Lack of access to affordable housing is one of the most critical issues facing communities across Canada. The City of Peterborough, ON, is no exception.
Vancity Community Investment Bank (VCIB) helped finance Habitat for Humanity’s latest affordable housing project: a 41-unit condo located at Leahy’s Lane. This newly completed building is providing families, singles, couples, and seniors with much-needed affordable homes.
The financing for this project came from a nation-wide financial partnership that was established between VCIB and Habitat for Humanity last year, when VCIB offered a $30 million credit facility to support Habitat’s construction of 414 affordable housing units throughout Canada.
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.
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.
At Vancity Group, we believe that affordable housing should be accessible to everyone.
VCIB finances real estate projects that contribute to the affordability, sustainability, and well-being of our communities. Building on 20-years of experience in commercial real estate lending, VCIB focuses exclusively on projects that drive positive change.
As a credit union that puts people first, Vancity has invested in stable and affordable housing for years. The Vancity Affordable Housing Accelerator Fund has supported the development of 4,450 affordable rental homes from 2011 to 2021.
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