Since 1984, Nishnawbe Homes has provided safe, affordable housing for under-housed and homeless Aboriginal people in an environment that promotes and cultivates Aboriginal culture and values. Nishnawbe Homes, an experienced housing provider, currently owns 17 properties in Greater Toronto Area and Brampton, Ontario with more than 200 dwelling units.
The Challenge and Solution
Nishnawbe Homes is building a new, 16 unit, one and two bedroom apartment building in Oshawa, Ontario. The building will be located in an area with existing city infrastructure and services, and will be a positive contribution to enlivening the neighbourhood. Capital funding for construction was made available trough provincial affordable housing programs for Aboriginal communities
In order to begin construction, Nishnawbe Homes had to address costs related to obtaining a building permit and project approvals. Grant and construction financing starts only after the planning and pre-development work is complete. The organization obtained a bridge loan from the Community Forward Fund. The loan will be repaid once construction lending is in place and grant funding is provided to Nishnawbe Homes. This is expected in May 2014. The CFF loan provides project development and initiation funding, and this allows for the project to proceed to a point where other funding and long term debt can be used.
Frances Sanderson of Nishnawbe Homes writes, “We are very grateful to the Community Forward Fund for recognizing and supporting our efforts to create a housing environment designed for homeless women in the Oshawa area. CFF was an integral piece of Nishnawbe Homes’ financial puzzle, to get the Oshawa project off the ground. CFF provided the funding bridge which enabled us to realize our vision to make housing available for those most in need.”