About the Business
Options for Homes is an affordable housing developer and social enterprise focused on developing high-quality condos for moderate-income families. Since 1994, Options has created housing for more than 3,000 people, supporting wealth building and financial security. Through offering buyers up to 15% in down payment assistance, Options has made it possible for individuals that would otherwise be priced out of the market to own their own home.
About the Loan
Options’ latest undertaking, the Humber, is a 232-unit condominium complex located in Toronto’s Weston Village neighborhood. In July 2020, VCIB extended a greater than $80,000,000 syndicated construction loan to Options, providing financing for the project.
About the Impact
The cost of home ownership has increased dramatically in the Toronto region over the last 30 years. VCIB’s loan has made it possible for Options to initiate construction on the Humber, making home ownership a reality for 232 families in Toronto. The Humber is one of the first developments in the neighborhood since the 1990s, bringing more families into the area.
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