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Affordable Housing supported through partnership
Non-profit organizations looking to build affordable housing projects in the East Kootenay now have a new tool in their arsenal.
At a housing event in Cranbrook on Monday, May 25, Community Futures East Kootenay (CFEK) and Vancity Community Foundation (VCF) announced a partnership through the Vancity Affordable Community Housing Program.
For the past 15 years, the program has provided early-stage grants and flexible low-cost loans to non-profit, cooperative and Indigenous organizations to help grow the supply of community-owned, affordable homes.
“We are excited to announce that CFEK has invested $500,000 into the Vancity Affordable Community Housing Loan Fund to be available to East Kootenay non-profits who are looking for pre-construction financing to get their projects off the ground,” stated CFEK General Manager Kerstin Renner.
The loan fund will match this investment to have up to $1 million in capital available to deploy into the region over the next three years.
Recent funding cuts on the federal and provincial level have created uncertainties for community housing providers and potentially put new projects at risk. The money through the program is set aside to help organizations advance their projects and unlock other sources of funding to make them successful.
In addition to financing, providers can also access supports to build their capacity and identify opportunities for growth.
“Vancity Affordable Community Housing Program is looking forward to supporting organizations and projects in the East Kootenay,” stated Irene Gannitsos, Interim Executive Director of Vancity Community Foundation.
“There are organizations in the region with access to land and the commitment to build affordable housing, we can look at providing the funds to help them reach the construction phase.”
The lending partnership with the Affordable Community Housing Program is one of the CFEK initiatives to build capacity and to better understand and help remove the barriers non-profit housing providers face.
“We want to be the bridge between non-profit housing providers and the tools, funding, or partnerships they need to progress,” explained CFEK Community Economic Development Coordinator Michelle Chan. “Together we can build a more connected, responsive housing system in the Kootenays.”
Non-profit housing providers looking to find out about the CFEK housing project or wanting to connect to the Vancity Affordable Community Housing Program can contact Michelle Chan at [email protected].
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