{"id":2522,"date":"2024-11-25T18:09:56","date_gmt":"2024-11-25T18:09:56","guid":{"rendered":"https:\/\/tapestrycapital.ca\/?p=2522"},"modified":"2024-11-25T18:19:31","modified_gmt":"2024-11-25T18:19:31","slug":"tapestry-community-capital-cmhc-housing-supply-challenge-finalist","status":"publish","type":"post","link":"https:\/\/tapestrycapital.ca\/fr\/tapestry-community-capital-cmhc-housing-supply-challenge-finalist\/","title":{"rendered":"Tapestry Community Capital to receive $3M as a CMHC Housing Supply Challenge finalist"},"content":{"rendered":"

The Canada Mortgage and Housing Corporation (CMHC) Housing Supply Challenge has named Tapestry Community Capital a finalist, awarding the organization a $3 million prize to scale up Canada\u2019s community finance market for affordable housing.\u00a0<\/span><\/p>\n

Tapestry works with charities, nonprofits and cooperatives, including 19 <\/span>affordable housing providers<\/span><\/a>, to support them in raising capital using a tool called community bonds. Housing organizations issue community bonds \u2014 which can be purchased by anyone in and beyond their communities \u2014\u00a0to finance any part of the development process. Community bonds allow these providers to take control of their financing, since they can set their bond terms to align with their project timelines, rather than relying on grant cycles or accepting terms offered by commercial lenders.\u00a0<\/span><\/p>\n

The investment vehicle also allows organizations to engage everyday Canadians in solving the housing crisis via their investments \u2014 and to offer returns directly to their communities, making community bonds a local economic development tool, too.\u00a0<\/span><\/p>\n

Ryan Collins-Swartz, Tapestry\u2019s Co-Executive Director, says: “Canadians witness the effects of our broken housing system daily, but feel powerless to make a difference. It doesn’t have to be this way. By investing in community bonds, people across the country are directly funding affordable housing for their neighbours. Tapestry is working to make community bonds mainstream, empowering thousands of Canadians to help solve the housing crisis. We’re grateful to the CMHC Housing Supply Challenge for its support, which will accelerate this work.”\u00a0<\/span><\/p>\n

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The Tapestry Community Capital team.<\/p><\/div>\n<\/div>\n

With the Housing Supply Challenge prize, Tapestry will continue its work on three key initiatives:\u00a0<\/span><\/p>\n