{"id":1067,"date":"2022-07-12T19:32:23","date_gmt":"2022-07-12T19:32:23","guid":{"rendered":"https:\/\/tapestrycapital.ca\/?p=1067"},"modified":"2022-07-13T18:48:37","modified_gmt":"2022-07-13T18:48:37","slug":"financing-affordable-housing-kmclt","status":"publish","type":"post","link":"https:\/\/tapestrycapital.ca\/fr\/financing-affordable-housing-kmclt\/","title":{"rendered":"Financement de logements abordables : Kensington Market Community Land Trust\u00a0"},"content":{"rendered":"

En octobre 2021, Tapestry a \u00e9t\u00e9 s\u00e9lectionn\u00e9e pour participer \u00e0 un projet de Soci\u00e9t\u00e9 canadienne d'hypoth\u00e8ques et de logement<\/a> (SCHL) appel\u00e9 le programme <\/span>Le d\u00e9fi de l'offre de logements<\/span><\/i><\/a>. Ce concours novateur encourage les r\u00e9sidents, les parties int\u00e9ress\u00e9es et les experts de tout le pays \u00e0 proposer des solutions cr\u00e9atives en mati\u00e8re de logement. L'objectif : aider \u00e0 r\u00e9pondre au besoin pressant du Canada en logements s\u00fbrs et abordables en \u00e9liminant les obstacles \u00e0 la cr\u00e9ation de nouvelles offres.<\/span><\/p>\n

Tapestry a particip\u00e9 au deuxi\u00e8me tour du programme, Pour commencer<\/a>Ce programme vise \u00e0 trouver des solutions aux probl\u00e8mes de pr\u00e9-d\u00e9veloppement, tels que la r\u00e9sistance de la communaut\u00e9 et l'obtention de financements. Le programme a accord\u00e9 un financement d'incubation aux 29 organisations s\u00e9lectionn\u00e9es pour leur permettre de d\u00e9velopper et de tester leurs propositions de solutions.\u00a0<\/span><\/p>\n

Au cours de six mois de recherche et de consultation, nous avons eu l'occasion de nous entretenir avec plus de 40 parties int\u00e9ress\u00e9es du secteur du logement abordable, des fournisseurs de logements aux consultants en d\u00e9veloppement, en passant par les bailleurs de fonds et les pr\u00eateurs. Chacune des personnes et organisations consult\u00e9es a contribu\u00e9 \u00e0 la conception de notre proposition de solution.\u00a0<\/span><\/p>\n

In this blog series, \u201cFinancing Affordable Housing with the Power of Community\u201d, we will be sharing the lessons learnt and stories heard from some of the amazing organizations that we have partnered with, including Kensington Market Community Land Trust, featured in this article.<\/span><\/p>\n

Kensington Market is under tremendous economic and development pressure.<\/h3>\n

Renters are being pushed out of their homes, food sellers are losing their stores and diversity and affordability – the very soul of the Market – are under threat.\u00a0<\/span>The Kensington Market Community Land Trust (KMCLT) is a grassroots organization actively addressing this crisis. The land trust acquires and provides management of land, in perpetuity, removing properties from the pressures of the commercial real estate market.<\/span><\/p>\n

\"\"<\/span><\/p>\n

We had the pleasure of sitting down with Chiyi Tam, the Executive Director of KMCLT, to learn more about the land trust\u2019s goals and plans for acquiring properties. We got right into it when Chiyi began telling us the story of how KMCLT came to own their first property last year – with only a $75 balance in their bank account at the time and a $6.25 million ticket price on the building.\u00a0<\/span><\/p>\n

\u201cIt was truly amazing,\u201d Chiyi shared, \u201cas the story often does, it began with community organizing.\u201d In 2018, tenants living in 54-56 Kensington, a 12-unit residential building, were unfairly threatened with illegal eviction. \u201cIt was very clear that the landlord\u2019s intention was to convert the units into short-term rentals, and the only way to prevent this was to keep those tenants in place.\u201d\u00a0<\/span><\/p>\n

The community activated quickly, and with the support of individual neighbours, the Friends of Kensington Market and Kensington-Bellwoods Community Legal Services, all tenants resisted the eviction attempt and remained in their units. <\/span><\/p>\n

