Four Feathers Housing Cooperative, a nonprofit organization in London, Ontario, builds affordable housing for Aboriginal people in the southern Ontario region.
Early in 2012 Lloyd Stevenson, president of the Four Feathers Housing Cooperative board, discovered that due to a number of unforeseen circumstances, Four Feathers needed a second mortgage for their building in London, Ontario.
Mr. Stevenson looked into a number of possibilities but the rate of interest for second mortgages was prohibitively high. He checked in with Tim Welsh Consulting of London, Ontario and, after some research, they were pleased to discover the Community Forward Fund. They contacted CFF and started the loan application process.
How CFFAC Helped
Mr. Stevenson states, “I found the loan process straightforward and clear-cut. Working with the team at the Community Forward Fund was a great experience. We appreciate their assistance and their collaborative approach. We really feel we have partners in our endeavour and not simply a lender.”
Nora Sobolov, past CEO of the Community Forward Fund, notes, “We are pleased to support Four Feathers Housing Cooperative which will provide more affordable housing to the aboriginal community in southern Ontario.”
Four Feathers will have a total of 33 units that will provide affordable housing to aboriginal peoples in the region, supplementing a similar cooperative just two blocks away.
Four Feathers Housing Cooperative will be move-in ready in the fall of 2013 and is aiming for 100% occupancy by November 2013.