About the Business
The Winkleigh Housing Co-operative was founded in 1982 by a group of neighbours in Hamilton, Ontario. Their vision was to offer affordable housing while creating a community where its members share common values and work to support one another. Conducted by values like co-operation and inclusivity, Winkleigh Co-op has since developed into a thriving community with 77-units of at-cost housing, managed democratically by its member-residents.
About the Loan
Similar to other housing co-ops across Canada, Winkleigh Co-op had a long-term operating agreement with a federal funding program in exchange for mortgage financing, subsidies and grants. With their mortgage coming to maturity in March 2020, Winkleigh Co-op turned to VCIB for support. VCIB was able to provide Winkleigh with mortgage refinancing that met the community’s affordable housing needs.
About the Impact
Rising prices in the housing market are making home ownership unattainable for many Canadians. In a 2021 study, some of Canada’s largest cities were ranked as being among the least affordable housing markets in the world. When renting or buying property is out of reach, housing co-ops make it possible for individuals to live in areas that might otherwise be unaffordable. VCIB’s loan will help to support Winkleigh Co-op’s 77 units of at-cost housing. As part of the financing, VCIB helped the co-op leverage a portion of its equity to finance repairs and upgrades to help maintain building stock and affordability for member-residents.
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