About the Business
Founded in 1985, Habitat for Humanity Canada is a national, charitable organization working toward a world where everyone has a decent and affordable place to call home. Habitat for Humanity brings communities together to help families build strength, stability, and independence through affordable homeownership. With the help of volunteers, Habitat homeowners and 50 local Habitats working in every province and territory, the organization provides a solid foundation for better, healthier lives in Canada and around the world.
About the Loan
Vancity Community Investment Bank (VCIB) offered Habitat for Humanity a $30 million credit facility which will finance the construction of 414 affordable housing units over the next three years. Habitat for Humanity Peterborough & Kawartha Region is now using the credit facility to push forward the development of 41 new and affordable homes at its Leahy’s Lane project.
About the Impact
This massive national partnership will support the organization in making 414 units, a magnitude which wouldn’t have been possible without easy access to capital. With past projects, Habitat for Humanity would raise money to build one home at a time, making a project of this scale almost unthinkable. Now, thanks to VCIB’s credit facility, Habitat Peterborough & Kawartha Region’s nearly completed 41-unit condo project will provide more new affordable housing than the agency has built in its first 18 years of existence.
The Leahy’s Lane condo build in Peterborough is Habitat for Humanity’s first multi-unit project, with a delivery date of 2022. This project will provide a much-needed boost to Peterborough’s affordable housing stock, offering 41 families access to affordable homeownership.
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