Provincial funding is helping preserve 138 units of affordable seniors rental housing units in Burnaby.
In an announcement today (Feb. 1), the province says BC Housing will be providing roughly $37.4 million to the Chalmers Foundation that will help finance the purchase and renovation of Rideau Retirement Residence, located at 1850 Rosser Ave.
"By helping to finance this building, our government is protecting a valuable affordable housing resource for seniors in Burnaby," Burnaby North MLA Janet Routledge said in a news release.
"This means these homes will not be sold into the private market for redevelopment and high-end rents, which would have put seniors at risk of losing their affordable homes. Our government will continue to look for opportunities like this to make sure housing stays affordable and available."
The foundation has taken ownership and operation of the building and tenants will not be displaced by the acquisition and monthly rents will stay the same.
"The Chalmers Foundation is excited to be offering our unique quality of life to a broader group of seniors, while building on our 50-year history of creating safe and vibrant communities," Chalmers Foundation CEO Jag Sangha added.
"As a not-for-profit, Chalmers creates and provides stable and affordable homes for our residents. We are pleased to be partnering with BC Housing and want to thank them for providing financing for this project."
The funding, being provided through the HousingHub, will complete renovations including upgrades to the water treatment system and building envelope.
The renovations will be started immediately and be finished by the winter of 2023.
