A $100,000.00 loan guarantee made possible by Jubilee Fund investors helped create affordable housing in Winnipeg’s North End.
In 2022, Jubilee Fund partnered with Assiniboine Credit Union and Raising the Roof to help finance Reside – a new and unique housing initiative on Mountain Avenue in the city’s North End that re-proposed an abandoned nail salon.
The project saw the re-development of an existing property into three new units of affordable housing, Two of the units were larger (3-4 bedrooms), and available to Indigenous families risk of being separated without safe and available housing. The remaining one-bedroom unit is available to a youth aging out of care.
“This development lands right at the heart of what Jubilee Fund is about in terms of helping provide safe, affordable housing to the communities at risk and vulnerable populations,” said Jubilee Fund’s executive director Peter Cantelon. “Housing is the absolute foundational need in a person’s life and we’re proud to play a role.”
The social impact partnership provides a home for eight people, and, thanks to a partnership with Jubilee Fund Social Impact Partner Purpose Construction, saw 35 people trained and employed during the renovations. Additionally the property is managed by the North End Renewal Corporation (NERC) while Indigenous-led organization Fearless R2W helps identify prospective residents and support them on an ongoing basis.
Raising the Roof is a non-profit that acquires vacant and under-utilized properties and renovates them into affordable housing with supports for individuals who are currently experiencing or are at risk of homelessness.
“Our focus is taking under-utilized properties and transforming them into safe and dynamic places to live for those most at risk of going without,” said Adrian Dingle, Director of Housing Development for Raising the Roof. “Through our Reside program, we renovate vacant or under-utilized spaces into energy efficient affordable housing through partnerships with social enterprise contractors and local housing providers by creating employment opportunities and new units of deeply affordable housing with wraparound supports, Reside provides a tangible, targeted long-term solution to ending homelessness in Canada.”
The financing provided by Assiniboine Credit Union (ACU) with a loan guarantee from Jubilee Fund meant the project could get under way as quickly as possible to ensure new housing was made available in a timely manner.
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