The Canadian government, Quebec government, the Fonds de solidarité FTQ, and Ivanhoé Cambridge have announced the formation of a consortium of investors that will make $120 million available to co-ops, non-profit organizations (NPOs) and housing agencies for the construction or renovation of affordable housing.
The partnership is an innovative response to the needs of organizations seeking to quickly seize market opportunities and ensure a steady supply of affordable housing in the province. Organizations dedicated to affordable housing will now have one more tool in addition to the various financing options available for such projects in Québec.
The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for CMHC said: “Every Canadian deserves a safe and affordable place to call home. Through the National Housing Strategy’s Affordable Housing Innovation Fund, we are proud to help Quebec organizations build or acquire and renovate 1,500 social, community or affordable housing units. These investments show that, by joining forces, we can improve people’s’ quality of life, strengthen our communities and lend a hand to Canadians in need.”
According to reports, the Lucie and André Chagnon Foundation, Fondaction, the Mirella and Lino Saputo Foundation and the J. Armand Bombardier Foundation collectively added $31 million to the sum. The strategic partnership will be managed by the Association des groupes de ressources techniques du Québec (AGRTQ) starting in the fall of 2021. The long-term financing will be used to build or acquire and renovate approximately 1,500 affordable and family housing units in the province.
A combination of traditional mortgages and 15-year patient loans will be available, according to Fonds de solidarité FTQ. The pooled $151 million will enable housing co-ops, non-profit organizations and housing authorities to secure long-term financing to build or acquire and renovate some 1,500 affordable and family housing units in Quebec.
Janie Béïque, President and CEO of the Fonds de solidarité FTQ said: “The Fonds de solidarité FTQ is proud to be a part of this consortium, made up of partners who are committed to and concerned about providing quality affordable housing to modest-income households. This partnership complements
other initiatives that we are supporting. With this new capital contribution, the Fonds de solidarité FTQ has invested nearly $170 million to support social, community and affordable housing in Québec. The partnership announced today will allow organizations to buy buildings, keep them in good condition
and charge affordable rents. This initiative shows once again that the Fonds is committed to investing for a better society and for the well-being of Quebecers.”
