About the Business
Jasper Place Wellness Centre is a not-for-profit organization that focuses on building strong communities by addressing social and health-based inequities faced by low-income and vulnerable neighbourhoods. The organization achieves this by working with people and organizations to find new solutions in the fields of health care, business/employment, food security, community building, and affordable housing.
About the Loan
When Jasper Place Wellness Centre began its endeavor to purchase a market rental apartment building on 85th Street NW in Edmonton, VCIB stepped in to provide a $2,000,000 equity takeout loan to refinance Jasper Place’s existing property on 153rd Street NW. This property was purchased with the intent of turning it into affordable-rent apartments.
About the Impact
In Edmonton, there are more than 1,900 individuals experiencing homelessness, and the city estimates it is short at least 20,000 affordable housing units. By partnering with Edmonton’s Jasper Place Wellness Centre, VCIB aims to continue increasing affordable housing options in diverse communities across the country. Over the next 15 years, VCIB’s financing will support Jasper Place Wellness Centre’s offering of 30 affordable rent units.
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