Nesting Ground, a Canadian non-profit focused on accelerating affordable housing delivery, has closed the first round of funding for its Affordable Housing Guarantee Pool (AHGP), securing $20 million in equity commitments from institutional and private investors. A second round targeting $50 million is now open.
The initial close includes founding support from Realize Capital, The Atmospheric Fund, Ottawa Climate Action Fund, and Northpine Foundation, marking a pivotal step in validating a new Canadian financing model designed to unlock private capital for non-profit housing.
With the first round complete, the AHGP moves from concept to market proof, providing a financial backstop during construction that allows non-profit providers to secure loans and advance projects that would otherwise stall due to balance‑sheet constraints. Each $1 invested in the Pool is expected to unlock up to $10 in potential housing loans, grants, and subsidies.
“Everyone wants to scale non-profit housing, but to date that hasn’t been possible due to very real financial barriers,” said Graeme Hussey, President of Nesting Ground. “The Affordable Housing Guarantee Pool gives private capital, banks and government comfort that large, non-profit affordable housing projects will get built.”
Inspired by U.S. models such as the Community Investment Guarantee Pool, the AHGP leverages impact investment outside of direct lending or government grants, positioning social finance as a scalable tool for Canada’s housing supply goals.
Early investors say the model offers both financial and social returns. “The Pool uses private capital to enable non-profit housing projects, unlocking construction financing that helps affordable housing get built,” said Lars Boggild, Portfolio Manager, Realize Fund I. “Helping the Pool reach this first close is exactly the kind of catalytic role we want to play.”
Nesting Ground’s current pipeline includes 1,800 shovel-ready homes across Ottawa, Toronto and Guelph, built using modern construction methods and a mixed‑income model with a minimum of 25% affordable units. Projects will pursue Zero Carbon, LEED Platinum, and One Planet Living certification.
Build Canada Homes has committed to Nesting Ground’s first two Ottawa projects, with Windmill Developments serving as development manager. “Canada’s financial infrastructure hasn’t kept pace with the push for affordable housing,” said Jeremy Reeds, CEO of Windmill Development Group. “The Affordable Housing Guarantee Pool is a made‑in‑Canada solution that transforms non-profit housing into a sound financial investment.”
As governments look to rapidly expand affordable housing supply, Nesting Ground’s model aims to bridge non-profit providers, private capital, and public funding—creating a repeatable, scalable pathway to build mixed‑income rental housing at lower cost to government.
