About the Business
For 27 years, the Christie Ossington Neighbourhood Centre (CONC) has provided essential services and programming to vulnerable community members in Toronto’s Bloorcourt neighbourhood. For those experiencing homelessness, mental health challenges, or lacking food and income security, the non-profit offers a vital lifeline, a sense of community, and a step toward greater health and stability. CONC works in collaboration with residents, community institutions, agencies, and local businesses to provide programming and services for vulnerable members in the community.
About the Loan
In April 2020, VCIB provided $1M in commercial mortgage financing for CONC’s facilities on Bloor Street West and Lansdowne Avenue. VCIB’s refinancing will provide CONC with greater flexibility and control over its borrowing costs.
About the Impact
The COVID-19 pandemic has heightened the need for shelter and transitional housing in Toronto where the stock of available housing has been experiencing significant pressure. Over 90% of shelter and transitional housing capacity in the city is already in use, driving a need for rapid expansion of these critical facilities and services. In this context, VCIB’s commercial mortgage financing supports CONC in offering emergency shelter to 124 individuals per night and servicing 20 units of transitional housing. Motivated by CONC’s mission, VCIB was able to support the organization in directing more funds toward frontline services.
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