CFEK and Vancity partner to support affordable housing in the East Kootenay through a new lending partnership aimed at helping non-profit housing providers move projects closer to construction.
Community Futures East Kootenay and Vancity Community Foundation announced the partnership at a housing event in Cranbrook on Monday, May 25. The initiative is part of the Vancity Affordable Community Housing Program, which provides early-stage grants and flexible, low-cost loans to non-profit, cooperative, and Indigenous organizations working to increase the supply of community-owned affordable housing.
CFEK has invested $500,000 into the Vancity Affordable Community Housing Loan Fund, with the fund matching that investment to make up to $1 million available for East Kootenay non-profits over the next three years. The funding is intended to support pre-construction financing and help organizations move projects forward.
“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 CFEK General Manager Kerstin Renner.
The partnership comes as housing providers face uncertainty from recent federal and provincial funding cuts. According to the release, the program is designed to help organizations advance projects, unlock other funding sources, build capacity, and identify opportunities for growth.
“Vancity Affordable Community Housing Program is looking forward to supporting organizations and projects in the East Kootenay,” said 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.”
CFEK says the lending partnership is one of its initiatives to better understand and help remove barriers facing non-profit housing providers in the region.
“We want to be the bridge between non-profit housing providers and the tools, funding, or partnerships they need to progress,” said 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 for more information about the CFEK housing project or the Vancity Affordable Community Housing Program can contact Michelle Chan at coordinator@cfek.ca.
