OTTAWA, November 20, 2020 – Canada Mortgage and Housing Corporation (CMHC) and Vancity Community Investment Bank (VCIB), a subsidiary of Vancity Credit Union (Vancity), today announced a ground-breaking agreement to explore affordable housing solutions across Canada. As part of the agreement, VCIB will commit up to $100 million to finance affordable housing initiatives by September 2021.
Every Canadian deserves a safe and affordable place to call home. This collaboration will see CMHC and VCIB work together to create additional affordable housing. Projects will be financed by VCIB and will benefit from CMHC’s organizational support, expertise and network of programs and proponents.
The initiative supports CMHC’s goal that by 2030, everyone in Canada has a home that they can afford and that meets their needs. It is also in alignment with the Government of Canada’s objective under the National Housing Strategy to bring together the public, private and non-profit sectors to re-engage in affordable housing.
In addition to advancing opportunities to create additional affordable housing, the agreement also provides the framework for CMHC and VCIB to work towards increasing access to capital in under-served communities. As well, it aims to propel industry focus on diversity and inclusion.
“Canada’s housing crisis can be fixed, but to do so the public and private sector must come together to find innovative, long-lasting solutions. VCIB is delighted to enter into this first-of-a-kind agreement with CMHC, which will prioritize affordable housing solutions across Canada to help address this crisis head-on and meet the needs of all Canadians.”
— Jay-Ann Gilfoy, CEO, VCIB
“I am pleased to see this type of collaboration between the public and private sector, which will create affordable housing and help foster diverse, equitable and resilient communities. It is by working together that we will succeed in addressing the need we have across this country.”
— The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for CMHC
“This is the first time CMHC has joined forces with a financial institution committing an investment of such magnitude solely for affordable housing. It is our intention to enter into more such agreements of this nature. Moving forward, we hope to see many more banks and other financiers step up.” — Evan Siddall, CMHC President and CEO
CMHC supports the housing market and financial system stability by providing support for Canadians in housing need, and by offering housing research and advice to all levels of Canadian government, consumers and the housing industry. For more information, follow us on Twitter, YouTube, LinkedIn, Facebook and Instagram.
VCIB is an Ontario-based schedule 1 federally chartered bank. As Canada’s first values-driven bank, VCIB partners exclusively with organizations that drive social, economic, and environmental change. VCIB’s primary focus is lending for social purpose real estate as well as meeting the needs of non-profit organizations, foundations, and social enterprises. For more information, visit vcib.ca, tweet us at @BankVancity and connect with us at Facebook.com/BankVancity.
For information on this release contact:
Canada Mortgage and Housing Corporation
Monica McClusky, Yulu PR
Media Relations for VCIB
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