KAMLOOPS, British Columbia, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Propolis Cooperative Housing Society, a new Kamloops-based non-profit housing cooperative with a mandate to build affordable, sustainable homes has secured a $270,000 commitment from Thrive Impact Fund, an impact investment fund that supports social enterprises and impact organizations. The funding comes in the form of a short-term loan which will be utilized towards Propolis’ co-op housing project in Kamloops that aims to house residents more equitably.
The additional capital takes Propolis a step closer to purchasing its first property, located at 422/424 Tranquille Rd in the heart of Kamloops’ North Shore.
Propolis is on track to acquire the property this fall. It is currently 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 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.
In June this year, the co-op launched Propolis Bonds, a campaign to raise $1.1 million in community investments to finance its project. With over 50 other community investors from across BC and Ontario, Propolis has secured a total of $382,300 in community bonds and $224,000 in pledges.
With the co-op nearing its goal, Propolis is inviting the Kamloops community and anyone who wants to invest to get involved by purchasing Propolis Bonds now. Investment minimums are as low as $1,000, with interest rates up to 3.5 per cent. The social investment will help Propolis build affordable, durable, green homes that contribute to growing vibrant neighbourhoods.
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.
“The lack of affordable housing options has stoked polarization between those who can and can’t afford to invest in real estate. This is contributing to locals being priced out of their homes. We are humbled that Thrive’s mission to make transformative social impact coincides with our goal of increasing housing affordability. Their investment enables us to support our affordable housing development where rents will be priced at roughly 80% of median market rates in Kamloops” says Lindsay Harris, President of Propolis.
“Propolis is tackling affordable housing while breaking down barriers related to access to capital, wealth redistribution, and the climate crisis. Their community bond campaign, paired with net-zero homes, and member ownership, is a trailblazing example of what needs to be done on repeat across the country,” says Andrew Greer, a board member and BC Interior Lead at Thrive Impact Fund. “Thrive Impact Fund supports high-impact organizations and social enterprises across BC and we are incredibly pleased to support Propolis, our first investment in the BC Interior. A project like Propolis is building a sustainable, regenerative, and just economy. It is inspiring that others can still invest in Propolis's community bond campaign, make a return, and make a difference. We encourage other people, and especially other organizations to learn more about it.”
The short-term loan commitment from Thrive of $270,000 is repayable in one year, and is designed to bridge and support the community bond campaign. Foundations and other impact funds interested in Propolis’ project can get in touch today to discuss the possibility of getting involved.
Propolis’ bond campaign is executed in partnership with Tapestry Community Capital, a leader in the community investment and social finance space in Canada. Tapestry has helped raise and manages $100+ million from 4,000+ community investors for a multitude of non-profit and cooperative projects. For more information about Propolis Bonds, please visit www.propoliscooperative.com/bond-campaign.
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.
About Thrive Impact Fund
Founded in 2021, Thrive Impact Fund is an impact-first fund that provides place-based flexible and patient capital to impact organizations solving today’s most challenging problems. The fund was designed by non-profit and social enterprise leaders who have experienced barriers to traditional financing in order to access patient equity. For more information about the fund, or to consider investing or accessing investment capital, please visit https://thriveimpactfund.ca/.
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Thrive Impact Fund
Krist Fairholm-Mader
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250-590-5179
