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Nicholas Cardelli joins Tapestry Community Capital as campaign coordinator

By News

Tapestry is excited to welcome Nicholas Cardelli to the team! Nicholas will work as a campaign coordinator, working directly with nonprofits and cooperatives across the country to raise community bonds. 

With both a bachelor’s and master’s degree in international development, Nicholas brings a deep understanding of charitable and nonprofit funding models. 

Nicholas comes to the world of community finance with diverse experience, most recently working in customer care for a U.S.-based mobile veterinary service, and before that managing an English testing centre for immigration in London, Ontario.

Nicholas is excited to work in the community finance sector and appreciates Tapestry’s focus on both ground-level impact and systemic change. “If we can help communities look inward for funding and support, we can help a lot of people,” he says. “I’m really passionate about that. The scope of impact is very much increased for what I can do in my limited time on this earth.” 

In his spare time, Nicholas volunteers as a board member for Growing Chefs! Ontario — a nonprofit that provides programming to schools, families, and children on food systems and food 

literacy in London, Ontario. He’s passionate about sustainable food in general, spending much of his time outside of work gardening (he has a small vineyard in his backyard!) and hunting. One of Nicholas’s long-term goals is to have a sustainable food forest garden right outside his doorstep.

We hope you’ll have the chance to work with Nicholas soon. If you’d like to get in touch, you can reach him at nicholas@tapestrycapital.ca. Welcome, Nicholas! 

Tapestry is working with 11 housing providers to raise $110 million in community bonds

By Affordable Housing, News

A group of at least 11 charitable, nonprofit and cooperative housing providers across the country are using a financing tool called community bonds to raise a collective $110 million from everyday Canadians in their communities, creating or preserving more than 3,000 units of affordable housing altogether. 

The 11 organizations are supported by Tapestry Community Capital’s Investing in Housing initiative, which is funded by the Canada Mortgage and Housing Corporation (CMHC)’s Housing Supply Challenge. Tapestry is a national nonprofit providing consulting and administrative services to community bond issuers. Community bonds are an investment opportunity issued by nonprofits and cooperatives and purchased by both everyday Canadians and institutional investors. 

Tapestry is currently working with four housing providers raising capital with a combined total goal of $9 million ($8 million raised to date) in community bonds, from the Kensington Market Community Land trust preserving affordable housing in a rapidly-gentrifying neighbourhood of Toronto, Ont. to Propolis Housing Cooperative building new net-zero, affordable homes in Kamloops, B.C.. The additional $110 million target by 11 new organizations (with more to be announced) represents an over 1,200 per cent scale-up for the community bonds model among housing providers. These campaigns are set to launch on a rolling basis until March 2025. 

This comes as the systematic exclusion of low- and middle-income Canadians from access to affordable housing intensifies. According to CMHC’s Spring 2024 Housing Market Outlook, “growing demand for rental homes will not be met because the cost of homeownership will lead households to stay in rental housing.” Meanwhile, CMHC reports, “unfavourable financing conditions are expected to make more new rental projects unfeasible in 2024.”

Ryan Collins-Swartz, Co-Executive Director at Tapestry, says: “Canada’s housing system isn’t designed to ensure that everyone has a safe, affordable place to live. But the good news is that more and more Canadians are recognizing this injustice and looking to contribute to change. Community bonds are helping them invest directly in more affordable housing for their neighbours and earn a fair return in doing so. These community investors are also offering housing providers access to affordable, predictable funding — a rarity in the sector.” 

Redwood Park Communities runs a YIMBY — ‘Yes, in my backyard!’ — campaign to encourage support for affordable housing development in Simcoe County, Ontario.

