$9 Million Investment for Affordable Housing in Lévis
Lévis, August 29, 2019 – The Association des groupes de ressources techniques du Québec (AGRTQ) applauds its partners, who thanks to their commitment enable non-profit organizations to acquire and renovate rental units while keeping rents affordable. These projects would not be possible without their support, which benefits modest-income households and people experiencing difficulties.
The Société immobilière locative à prix accessible (SILA) recently acquired 84 housing units in 9 buildings in the highly disadvantaged neighbourhood of Saint-Romuald in Lévis. The project required a $9-million investment from the Fonds immobilier de solidarité FTQ, the Fondation Lucie and André Chagnon and the Caisse d’économie solidaire Desjardins. SILA also benefited from the Canada Mortgage and Housing Corporation’s (CMHC) “affordable housing” mortgage loan insurance program. The project’s goal is to renovate the units while keeping rents affordable. The Groupe de ressources techniques Nouvel Habitat, a member of the Association des groupes de ressources techniques du Québec, will be responsible for coordinating the work and managing the properties.
“Private and philanthropic investment has been instrumental in this project as it has allowed us to offer affordable, quality housing to families and to provide rent assistance to low-income households. As part of a partnership with Alliance-Jeunesse Chutes-de-la-Chaudière, SILA will make some of the units available to young people who are often discriminated against when looking for a place to live,” said Alain Marcoux, managing director of the Société immobilière locative à prix accessibles and director general of GRT Nouvel Habitat.
“One of our goals is to provide affordable housing for modest-income households. Through social and community projects, we help ensure the future and quality of Québec's housing stock. Over the years, we have allocated $88 million to this type of project, which has benefited over 4,800 households,” said Normand Bélanger, president and CEO of the Fonds immobilier de solidarité FTQ.
The Fonds immobilier de solidarité FTQ, the Fondation Lucie and André Chagnon and the Caisse d'économie solidaire are proud to be involved in this major project in the suburbs of the Capitale-Nationale region, where there are pressing needs.
“We’re very pleased to participate, through our mission driven investments, in this transformative initiative for the Saint-Romuald neighbourhood of Lévis. This real estate project will provide families and young people with an environment that will allow them to flourish and will help revitalize the neighbourhood,” said Jean-Marc Chouinard, president of the Fondation Lucie et André Chagnon.
Marc Picard, director general of the Caisse d'économie solidaire commends “this social acquisition and innovative financial arrangement that requires so little in the way of public funds.
This partnership between actors from the community and philanthropic and private sectors is an alternative funding model to public community housing programs and will enable the development of other similar size projects in the years ahead.
About SILA
The Société immobilière locative à prix accessible (SILA) was created for the purpose of purchasing properties on the private market in order to maintain their affordability and improve the built environment. It focuses its efforts on Lévis neighbourhoods that are disadvantaged or being revitalized as well urban areas of the Chaudière-Appalaches region. SILA also works to improve the living environment of the neighbourhoods in which it makes purchases and seeks to develop partnerships with local community organizations.
About the Fonds immobilier de solidarité FTQ
The Fonds immobilier de solidarité FTQ promotes economic growth and employment in Québec by strategically investing in profitable and socially responsible real estate projects in partnership with other industry leaders. It backs residential, office, commercial, institutional and industrial projects of all sizes across Québec. As at May 31, 2019, the Fonds immobilier had 61 projects in development or in construction, 68 properties under management, 1.5 million square feet of land for development and $88 million allocated to affordable, social and community housing.
About the Fondation Lucie et André Chagnon
The mission of the Fondation Lucie et André Chagnon is to prevent poverty by contributing to the educational success of young Quebecers (from early childhood through to age 17) and helping them develop their full potential. To this end, the Fondation provides long-term support for organizations and associations working together to actively develop their capacity for sustainable initiatives aimed at promoting the educational success of all children living in Québec. https://www.fondationchagnon.org/
About the Caisse d’économie solidaire Desjardins
The Caisse d’économie solidaire Desjardins is the financial cooperative for social movements, collective businesses and citizens committed to a social and sustainable economy. It has nearly 3,500 member businesses, including over 700 involved in community housing. As at December 31, 2018, it had invested $586 million in collective businesses, including $379 million in community housing.
About the Association des groupes de ressources techniques du Québec (AGRTQ)
The AGRTQ is a social economy network made up of 25 Groupes de ressources techniques (GRT) across Québec dedicated to the promotion and development of community housing to meet the needs of low- and moderate-income households.
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