Michael Stanley, Executive Director of Community Involvement Legacy Homes, was sitting in his MBA Finance class at Cape Breton University when he first learned about Community Bonds. “I thought to myself, wow, this is amazing and why am I only learning about it now?!’’ Michael tells us enthusiastically as we meet them for the first time over a Zoom call.
Community Involvement Legacy Homes (CILH) was founded in 2007 and currently owns and operates nine single-family homes for adults with intellectual disabilities. Michael shares that they have been quietly operating in the community for many years but they are looking to rise to the occasion, and be an active partner in expanding affordable living options for all people, but in particular community members with intellectual disabilities. “We want a deeper tie and to share our history with the community. We are envisioning a community imagined, community-driven, and community-owned initiative for people to live well in our neighbourhood,” he shared.
CILH has a new project in the works to build and operate an affordable co-housing development in the Leeds and Grenville region. The project will be a three-way partnership with a nearby township that will provide the parcel of land, and a developer of prefabricated cabins.
“We need to think about the price of the unit, the rent for the tenants, but also about the carrying costs to the tenant and to us as the property manager,” says Michael. “These cabins are amazing because they are extremely energy efficient, low maintenance and even come equipped with rooftop solar installations.” The organization has also been in conversations with a local renewable energy co-operative to expand the solar energy production possible on the site.
Financially, the organization is in a very stable position. With all nine properties nearing the end of their mortgage terms, there is sizable equity that can be leveraged for future projects. Despite having carried debt on multiple properties for many years, Michael shares that the Board of Directors still has trepidations about taking on the risk and opportunity of such an investment. “I think it all comes down to this being very new, and it seems sort of out of left field when compared to our current model.”
“There are some areas where we would definitely need help,” shares Michael, “I think particularly on the marketing and community outreach piece, we would need more support.” Michael is the only paid employee of the organization and only works part-time.
We concluded our call on a high note. Michael shared his excitement for doing something new and innovative, and for the potential to introduce the concept of community financing to the Leeds Grenville region. “I think we have the perfect storm here,” says Michael with a smile, “Coming out of COVID, I think we all have a new and deeper appreciation for community. I love the community bond model because it allows us to take direct action rather than wait for the big powers that be to decide if our community deserves funding.”
À propos de cette série de blogs
En octobre 2021, Tapestry a été sélectionnée pour participer à un projet de Société canadienne d'hypothèques et de logement (SCHL) appelé le programme Le défi de l'offre de logements. Ce concours novateur encourage les résidents, les parties intéressées et les experts de tout le pays à proposer des solutions créatives en matière de logement. L'objectif : aider à répondre au besoin pressant du Canada en logements sûrs et abordables en éliminant les obstacles à la création de nouvelles offres.
Tapestry a participé au deuxième tour du programme, Pour commencerCe programme vise à trouver des solutions aux problèmes de pré-développement, tels que la résistance de la communauté et l'obtention de financements. Le programme a accordé un financement d'incubation aux 29 organisations sélectionnées pour leur permettre de développer et de tester leurs propositions de solutions.
Au cours de six mois de recherche et de consultation, nous avons eu l'occasion de nous entretenir avec plus de 40 parties intéressées du secteur du logement abordable, des fournisseurs de logements aux consultants en développement, en passant par les bailleurs de fonds et les prêteurs. Chacune des personnes et organisations consultées a contribué à la conception de notre proposition de solution.
La série de blogs "Financing Affordable Housing with the Power of Community" (Financement de logements abordables avec le pouvoir de la communauté) partage les leçons apprises et les histoires entendues de certaines des organisations extraordinaires avec lesquelles nous avons établi des partenariats.