Organizations set to raise the collective $110 million include: 

  • Redwood Park Communities: a Barrie, Ont.-based nonprofit raising $10 million to create up to 146 new units of affordable housing across Simcoe County.
  • The Inclusive Housing, a new nonprofit subsidiary of Toronto-based Spotlight Development, which plans to raise between $15 million and $20 million to build more than 1,000 new units of affordable housing across Toronto and Kitchener. 
  • Indwell, an Ontario-based affordable and supportive housing provider has already raised $5 million and plans to raise significantly more through its next campaign. Indwell’s Finance Manager Nick van der Velde says: “Our current raise with the Hope and Homes Hamilton Community Bond is going well and we see an opportunity to expand and finance additional supportive and deeply affordable housing in South and Southwestern Ontario. The Community Bond has allowed us to engage our support community well and we are interested in growing that.” 
  • Winnipeg-based Inuka Community Inc., which is set to launch Manitoba’s first-ever community bond campaign, a $3 million campaign to finance the construction of a 60-unit development.  
  • Two land trusts, a model growing in popularity where nonprofit organizations buy land to keep it off the speculative market and in community benefit: Muskoka Community Land Trust and Hogan’s Alley Society, who will raise a cumulative $12 million.
  • The Housing Trust of Nova Scotia will be Tapestry’s first affordable housing client in Atlantic Canada, raising between $5 million and $10 million. 
  • Vancouver-based Hogan’s Alley Society will raise capital to provide culturally-informed housing to Black communities, as will the African Canadian Affordable Housing Village Coop in Toronto. 
  • United Way Perth Huron’s subsidiary United Housing plans to raise $750,000 for the construction of 10 new units of affordable housing, with a longer-term goal to raise up to $24 million over several years. 
  • Central Ontario Co-operative Housing Federation, which supports 41 housing cooperatives and will soon raise capital to finance three affordable housing sites of their own, with an emphasis on investment from cooperatives in their network. COCHF’s Executive Director Elana Harte says: “Community bonds closely align with the cooperative housing sector’s values. COCHF chose to work with Tapestry because our project needs flexible, low-cost, community-rooted funding. On the other side of the equation, we plan to engage cooperatives as investors – offering them a low-risk investment opportunity and fostering cooperation among cooperatives themselves, all for more affordable housing.
  • Habitat for Humanity Victoria, Tapestry’s first affordable home ownership project (other issuers focus on rental housing) in Victoria, B.C.. The organization will raise between $3 million and $4 million toward a 14-unit stacked rowhouse development. 
  • More community bond issuers are to be announced. 

 

With funding from the CMHC Housing Supply Challenge, Tapestry has upped its capacity to support these organizations with larger community bond raises, including by redeveloping its digital platform for administering community bonds. 

Gracen Johnson, Senior Specialist, Innovation and Research, Canada Mortgage and Housing Corporation, says: “Through the Housing Supply Challenge, Tapestry was twice recognized by industry peers for its potential to scale community bonds with real impact. In Round 2, they expanded their capacity and infrastructure to apply community bonds across a broad portfolio of housing projects. As semi-finalists in Round 5, they’ve continued to build momentum and raise community capital. We look forward to watching them continue their innovative work.”

About community bonds

Community bonds are similar to a traditional bond, but instead of being issued by governments or corporations, they’re issued by nonprofits and cooperatives to fund socially- and environmentally-conscious projects. They’re a flexible, self-determined way for organizations to raise capital, since issuers set the investment terms that work best for their project rather than needing to accept commercial lenders’ terms. On the other side of the equation, community bonds enable everyday Canadians to support important projects in their communities while earning a fair return.

For affordable housing providers, community bonds can:

  • Help fill financing gaps — for example, there are few other funding paths to cover pre-development costs like buying land, having architectural plans drafted, and legal fees.
  • Build community support for more affordable housing — affordable housing providers can grow their network of supporters by offering their communities investment opportunities.
  • Contribute to local economic development — by offering returns to everyday community members rather than big banks, community bonds build community wealth, indirectly helping to end the housing crisis.

About Tapestry Community Capital 

Tapestry is a nonprofit organization that supports community bond issuers across Canada. While Tapestry focuses on affordable housing, it also supports nonprofits and cooperatives in raising capital to purchase community arts venues, build community-owned renewable energy infrastructure, and more. Launched six years ago, to date Tapestry has helped issuers raise over $110 million from more than 4,000 community investors — this next wave of community bond campaigns for affordable housing providers will double Tapestry’s reach. Learn more at tapestrycapital.ca

About the CMHC Housing Supply Challenge 

The Housing Supply Challenge is a $300-million commitment over five years, which invites citizens, stakeholders and housing experts to propose solutions to the barriers to new housing supply. Most recently, CMHC announced Round 5 of the Challenge, which aims to increase the adoption of transformative, system-level solutions that enable the quicker delivery of both community and market housing. Learn more on the CMHC website.

