The Fonds immobilier de solidarité FTQ and the Association des groupes de ressources techniques du Québec (AGRTQ) have established a new $15-million community housing fund, known as the Fonds d’acquisition Québécois. The fund will ensure safe and affordable housing for low and modest-income Quebec families, marginalized individuals, troubled youths, seniors and persons with disabilities.

The Fonds immobilier de solidarité FTQ, through the newly established fund, will provide financing in the form of temporary loans to community housing agencies looking to develop new real estate projects. Funds will be allocated for land purchases, construction of affordable housing and renovations of existing buildings.

“Groups devoted to community housing projects have a really tough time finding land and buildings,” says Édith Cyr, AGRTQ president. “The Fonds d’aqcuisition québécois will allow them to seize buying opportunities while waiting for complete funding. This fund is an essential tool for many housing projects.”

Through the Fonds d’aqcuisition Québécois, a building at 803-807 Ontario St. East in Montreal will be converted into 22 rooms for youth and young adults, age 18 to 30, in the process of re-entering the workforce. Since its inception, the Fonds d’acquisition québécois has helped establish 16 projects, valued at a total $69-million, by providing over $14.4-million in temporary loans.