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FRIDAY, MARCH 13, 2015
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Invested Interest Ever wondered where the interest on your home deposit goes? To a great cause, as revealed by this Q&A with Jack Wong, CEO of the Real Estate Foundation of BC
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ince its inception in 1985, the Real Estate Foundation of BC (REFBC) has dispersed over $69 million in grants to nonprofit and charitable organizations, post-secondary institutions, First Nation groups, and other entities that demonstrate innovation and leadership in the built environment, sustainable food systems and freshwater management. Yet most people have never heard of it. REW.ca chatted with Jack Wong, the foundation’s CEO, about how REFBC works to create a more sustainable future for all British Columbians.
Q: You provided 50 grants totalling well over $4 million in 2014 alone, yet you do no fundraising. Where does the money come from? A: When a property is sold anywhere in BC – whether it’s a condo, house, mall, or a piece of industrial land – the deposit is held in the Realtor’s brokerage trust account until closing. At any given point in time, that could add up to hundreds of millions of dollars just sitting in a bank. People often think Realtors receive the interest on those funds, but that was never the case. Prior to 1985, financial institutions simply kept it – free money for them. Since REFBC was created, that interest comes to the foundation as our only source of income. Q: You typically receive 150-plus grant applications per year. How does REFBC decide which to fund?
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A: Projects must show leadership in land use stewardship and the ability to change the way people live. They must have longevity, and they must be replicable – meaning a model developed in Vancouver could be used in Prince George or Vancouver Island. There has to be a clear need for the solution so we’re not funding research with no long-term purpose. Our adjudication process is extremely proactive. We don’t just write a cheque if there are enough boxes checked off. We go on the road and talk to the people involved in every project we are considering. It’s the only way to gain a deep understanding of all the issues. Q: What are some recent examples of projects you’ve funded? A: In 2013, we gave a $45,000 grant to Atira Women’s Resource Society. Their vision was to build a three-storey residence for marginalized women in Vancouver’s Downtown Eastside out of discarded shipping containers. Ultimately, Atria House won numerous awards and there are plans for a second, larger residence. But more importantly, when I talked to the women who live there, many were in tears. One told me she would have been dead without this opportunity. Another is our five-year commitment to fund an adjunct professorship at UBC’s Indigenous Community Planning Program. The grant allows graduate students
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to visit First Nations communities and experience the cultural differences that must be taken into account when planning them. For nonaboriginal students, it’s an eye opener. Q: What is REFBC’s involvement with the Sole Foods Farms beside Concord Pacific’s downtown presentation centre? A: This is an exciting, truly win-win scenario. While the developer is waiting to build on what’s currently a parking lot, the City gives them a break on property tax if they allow Sole Foods to use it for urban agriculture. It is a business enterprise that incorporates commercial farming practices, provides employment and a sense of self-worth to local Downtown Eastside residents, and not only supplies high-end restaurants like Hawkesworth but also donates produce to local meal programs.
More information about REFBC is found at refbc.com.
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