CMHC and Vancity Community Investment Bank (VCIB) announced a ground-breaking collaboration to create affordable housing solutions across Canada. As part of the agreement, VCIB will commit up to $100 million to finance affordable housing projects by September 2021.
Projects will be financed by VCIB and will benefit from CMHC’s organizational support, expertise and network of programs and proponents.
The initiative supports CMHC’s goal that by 2030, everyone in Canada has a home that they can afford and that meets their needs. It is also in alignment with the government’s objective under the National Housing Strategy to “bring together the public, private and non-profit sectors to re-engage in affordable housing.”
“Canada’s housing crisis can be fixed, but to do so the public and private sector must come together to find innovative, long-lasting solutions,” said Jay-Ann Gilfoy, CEO, VCIB. “VCIB is delighted to enter into this first-of-a-kind agreement with CMHC, which will prioritize affordable housing solutions across Canada to help address this crisis head-on and meet the needs of all Canadians.”
In addition to advancing opportunities to create additional affordable housing, the agreement also provides the framework for CMHC and VCIB to work towards increasing access to capital in under-served communities. As well, it aims to propel industry focus on diversity and inclusion.
“This is the first time CMHC has joined forces with a financial institution committing an investment of such magnitude solely for affordable housing.” Evan Siddall, CMHC President and CEO. It is our intention to enter into more such agreements of this nature. Moving forward, we hope to see many more banks and other financiers step up.”
For more information, visit vcib.ca.