Latest news with #CommunityHousingExpansionPilot
Cision Canada
24-07-2025
- Business
- Cision Canada
New Market Funds preserves 178 affordable rental homes with $4.4 million investment
Investments in projects from co-operative and non-profit organizations expand the delivery of non-market housing , July 24, 2025 /CNW/ - Canadian fund manager and developer New Market Funds (NMF) has invested $4.4 million in the preservation of 178 affordable rental homes in projects in Winnipeg (MB), Toronto (ON), and Summerside (PE). Preserving affordable rental apartments for Canadians is essential right now, given that for every new unit of affordable housing built, up to 15 existing affordable units are lost due to redevelopment or skyrocketing rents. To support this important need, since 2022 NMF has invested in the removal of 1,577 rental homes from the market to preserve long-term affordability. Each transaction blends mortgage debt and government funding with private investment capital, enabling community-based organizations to compete in the private market to preserve affordable housing at risk of being sold. Marie Rose Place, Winnipeg, MB: NMF supported non-profit UWCRC 2.0, a development partner of the University of Winnipeg, with $1.1 million to preserve this 40-unit community that provides rent-geared to income housing for newcomer women and their children. The acquisition was supported by federal funding and the Manitoba Housing and Renewal Corporation. 182 Jameson Ave, Toronto, ON: NMF provided a $2 million debt investment to its affiliated non-profit, New Commons Housing Trust (NCHT) to shift 82 units from private to non-profit ownership. The acquisition is supported by the City of Toronto's Multi-Unit Residential Acquisition (MURA) program – an initiative that transitions at-risk rental housing to permanently affordable non-profit rental housing. Malpeque, Summerside, PE: New Market Funds provided $1 million in equity investment to Island Unity Land Co-operative, leveraging the Province of PEI's Community Housing Expansion Pilot (CHEP), to support the purchase of a 56-unit apartment complex that offers affordable rentals for the area's workforce. As one of the largest pan-Canadian investors in non-market housing, NMF is committed to working with community partners to expand the scale of the non-profit and co-operative sector. "We help non-profit partners build their capacity to navigate complex market acquisitions," says Garth Davis, a Managing Partner at NMF. "Our blended capital model maximizes the impact of public dollars by structuring efficient, scalable, and replicable deals." Jeremy Read, CEO at UWCRC 2.0, says non-profits are unable to preserve affordable homes without such investments. "Our collaboration with New Market Funds was essential to our ability to acquire and protect 40 units of existing rent-geared-to-income housing," says Read. "Without this partnership, these deeply affordable rental homes would have been lost by the affordable housing sector." "When governments leverage private capital, they're able to increase their impact," adds Davis. "We'd like to see this replicated so we can support an expansion of non-profit and co-op owned rental housing. About New Market Funds Canada's non-market housing supply.
CTV News
16-07-2025
- Business
- CTV News
116 affordable housing units purchased from P.E.I. rental market
Stephan Richard with the Community Housing Transformation Centre, Karen Brodeur with the Cooperative Housing Federation, P.E.I. Premier Rob Lantz, Shelly Muzika with the Canadian Mental Health Association, Pat O'Neill and Bill Campbell with Kings Square Non-Profit Housing Corporation are pictured in Charlottetown. (Source: Government of Prince Edward Island) The Prince Edward Island government says more than 100 affordable housing units have been purchased from the private rental market over the past year as part of a new program. The province partnered with three non-profit and co-operative housing organizations last year with the goal of increasing affordable housing options. The province is providing annual funding to the P.E.I. division of the Canadian Mental Health Association, Co-operative Housing Federation of Canada, and Kings Square Non-Profit Housing Corporation. The Community Housing Expansion Pilot allows the organizations to purchase existing housing and plan construction for new units. 'By partnering with the community housing sector, we are addressing the critical need for housing solutions for Islanders caught in the 'missing middle'—those who earn too much for social housing but struggle with rising rental costs,' said Premier Rob Lantz in a provincial news release. 'These collaborations allow us to create sustainable, attainable housing options that bridge the gap, ensuring more Islanders can find a place to call home.' The Canada Mortgage and Housing Corporation notes housing is considered affordable if it costs 30 per cent or less of an annual income. For more P.E.I. news, visit our dedicated provincial page.