\"\"<\/span><\/p>\n

Two years later, the building came up for sale. <\/span>With leadership from City Councilor Mike Layton, The City of Toronto stepped in with a $3 million forgivable loan, recognizing that if this building was purchased privately it would mean losing affordable housing units; and a down payment was made possible through a neighbour in the market that personally put up $300,000.\u00a0<\/span><\/p>\n

To complete the financing puzzle, KMCLT worked with a number of financial institutions, including Vancity Community Investment Bank, which Chiyi says played a critical role in mentoring them through the process, and Alterna, who came through with the mortgage. They also received a very last-minute 0% vendor take-back (VTB) mortgage for $250,000 to cover the remaining capital costs. \u201cI was concerned about repaying the VTB through fundraising, but within a week of the news getting out, we had collected $12,000 in donations,\u201d shared Chiyi.\u00a0<\/span><\/p>\n

\"\"<\/span><\/p>\n

With their first project under their belt, Chiyi shares that they are ready to take on a second project. \u201cNeighbours and community members have been mapping property ownership and building types in our area, helping us identify acquisition targets and buildings at risk of private redevelopment. That’s our shopping list.\u201d Chiyi shares with a smile.\u00a0<\/span><\/p>\n

Chiyi believes Community Bonds could be an important piece of their financing for acquiring new properties, or potentially developing a new mixed-use, mixed-income build in the pipeline. It is clear that what KMCLT is doing is resonating and there is widespread community support, not just in Kensington Market among residents and businesses, but across the entire city. \u201cEveryone benefits from this amazing place and wants to maintain its eclectic, inclusive soul.\u201d<\/span><\/p>\n

Chiyi shared that there was much discussion among their Board about the direction of their future financing. \u201cThey understood the different risks and costs associated with pursuing a traditional charitable approach and taking on investment. I think this comes down to our overall financial literacy as an organization, and our core values about how we are held accountable by our members, donors, and investors.\u201d<\/span><\/p>\n

A key takeaway from our conversation is the power of connecting with like-minded organizations to learn through their experiences. Chiyi highlighted that the mentorship they received from the Parkdale Neighbourhood Land Trust in acquiring their first property was invaluable. <\/span>\u201cIt was like group therapy for the anxiety of going through a commercial acquisition project,\u201d says Chiyi with a sigh of relief that that chapter has closed. \u201cI don\u2019t think we could have done it without that direct transfer of knowledge and support.\u201d <\/span><\/p>\n

Chiyi hopes to be able to work with Tapestry and pilot the Community Bond model for other land trusts to be able to replicate in the future.<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

*Please note the \u2019Financing affordable housing with the power of community\u2019 project received Incubation Funding under the Housing Supply Challenge \u2013 Getting Started Round, however, the views expressed are the personal views of the author and CMHC accepts no responsibility for them.<\/em><\/p>\n

**Photos provided courtesy of Kensington Market Community Land Trust www.kmclt.ca<\/a><\/em><\/p>","protected":false},"excerpt":{"rendered":"

In October 2021, Tapestry was selected to take part in a Canadian Mortgage and Housing Corporation (CMHC) program called the Housing Supply Challenge. This innovative competition encourages residents, interested parties,…<\/p>","protected":false},"author":14,"featured_media":1068,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"mc4wp_mailchimp_campaign":[],"footnotes":""},"categories":[59],"tags":[],"class_list":["post-1067","post","type-post","status-publish","format-standard","has-post-thumbnail","category-affordable-housing"],"yoast_head":"\nFinancing Affordable Housing: Kensington Market Community Land Trust\u00a0 - Tapestry Capital<\/title>\n<meta name=\"description\" content=\"Tapestry had the pleasure of sitting down with Chiyi Tam, the Executive Director of Kensington Market Community Land Trust, to learn more about the land trust\u2019s goals and plans for acquiring properties and protecting them from the pressures of the commercial real estate market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tapestrycapital.ca\/fr\/financing-affordable-housing-kmclt\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financing Affordable Housing: Kensington Market Community Land Trust\u00a0 - 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