A fund created by the Association des groupes de ressources techniques du Québec and the Fonds immobilier de solidarité FTQ
Québec City, November 10, 2022 – On hand for the Régis Laurin awards ceremony held at the Double Tree Hilton Hotel and attended by more than 150 representatives from the social and community sector, the Association des groupes de ressources techniques du Québec (AGRTQ) and the Fonds immobilier de solidarité FTQ announced that they had completed the construction or renovation of 2,040 community and affordable housing units thanks to the Fonds d'acquisition québécois (FAQ).
Created in 2009, the FAQ offers housing organizations (NPOs, co-ops, municipal housing authorities) loans to acquire land or buildings for community housing while waiting for funding from the Société d'habitation du Québec (SHQ) as part of the AccèsLogis Québec program or for long-term financing from lenders such as the CMHC or a financial institution.
“Community housing groups have a hard time finding land or buildings, which is why the FAQ is just as impactful as the day it was created 13 years ago. The fund allows social actors to seize buying opportunities while they wait for funding or until they secure long-term financing from partners. The FAQ is a driver of social and economic development by making it possible for modest-income or vulnerable households to have a decent place to live. Together with technical resource groups, NPOs, governments, cities and municipalities, we help build more supportive, better quality and safer living environments, which is very rewarding for us,” said Éric Cimon, general manager of the Association des groupes de ressources techniques du Québec.
“It's our job, as a financial partner, to find novel solutions for the housing needs of all types of clientele. The FAQ supports building or renovation projects all across Québec. To date, we have devoted $29 million of our $200 million total investment to social housing projects, thanks to which people can have a decent place to live while at the same time generating positive returns for the shareholders of the Fonds de solidarité FTQ,” said Normand Bélanger, President and Chief Executive Officer of the Fonds immobilier de solidarité FTQ.
The following are but two examples of projects made possible by the Fonds d'acquisition québécois:
HAPOPEX, in Lachine, was developed by Groupe CDH. The renovation of two buildings began in the spring of 2021 and now provides 28 households with a roof over their head. Among other things, one- and two-bedroom apartments have been converted into three-bedroom units to accommodate larger families. The $9.2-million project was carried out under the City of Montréal's AccèsLogis Montréal program.
Domaine du Couvent, in Vallée-Jonction, is managed by the GRT Nouvel Habitat of Lévis. Once completed in 2023, the seniors' residence will provide a safe, quality place to live for 20 people of modest means.
FAQ highlights
- $29.1 million invested by the Fonds immobilier de solidarité FTQ, as of June 30, 2022.
- More than $70.4 million in financing completed since the fund's inception.
- $413.1 million in investments generated through completed projects.
- 2,040 community housing units completed throughout Québec.
- 69 community housing buildings acquired and renovated.
The Régis Laurin Awards honour individuals who have made exceptional contributions to community housing.
About the 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.
About the Fonds immobilier de solidarité FTQ
The Fonds immobilier de solidarité FTQ has been helping to drive economic growth and employment in Québec for over 30 years by strategically investing in profitable and socially responsible real estate projects in partnership with other industry leaders. The Fonds immobilier backs mixed-use, residential, office, commercial, institutional and industrial projects of all sizes across Québec. As of June 30, 2022, the Fonds immobilier had 47 projects worth $4.9 billion in development or construction of which the latter will ultimately create 29,000 jobs, 65 portfolio properties under management, 1.8 million square feet of land for development and a cumulative total of $181 million invested in affordable, social and community housing. The Fonds immobilier is a member of the Canada Green Building Council — Québec division.
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