KAMLOOPS, British Columbia, June 08, 2023 (GLOBE NEWSWIRE) -- Propolis Cooperative Housing Society, a new Kamloops-based non-profit housing cooperative with a mandate to build affordable, sustainable homes, has announced the launch of Propolis Bonds. This campaign will raise $1.1 million through community bonds towards the purchase of Propolis’ first property, located at 422/424 Tranquille Rd in the heart of Kamloops’ North Shore.
Community Bonds are a proven social finance tool that generates both a social and financial return. This tool allows a cooperative organization like Propolis to leverage its community of supporters to help finance the purchase of a fixed-asset while earning a return.
With investment minimums as low as $1,000 and interest rates up to 3.5 per cent, Propolis Bonds are designed to attract a wide range of investors from everyday Kamloops residents to businesses, organizations and foundations across British Columbia.
“We’ve heard from a wide array of investors in our community who are seeking opportunities to make a transformative social impact with their investment dollars,” says Lindsay Harris, President of Propolis. “A major pull for our investors is that they can support affordable housing while also knowing that Propolis Bonds are backed and secured by our real estate.”
Propolis is in the planning process for a 6-storey mixed-use development to be constructed on the property. The building will include 50 affordable residential units above approximately 9,300 square feet of commercial space on the ground level. The residential units will be net-zero (using only as much energy as they produce from renewable sources) and incorporate universal design. All residential units will operate as non-profit cooperative housing and be priced affordably below market rents.
“Kamloops is in a housing affordability crisis,” says the project developer, Miles Pruden, owner of Nexbuild Construction and Vice President of Propolis. “Affordability and sustainability go hand in hand, allowing us to build resilient buildings with lower costs over their lifespan.”
With a goal to sell all $1.1 million in investment by August 2023, Propolis is inviting the Kamloops community and anyone who wants to invest in BC to get involved by purchasing Propolis Bonds to help build affordable, durable, green homes that will contribute to growing vibrant neighbourhoods.
The City of Kamloops has approved a significant contribution to the project, as Kamloops City Council recently approved the sale and lane closure of an unused portion of Hilltop Ave. located directly behind 422/424 Tranquille Rd. This will extend the area available for the affordable housing units. Propolis will purchase the parcel for $1 in exchange for an agreement to operate affordable cooperative housing on the site. "The City of Kamloops is committed to addressing the housing affordability crisis in Kamloops,” says Kamloops Mayor Reid Hamer-Jackson. “This decision speaks to that commitment and the importance of incorporating various models of housing to increase the affordable housing supply across the continuum.”
Propolis’ Community Bond campaign will be supported by Tapestry Community Capital, a leader in the community investment and social finance space in Canada. This will be Tapestry’s first affordable housing project, under its Investing in Housing program. Over the next few years, Tapestry will support affordable housing providers to raise flexible, scalable and sustainable financing from community investors. Tapestry has raised and manages $100+ million from 4,000+ community investors.
For more information about Propolis Bonds, please visit www.propoliscooperative.com/bond-campaign
For media requests:
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778-955-0448
About Propolis
Propolis Cooperative Housing Society is a new non-profit housing cooperative organization with a mandate to develop affordable, sustainable, net-zero housing in Kamloops. Propolis incorporated in November 2020 under the BC Cooperative Association Act. The long-term plan of the cooperative is to build a network of affordable net-zero multi-family buildings in Kamloops over the next several decades.
About Propolis Bonds
Propolis Bonds is Propolis’ official capital campaign to raise $1.1 million to purchase its first property for affordable, sustainable housing through community bonds. For more information on our campaign, goals and projects, please visit www.propoliscooperative.com/bond-campaign.
