About the Business
Founded in 2009, Redwood Park Communities is a registered charity that constructs, manages, and offers affordable housing for low to modest income individuals and families. Through partnerships with other organizations, Redwood provides affordable units, amenities, and transitional housing for families and individuals at risk of experiencing homelessness. Besides offering safe and hopeful housing, the organization’s mission is to foster supportive communities to improve the health and well-being of Barrie’s society as a whole.
About the Loan
Given the prevailing lack of affordable housing in Barrie, Redwood Park Communities works closely with the Barrie Women and Children’s Shelter to provide transitional housing for the women and children waiting to receive Ontario Housing placements. In November 2020, VCIB provided $1.42M in commercial mortgage refinancing for two of Redwood Park’s residential apartment buildings used for transitional housing. The financing will also support the renovation and expansion of apartment units for these buildings.
About the Impact
Often, women that reach the end of their allotted time at the shelter are still on the wait list for Rent Geared to Income (RGI) housing placements. Since they are not able to afford housing, the wait puts them and their children at risk of being homeless. VCIB’s loan will support Redwood Park Communities in filling this gap in affordable housing, offering multiple families a safe, affordable, and hopeful place to call home.
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