National Post (Latest Edition)

Values-based Banking in action: VCIB and options for homes

- — Heather Tremain, CEO, 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.”

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