About the Business
Trillium Housing is a non-profit social enterprise that invests in the development of entry level housing and provides its innovative Trillium Mortgage financing to help modest-income families own a home. The shared equity Trillium Mortgage helps buyers with down payments, reduces leverage and carrying costs, and doesn’t require monthly payments as long as the home is owner-occupied. When the property sells, the owner repays the Trillium Mortgage and Trillium receives its proportionate share of the home’s appreciated value. Trillium is unique in the housing industry since there are no other organizations that partner with conventional housing developments to deliver affordability.
About the Loan
VCIB provided construction financing for Trillium’s first development project – The Loop, a 62-unit townhouse complex in Toronto. Trillium has issued 33 mortgages for this project, allowing families who would otherwise be priced out of the market to live in two-and-three-bedroom homes.
About the Impact
Toronto is facing an affordability crisis. Due to increasing rents, unprecedented population growth, and an insufficient support system, the prospect of owning a home remains out of reach for many families. Thanks to Trillium Housing’s development and VCIB’s financial support, 33 families (eight of which are single parent led) now own a brand new home. With an average household income of $66,000, Trillium’s families are building equity while saving an average of 500 dollars a month in housing costs.
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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.
