A multi-way partnership creates a path to affordable homeownership.

Lack of access to affordable housing is one of the most critical issues facing communities across Canada, but the government and the market can’t tackle this complex problem on their own.

“There are many organizations like Habitat for Humanity Canada that want to build affordable housing but find it challenging to get financing for the construction,” explains Jennifer Hutcheon, Vice President of Vancity Community Investment Bank (VCIB) – a Vancity subsidiary based in Toronto.

“This is where financial institutions can make a difference. As part of the Vancity Group, we make multi-way partnerships come together to help housing providers finance these much-needed homes.”

VCIB’s financing supported one of Habitat for Humanity’s largest affordable housing projects in Canada: a 41-unit condo in Peterborough, Ontario.  

The "Leahy's Lane" project, 41-unit condo in Peterborough.

Now that the tenants have moved in, the Leahy’s Lane build is helping Peterborough’s low-income working community build strength, stability, and independence through Habitat’s affordable homeownership model.

Building nation-wide impact.  

The financing for this project came from a nation-wide financial partnership that was established between VCIB and Habitat for Humanity three years ago, when VCIB offered $30 million to support Habitat’s construction of 414 affordable housing units throughout the country.    

With past projects, Habitat for Humanity would raise money to build one home at a time, making a project of this scale almost unthinkable. The Leahy's Lane project is Habitat's first multi-unit project and the first affordable housing complex completed with the funding.

“We're so happy to work with Habitat on finding creative solutions to Canada's housing affordability crisis,” says Jennifer. “This partnership is a testament to what we can achieve when the public, private, and non-profit sectors work together to address core housing needs.”

For Julia Deans, President & CEO of Habitat for Humanity Canada, VCIB’s financing “has helped us expedite the delivery of affordable housing with local Habitats. We are now one step closer to fulfilling our mission to make affordable home ownership a reality for all Canadians.”  


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