Community Futures East Kootenay (CFEK) and the Vancity Community Foundation (VCF) have partnered to support affordable housing projects in the East Kootenay through the Vancity Affordable Community Housing Program.
CFEK has invested $500,000 in the Vancity Affordable Community Housing Loan Fund.
The fund will match that investment, creating up to $1 million for local non-profit housing projects over the next three years.
The money is intended to help organizations with pre-construction financing, allowing projects to move forward and secure additional funding.
“We are excited to announce that CFEK has invested $500,000 into the Vancity Affordable Community Housing Loan Fund to be available to East Kootenay non-profits who are looking for pre-construction financing to get their projects off the ground,” said CFEK General Manager Kerstin Renner.
The initiative comes at a time when federal and provincial funding cuts are creating uncertainty and challenges for housing providers.
The program supports non-profits, co-operatives and Indigenous organizations working to build community-owned affordable housing.
“Vancity Affordable Community Housing Program is looking forward to supporting organizations and projects in the East Kootenay. There are organizations in the region with access to land and the commitment to build affordable housing, we can look at providing the funds to help them reach the construction phase.” said Irene Gannitsos, Interim Executive Director of Vancity Community Foundation.
Beyond loans, organizations can also access support to strengthen their capacity and identify growth opportunities.
CFEK said the partnership is part of its broader effort to remove barriers facing non-profit housing providers and increase affordable housing options across the region.
“We want to be the bridge between non-profit housing providers and the tools, funding, or partnerships they need to progress. Together we can build a more connected, responsive housing system in the Kootenays.” said CFEK Community Economic Development Coordinator Michelle Chan.
Non-profit housing providers interested in the program can contact CFEK’s Michelle Chan at coordinator@cfek.ca for more information.
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