National Post (Latest Edition)
Values-based Banking in action: VCIB and options for homes
Over the past 30 years, the cost of home ownership has increased dramatically in the Toronto region. First, it was low-income earners who struggled to own. Now, it’s moderate- income earners too. Options for Homes, an affordable housing developer and mission- driven social enterprise, has been working to reverse this trend for 25 years. Options develops high- quality condos and offers buyers up to 15 percent in downpayment assistance, helping tomake home ownership possible for individuals and familieswho have just a 5 percent down payment saved.
To support Options, the Van city Community Investment bank(vcib) extended a syndicated construction loan of more than $ 80 million for the organization’s latest development. Once built, The Humber will provide housing for 232 families in Toronto’s Weston Village neighbourhood.
“The VCIB staff really get what we’re trying to do. They understand social impact and they understand the financing of these projects, and it makes them a great partner for our team.”