Tapestry welcomes Chris Mohan as Investment Analyst

By News

Tapestry Community Capital is excited to welcome Chris Mohan to the team! Chris will work for the summer as an investment analyst, supporting

 various teams within Tapestry as we level up our work with affordable housing providers, share knowledge and resources about community finance widely, and much more. 

Chris’s first foray into the world of social finance was two-fold. As a student in business and engineering at Western University, Chris joined the school’s climate justice group, leading investigations into the university’s investment portfolio and greenwashing practices in its responsible investing strategy. He also interned with the LEAP | Pecaut Centre for Social Impact, supporting ventures focused on health and women’s economic resilience. “It was after that experience that I knew that I wasn’t leaving the social impact space,” Chris says.

Now, working with Tapestry as a participant in Propel Impact’s Summer Analyst program, Chris is excited to dive into community finance. “I’m really excited to be at Tapestry. I first heard about Tapestry through that YouTube video by About Here highlighting the Kensington Market Community Land Trust, and I thought that was such an exciting opportunity to actually fund community power,” Chris says. “I really think as community bonds scale, we’re going to unlock so many amazing new opportunities for us to reinvigorate not just housing and community projects, but also local democracy.”

Chris is interested in the behind-the-scenes working of community finance for another reason, too: “I do hope one day to work on nonprofit or co-housing developments for my community and for my family,” Chris shares. “With the high interest rates on mortgages, it’s just an impossible feat to actually be able to pay a mortgage lender and accumulate the down payment required…And at the same time, as an added bonus, we can move away from this more individualistic and separated lifestyle.”

When Chris isn’t working or dreaming up future housing co-ops, he enjoys reading (mostly nonfiction, but he’s open to fiction recommendations), cycling, and volunteering at a Toronto organization called Charlie’s Freewheels, where he helps teach young people about building bikes.

We hope you’ll have the opportunity to meet Chris soon. If you’d like to get in touch, you can reach him at chris@tapestrycapital.ca. Welcome to the team, Chris!

Tapestry Community Capital chosen as a CMHC Level-Up semi-finalist

By Affordable Housing, News

Tapestry Community Capital is proud to share that we’ve been selected as a semi-finalist in the CMHC’s Housing Supply Challenge!

What does it mean? We’ve received funding to continue our work supporting affordable housing providers across the country in raising community capital. From building new affordable, net-zero housing in Kamloops, B.C. to preserving affordable units for residents of Toronto’s quickly-gentrifying Kensington Market, the work affordable housing providers do is essential and they need better financing options.

 

What is the Housing Supply Challenge?

From the CMHC website

The Housing Supply Challenge invites citizens, stakeholders, and experts to propose solutions to the barriers to new housing supply. The challenge will distribute $300 million in funding over 5 years.

Successful submissions that address barriers to supply will receive funding to prototype or incubate their proposal. Following the prototype stage, a number of selected finalists will share a pool of additional funding to implement their proposed solutions.

Each round awards proposals that address housing supply barriers such as building timelines, construction productivity, and improving data on land availability.

How do community bonds support affordable housing?

Community bonds are a social finance tool that can be used by charities, non-profits and co-operatives to finance socially and environmentally impactful projects. Similar in many ways to a traditional bond, they are an interest bearing loan from an investor, which has a set rate of return and a fixed term.

For affordable housing providers, community bonds can:

  • Help fill financing gaps — for example, there aren’t many other financing paths to cover pre-development costs like buying land, having architectural plans drafted, and legal and consulting fees.
  • Build community support for more affordable housing — affordable housing providers can grow their network of supporters by offering their communities investment opportunities.
  • Contribute to local economic development — by offering returns to everyday community members rather than big banks, community bonds build community wealth, indirectly helping to end the housing crisis.

Learn more about Tapestry’s Investing in Housing program here, and about the CMHC’s Housing Supply Challenge here.

