HALIBURTON, Ontario, July 11, 2023 (GLOBE NEWSWIRE) -- Places for People (P4P), a non-profit organization which creates and manages quality affordable housing in Haliburton County, has announced the launch of the County’s first-ever Community Bond campaign. Places for People will sell P4P Bonds to raise $850,000 to refinance current projects to work towards their goal of more than doubling their affordable housing supply from 12 to 28 units in the next five years.
Community bonds are a proven social finance tool that generate both a social and a financial return. This tool allows an organization like Places for People, Haliburton’s leader in community-financed affordable housing, to leverage a network of supporters and citizens to help reach their housing goals while offering a financial return.
Through the finances raised under the bond campaign, Places for People aims to position itself to:
- More than double Places for People’s affordable housing supply from 12 to 28 units in the next five years.
- Support 16-25 additional people in Haliburton County to access affordable housing.
- Expand their portfolio to include new, smaller, energy-efficient, multi-unit developments.
- Grow their asset base from the current market value of $2.5M to an estimated current market value of $6.75M.
- Expand their investor base to 75 individuals or organizations.
- Create a case study of the first community bond used in a rural Ontario community to finance affordable housing.
With investment minimums as low as $1000 and interest rates up to 5 per cent, P4P Bonds are designed to attract a wide range of investors from permanent and seasonal Haliburton County residents, cottagers, and tourists, to businesses, organizations and foundations across Canada.
“We’ve heard from a wide array of people in our community who are seeking opportunities to make a transformative social impact with their investment dollars,” says Jody Curry, President of Places for People. “A major incentive is that investors can support affordable housing while feeling confident in the knowledge that P4P Bonds are backed and secured by our real estate. Their money stays in the County.”
Places for People plays a central role in keeping the full spectrum of housing needs top of mind in the community. The organization aims to support seniors and small households on limited income, young people just beginning their work life, low-income workers, single-parent families, and others.
Haliburton, Ontario’s cottage country, has both year-round and seasonal residences. The lack of affordable housing affects everyone, from the understaffed tourist amenities to the closure of Emergency Rooms due to staffing shortages. This situation highlights the importance of a range of affordable housing options.
A recreation community cannot thrive without a workforce of moderately paid workers. Additionally, a rapidly growing community needs highly skilled workers, but even well-paid professionals like medical or municipal staff struggle to find housing locally.
“Haliburton County faces a severe housing crisis due to a chronic shortage of affordable rentals, exacerbated by soaring real estate prices and population growth driven by Covid. The population has surged by 13% from 2016 to spring of 2021, and this figure is projected to reach 21% once the full impact of Covid is realized. The demand for affordable rentals has reached unprecedented levels. Places for People aims to address this urgent need by creating more affordable housing. We seek to make this vision a reality through community bonds,” says founder and Vice-President, Fay Martin.
With a goal to raise $850,000 in investment by fall of 2023, Places for People is inviting the Haliburton County community and anyone who wants to invest to get involved by purchasing P4P Bonds to help build affordable, supportive homes to contribute to a growing vibrant rural community.
Haliburton County Development Corporation (HCDC) is pleased to be an early adopter of this new approach to using community resources to meet community needs and has announced its investment of $50,000 in the bond campaign.
Places for People is currently working with Tapestry Community Capital, a leader in the community investment and social finance space in Canada, to support their campaign. Tapestry has raised and manages $100+ million from 4,000+ community investors.
About Places for People:
Places for People is a non-profit organization that is transforming lives by creating affordable homes and supporting tenants in Haliburton County, Ontario. Places for People is built on the conviction that society thrives when everyone has a place where they belong. The non-profit current housing portfolio consists of 12 units in five properties, seven with subsidies available, five at affordable market rates.
To learn more, visit: www.placesforpeople.ca
About Places for People Bonds:
For more information about Places for People community bonds, please visit https://www.placesforpeople.ca/p4p-bonds
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tapestry@yulupr.com
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