Putting more foundation assets to work in the community is the goal of HCF’s Hamilton Community Investment Fund (HCIF). The fund’s latest loan is a great example.
Early in 2015, HCIF provided mortgage financing to Indwell to build 47 supportive housing units on Main Street East just east of Kenilworth – on a former used car lot. Indwell has a stellar track record in Ontario and enthusiastic support in the local neighbourhood. Its Perkins Centre, across the street, provides 46 affordable bachelor apartments.
The 47 new units are much needed: the City of Hamilton counts 5600 households on its waiting list for affordable social housing.
“Financially,” says Indwell’s executive director, Jeff Neven, “with all levels of government, private donations, and Hamilton Community Foundation’s loan, this is a model that works for building affordable housing. And it’s an important example of the Hamilton community taking care of its most marginalized citizens.”
As a condition of government capital funding, Indwell guarantees that the apartments will remain affordable for 40 years for tenants receiving Ontario Disability Support Program.
HCF’s Executive Vice-President of Finance and Operations, Annette Aquin, is passionate about the HCIF role: “Lending is another tool in the foundation’s tool-chest. The Indwell loan illustrates the power of investing a portion of our assets differently: it’s low risk, high impact recycling of capital to address urgent community needs.”
Excerpt from Legacy newsletter, Spring 2015