builders working

New construction loan created for non-profits

Friday, October 31, 2014

A new loan program for construction financing is available for Canadian non-profits that own and operate buildings and serve seniors or persons with disabilities.

Adaptability Canada has teamed up with Northwood Mortgage to deliver the Accessible Community Loan Program for projects of $250,000 or more.

Jeff Wilson, chief executive officer of Adaptability Canada, said non-profits are often located in older buildings that are unable to offer accessible room rentals. As a result, these organizations miss out on needed revenue.

With the new program, non-profits will have the flexibility of making interest-only payments during the first year of a three-year term.

The joint venture has also created the Age at Home Loan. Along with Adaptability Canada’s renovation solutions, family caregivers and seniors will be able to finance, renovate and install home accessibility equipment.

“With the loan program, seniors can easily and affordably renovate their home to make it safe, comfortable and adaptable to their changing life needs,” said Wilson. “Further, for those non-profit organizations serving a member base, Adaptability Canada’s Age at Home Solutions can act as a fundraising tool to help pay for any building improvements.”