The Community Futures East Kootenay (CFEK) has invested $500,000 into the Vancity Affordable Community Housing Loan Fund for East Kootenay non-profits.
Over the last 15 years, non-profit, cooperative, and Indigenous organizations have received early-stage grants and flexible, low-cost loans to support 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,” said Kerstin Renner, General Manager, CFEK.
In a media release, CFEK says 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 Federal and provincial funding cuts have left community housing providers uncertain if they can continue their projects.
“Vancity Affordable Community Housing Program is looking forward to supporting organizations and projects in the East Kootenay,” said Irene Gannitsos, Interim Executive Director, 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 CFEK’s initiatives to build capacity 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,” said Michelle Chan, Community Economic Development Coordinator, CFEK.
“Together we can build a more connected, responsive housing system in the Kootenays.”
If you are a non-profit housing provider or want to connect to the Vancity Affordable Community Housing Program, you can contact Michelle Chan directly at coordinator@cfek.ca.
For more information, visit CFEK’s website here.
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