For media inquiries, contact Kylie Adair, Communications Lead at kylie@tapestrycapital.ca. For general inquiries, get in touch with our team at info@tapestrycapital.ca.

Tapestry welcomes Kylie Adair as Communications Lead

By News

Tapestry Community Capital is happy to welcome Kylie Adair to the team. As Communications Lead, Kylie will spread the word about community finance among non-profits and co-operatives across the country. 

Kylie brings a background in journalism to her work leading Tapestry’s communications. Prior to joining Tapestry, Kylie worked for three years as the editor of Future of Good, a digital publication that covers non-profit and social purpose work in Canada. Kylie has also written for the Philanthropist Journal, Corporate Knights, and more. 

“Having spent years covering non-profits and the complex social issues they work on, I’m really excited to contribute to something that shifts the systems limiting their work,” Kylie says. 

Kylie also deeply values economic justice. “Community bonds shake up capitalist power dynamics. They offer returns directly to communities, not just big organizations,” she says. “And in funding relationships, they put the power in the hands of community organizations.” 

Outside of work, Kylie loves to explore her new(ish) home of Montreal with her partner and her dog, Dot. She’s an avid fiction reader and loves cooking, baking, and tending to her balcony garden. 

We hope you’ll have the opportunity to meet Heather soon. If you’d like to get in touch, you can reach her at kylie@tapestrycapital.ca. Welcome to the team, Kylie!

Tapestry welcomes Heather Watt-Kapitain as Campaign Manager

By News

Tapestry Community Capital is happy to welcome Heather Watt-Kapitain to the team. As Campaign Manager, Heather will support community bond issuers through all stages of the bond lifecycle, from the earliest feasibility stages all the way to reinvestment campaigns. 

Heather brings with her many years of experience in project management, entrepreneurship, stakeholder engagement, facilitation, and community finance. In 2016, when she was chair of the board of 10C, a coworking space in Downtown Guelph, Ontario, she supported the campaign to purchase and renovate a 15,000 square foot building — and raise $2.5 million for it through community bonds. 

In 2021, Heather left the board for a staff role at 10C where she joined the Harvest Impact team, a character-based lender powering social enterprises and regenerative farmers working toward a circular economy. 

Heather’s looking forward to bringing all of this experience to Tapestry’s clients — and in doing so, “shifting status quo, shifting mindsets, getting people to see the possibility and the opportunity in social finance,” she says. “In a time where there can

be general feelings of hopelessness, community bonds give people an opportunity to take action and support effective change.”

Outside of work, Heather has a busy home life with three kids and three dogs. She loves to read and spend time in the woods in Guelph, where she lives. “The entire Tapestry team knows that my son and I have this cold plunge challenge that we’ve been doing for the last 10 weeks,” she adds with a laugh, “so I like taking on absurd things like that.”

We hope you’ll have the opportunity to meet Heather soon. If you’d like to get in touch, you can reach her at heather@tapestrycapital.ca. Welcome to the team, Heather! 

Tapestry welcomes investment associate Ashley McFarlane to the team

By News

Tapestry Community Capital is happy to welcome Ashley McFarlane to the team. As investment associate, Ashley will support Tapestry’s clients, making sure they have all the documents ready and systems in place to raise community bond investments and repay their investors. 

Before coming to Tapestry, Ashley worked in banking, having graduated from Carleton University’s Sprott School of Business in 2020. At the Bank of Montreal, Ashley loved being client-facing, and it sparked her interest in investment. Meanwhile, an activist friend sent her the posting for Tapestry’s investment associate opening, and she was pleasantly “shocked,” she says, to discover the world of community investment. 

“These are people who are actually trying to help their communities,” she says. “It’s still financial services, but they are trying to do something bigger. I feel good about the job I’m doing.”

Ashley found her way to the world of social finance in her own time, but thinks business schools should put more focus on this work. Her program had a few classes on corporate social responsibility, but she says they could be doing much more to introduce students to ethical and sustainable investment. “They’re going to be the next leaders in the business world. How are you going to push them to think outside of the box?” 

