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Parkdale Neighbourhood Land Trust

social enterprise
Toronto, Ontario
Commercial mortgage financing

With VCIB’s support, PNLT removed a property from the real estate market to be permanently preserved as affordable housing.

About the Business

Parkdale Neighbourhood Land Trust (PNLT) is a community land trust in Parkdale led by a group of residents and organizations working to protect the social, cultural and economic diversity of Parkdale by redefining how land is used and developed. PNLT is different from other public or co-op land trusts because it has a unique community governance structure that puts decision-making power in the hands of residents and local agencies, with priority given to low-income and marginalized people. The organization’s current focus is preserving affordable rooming houses.

About the Loan

In 2019, VCIB provided $1 million in mortgage financing to support NLT, PNLT’s charitable arm, in acquiring a 15-unit rooming house on Maynard Avenue, to be permanently preserved as affordable rental housing. This financing complemented a generous grant from the city as well as donations from community members.

About the Impact

There is an urgent need to preserve Parkdale’s remaining rooming houses. Over the past decade, Parkdale has lost 28 rooming houses to gentrification and renovictions, displacing nearly 350 renters. With the purchase of the rooming house on Maynard Avenue, 15 individuals now have safe, secure, and affordable housing.

Following the success of this first loan, VCIB and PNLT continued to explore new ways to scale and build momentum for the land trust model. In October 2020, VCIB and PNLT launched a new impact investment program, the first-of-its-kind Preserve and Protect Guarantee Program which will support the Neighbourhood Land Trust to rapidly acquire at-risk affordable rental buildings in Parkdale as they are put up for sale, helping to fill a gap in existing funding for the preservation of affordable housing. The goals of this Program were achieved in April 2021, with the successful acquisition of a 36-unit apartment building also located on Maynard Avenue.

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.
March, 2020
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