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Financing housing co-op’s “hotel-quality” repairs

Innisfree Housing
Scarborough, Ontario

VCIB’s partnership with CMHC provided tailored financing for Innisfree Housing Co-op’s critical repairs.

About the Business

Innisfree Housing Co-op provides affordable homes and a safe place for its members. The property is a 70-unit townhouse consisting of 3-bedroom units. Currently, Innisfree is managed by Community Housing Management Network (CHMN), a network that provides day-to-day management services to over 40 co-operatives and non-profit housing providers in Ontario and Nova Scotia.

About the Loan

In November 2020, VCIB partnered with Canada Mortgage and Housing Corporation (CMHC), offering a minimum of $100 million to finance affordable housing initiatives by September 2021. A year later, VCIB soared past this initial target providing $183 million in financing for affordable homes over the past year.

Innisfree Housing Co-op’s financial partnership with VCIB stemmed from this agreement – VCIB provided Innisfree with a $2.9 million non-revolving term loan to finance critical capital repairs, along with an $800,000 line of credit for further repairs on the property.

About the Impact

Innisfree Housing Co-op’s complex required major repairs. The roads through the 71-unit affordable housing property had sinkholes, the doors and windows let in gusts from outside, and the toilets, faucets, and tubs often leaked.  Don Jones, CHMN’s onsite property manager, explained; “The members had been suffering for years because the [previous] property managers didn’t have the knowledge or just couldn’t be bothered to get things done.”

As Canada’s first and only values-based bank, VCIB works together with CMHC to find innovative financing solutions for Housing Co-operatives. To support with these repairs, VCIB’s financing allowed Innisfree Housing Co-op to allocate their funds where they deemed most important.

“We wouldn’t have been able to offer our decent home standard if we had restrictions on how we used the loan. I can’t emphasize enough how important that is,” concluded Jones.

The information provided herein is intended for informational purposes only and is not intended to constitute investment, financial, legal, accounting, tax, or other advice and should not be relied upon for such purpose. Always consult a professional regarding your specific needs and circumstances. Customer results may vary. The customer endorsements that appear on this page were solicited by VCIB.
Affordable Housing Impact Feature SPRE
December, 2021
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