Ashley also appreciates Tapestry’s focus on affordable housing, living in Hamilton, Ontario, one of Canada’s most expensive cities. She’s seen friends experience renovictions and neighbourhood storefront institutions become condo developments. Tapestry’s work supporting community land trusts and affordable housing providers “spoke to me,” Ashley says. 

Ashley’s currently working on her Canadian Securities Course. Outside of work and class, she loves to read — ”I can read a 300-page book in a day!” — stay active in the gym and outdoors, and travel, especially to see family in Miami and the Cayman Islands, and to experience the cultures of other countries. 

We hope you’ll have the opportunity to connect and work with Ashley. If you’d like to get in touch, you can reach her at ashley@tapestrycapital.ca. Welcome to the team, Ashley! 

 

 

Marina Eckersley joins the Tapestry Team

By News

Tapestry is thrilled to welcome Marina Eckersley as our newest member of the Campaigns Team. As Campaign Coordinator, Marina will support social purpose organizations to engage their communities, communicate their investment opportunities, and reach their investment targets. With a diverse background in sales and marketing, and a passion for project management, she hopes to contribute to the growth and awareness of the community bond model across Canada. 

“I’ve been called the queen of structured fun,” says Marina. “I think the name fits because I am hyper organized, love a good excel spreadsheet, and keep everyone on track in order to ensure they are having a great time.” We are sure that Marina is going to bring this same spirit and energy to her work with Tapestry clients. 

Marina’s career has led her from the music industry, to journalism and politics. Most recently she traveled across the province as the Events and Tour Coordinator for Mike Schreiner and the Green Party of Ontario. Marina was drawn to the work that Tapestry does because she saw it as an avenue to apply her skills to do good in the world. “Working in the music industry, I often felt jaded. I thought I was going to be helping artists get their music out to the world when in reality, I was trying to squeeze every penny from them.” 

She is also excited about the opportunity to not just plan for change, but to actually put plans into action. “I see community bonds as a way to use the system, to fight the system,” says Marina. “It can be exhausting talking about what we should do and never getting to the point of implementation – this is a chance to actually do it.” 

“As cliché as it may sound, I want to leave the world a better place,” says Marina. The good news is that at Tapestry, we don’t think it’s cliché at all – it’s central to everything we do. We know community bonds are a flexible tool for non-profits and co-operatives to access the capital they need to do more good, and they are also an instrument that can keep wealth within communities. 

In Marina’s spare time she is a baker and avid knitter. In fact, she once auditioned for the Great Canadian Baking Show and her love for knitting once led her to uncover the hidden truths behind Ontario’s wool industry! Check out the fascinating article here

We hope you will have the opportunity to meet and work with Marina. If you are interested in connecting with her, please reach out by email at Marina@tapestrycapital.ca

 

The Power of Co-operation

By News

This week is Co-op Week, a time to celebrate the impact that the co-operative sector has had on communities across Canada, and reflect on co-operative values and principles.

So, what exactly is a co-op?

Co-operatives are people-centered enterprises that are owned and controlled by and for their members to bring about common economic, social, and/or cultural goals. Co-operatives bring people together in a democratic and equitable way, following the ‘one member, one vote’ principle. 

As a co-operative organization ourselves, and one that supports other co-operatives to raise community investment, we firmly believe in the benefits that co-operatives bring to society. Because they are not owned by shareholders, co-ops are a vehicle that allow people to take control of their economic future and retain economic and social benefits within their communities. 

More broadly than this, we believe in co-operation – co-operation among community members, among community organizations, among sectors – to create a better future. Co-operation is at the core of what we do, and the essence of community financing. We know that doing things together yields far better results than when done alone. 

To mark the occasion of Co-op Week, our team has been reflecting on this years’ theme: “Co-operation in the World of Tomorrow”. 

Mary Warner, Co-Executive Director 

Mary Warner“I believe in a future where profits are returned to supporters rather than banks, and where investors can feel proud that they put their money in something that they believe in. To me, ‘co-operation in the world of tomorrow’ means communities coming together to support a common goal and jointly investing the capital it will take to realize that vision.”

Satyameet Singh, Campaign Manager

Satyameet Singh“A Co-operative offers it’s members a concrete way to contribute to our inter-dependent reality; one where bridges replace walls. At Tapestry, when I see a cool Co-operative in action – one with shameless idealism and a strong collective resolve – I feel alive.” 

