小蓝视频

One older building in Squamish won’t be bulldozed and turned into expensive condos, after a collaboration spanning a few housing agencies. 

Tantalus Manor, a 40-unit apartment building in the Dentville area, was purchased by and (Hiy虛ám虛 Housing), it was announced on Aug. 22. 

Hiy虛ám虛 Housing is the not-for-profit housing arm of S岣祑x瘫wú7mesh Úxwumixw (Squamish Nation). 

The purchase was made possible by the , a provincial government initiative launched in January 2023 as part of the province's Homes for People action plan, which includes a $500 million investment to protect existing affordable rental housing in British Columbia, like at Tantalus Manor. 

Tantalus Manor, at 1098 Wilson Crescent, has been one of the few affordable complexes in town, providing larger units at rents approximately 60% less than the average for the neighbourhood, according to the release. 

But with the building previously listed for sale and several nearby properties undergoing development, worries about the possibility that tenants could be forced to leave grew. 

“We saw a real risk that these residents might lose their homes,” said Sarah Ellis, executive director of Housing Squamish, in the news release. “By purchasing Tantalus Manor, we’re able to preserve these affordable units for the community.” 

Now, Housing Squamish will take care of maintenance and any required renovations while keeping rents below market rates. To guarantee stable and reasonably priced housing options for Squamish Nation members and other community members, Hiy艖ám艖 Housing will offer additional support. 

“This partnership helps ensure that our people can continue to live in Squamish, close to their roots and community,” said Donalene Rapada, CEO of Hiy虛ám虛 Housing, in the release. 

More than $4.6 million in equity and more than $1 million in grants from the Rental Protection Fund, which was set up to support the preservation of affordable housing throughout the province, made the purchase possible. 

Rents in protected homes are 44.2% lower on average than current local market rates and are kept below market, with inflation adjustments, to ensure long-term affordability for people with low-to-moderate incomes, according to the release. 

According to Premier David Eby, several more applications are being reviewed, but 1,500 affordable homes have already been approved by the government's $500 million rental protection fund. 

Bhagyashree Chatterjee is The 小蓝视频’s Indigenous and civic affairs reporter. This reporting beat is made possible by the