Affordable housing efforts in action

Two recent developments supported by Hamilton Community Foundation demonstrate that the affordable housing crisis can be approached in a variety of ways.

This past year the Foundation helped facilitate an agreement that will see the Trinity Lutheran Church in east Hamilton converted to affordable housing by local developer Indwell. HCF has worked with Indwell on a number of affordable housing projects like the Royal Oak Dairy and Rudy Hulst Commons.

In an incredible act of generosity, the church’s congregation decided to sell the property to Indwell at far less than market value. The property is well-situated and would be attractive to private developers but the congregation wanted to keep it in the affordable housing market. This is a meaningful decision because the number of affordable rental units in the private market is rapidly eroding due to increasing rents and buildings being sold to new ownership. Moreover, private developers are in a better position to outbid non-profits when potential affordable housing opportunities arise.

More recently, Hamilton East Kiwanis Non-Profit Homes Inc. announced that its affordable home ownership pilot is now open to the public. The goal of the program is to “help low-to-middle-income renters break into the market by drawing on a $3 million mortgage pool to soften the hurdles to ownership.” HCF is one of several partners, including City of Hamilton, Home Ownership Alternatives and FirstOntario Credit Union, contributing to the mortgage pool.

These varied approaches to supporting affordability in Hamilton are baked into SCAFFOLD, HCF’s 10-year, $50 million commitment to affordable housing. This research-based initiative builds on several years of support to the housing sector which also includes funding for related issues like eviction prevention.

“The road to affordable housing isn’t straight,” says Yulena Wan, VP, Finance & Operations. “Making projects a reality can be complicated. Our role is to connect people, ideas and resources to address the housing crisis in ways that make sense.”

Supports for organizations like Indwell and Hamilton East Kiwanis Non-Profit Homes Inc. are made possible by HCF’s impact investing strategy – investing in opportunities that demonstrate social impact as well as financial returns. HCF has been a national leader among Canadian community foundations and shares its experience with like-minded foundations so that more of the sector’s assets can be aligned with its social impact mission.