Karen Scottie, Human Resources and Administration Manager 

Headshot“I imagine a world where problems, such as climate change, homelessness and poverty, are not shrugged off due to profit’s bottom line. I see inclusive communities whose inhabitants, both human and non-human, flourish with home-fullness, vibrant public and active transportation, and an economy based on the health of the planet. One step toward this vision is if community members could raise their own funds for their projects, to be the investors themselves. Community bonds make this possible.”

Tapestry receives CMHC support to mobilize investment in affordable housing

By Affordable Housing, News

Tapestry Community Capital has been selected as a winner of the Canadian Housing and Mortgage Corporation (CMHC) Housing Supply Challenge to scale up community investment in the affordable housing sector. 

“We are incredibly excited to have the support of CMHC,” says Ryan Collins-Swartz, Co-Executive Director of Tapestry. “With this funding, we will help affordable housing providers to tap into a new source of capital, enable more projects to get off the ground, and increase the supply of affordable housing in Canada.”  

Community bonds are a social finance tool used by nonprofits, charities and co-ops to finance capital projects with impact. Similar to traditional bonds, they are interest bearing loans. The key difference – they provide investors with both a financial and social return. 

While unlocking private capital, community bonds also build a powerful sense of community ownership. Residents, local businesses, and institutions alike can all invest to improve their community, while earning a fair return. Organizations such as Brique par Brique in Montreal, QC and The Mount in Peterborough, ON have successfully utilized community bonds to finance the construction of affordable housing. 

“We have witnessed the power of community bonds to garner community support for projects,” says Mary Warner, Co-Executive Director at Tapestry. “When someone becomes an investor, they are not only becoming financially invested but also emotionally invested in the outcome of the project. For a sector that is often afflicted by NIMBYism, this support is critical.” 

Tapestry is working with multiple partners to support program implementation. Key to the solution are a series of demonstration projects that will utilize and showcase the community bond model. Cumulatively, these projects will leverage $40 million in community investment, financing over 2000 affordable housing units. 

“We are thrilled to be partnering with Tapestry to build a long term, sustainable, and value aligned funding source for our organizations to acquire and preserve affordable housing,” says Chiyi Tam, Executive Director of the Kensington Market Community Land Trust. “We are eager to forge a path forward, demonstrate the community bond model, and support other like minded organizations to follow in our footsteps.” 

The solution also focuses on increasing the participation of retail and institutional investors in affordable housing. By raising awareness among investors and streamlining the process to invest in community bonds, Tapestry will grow the community investment marketplace tenfold. 

“We know there is very strong interest among investors to support affordable housing projects and Tapestry is creating the pathway to make that a reality across communities” says Mritunjay (MJ) Sinha, Tapestry Board Member and responsible and impact investment advisor. 

The program launched in early October and will run until March 2024. For more information about the upcoming events and support for community financing, sign up to The Thread newsletter here.


Photo credit: Cathy Crowe

About Tapestry Community Capital

Tapestry Community Capital is Canada’s leading non-profit service provider for community bonds. For the last decade, Tapestry has been supporting social purpose organizations across Canada to assess, structure, and manage community investments. Tapestry has supported in raising over $100 million from over 4,000 community investors.

For media inquiries, please contact Stephanie Pinnington at Stephanie@tapestrycapital.ca.

About the Housing Supply Challenge 

The Housing Supply Challenge is an innovative competition that encourages interested parties from across the country to propose creative solutions to Canada’s housing crisis. The goal: to help meet Canada’s pressing need for safe and affordable homes by breaking down barriers to the creation of new supply.

Tapestry participated in Round 2 of the program, Getting Started, which seeks to find solutions to pre-development challenges, such as community resistance and obtaining financing. The program granted incubation funding to 29 organizations to allow them to further develop and test their solution proposal. After six months of research and consultation, Tapestry submitted a final solution funding proposal – “Financing Affordable Housing with the Power of Community”. Tapestry is one of 14 organizations selected for funding and will share a pool of $38 million to implement their solutions. 

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