO of the Rental Protection Fund, said.

“Investments like this one in Vernon not only breathe new life into a building and ensure operational sustainability into the future, but for the residents that call it home, freedom from housing insecurity that allows them new opportunities to thrive and build wealth.”

by Liam Verster

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