F.I.M. Enters Second Development Phase: $4.1 Million Dedicated to Community Housing in Montréal

    MONTREAL, Oct. 26 /CNW Telbec/ - The Fonds d'investissement de Montréal
("F.I.M."), a limited partnership chaired by Phyllis Lambert, is launching its
second development phase in the renovation of affordable community housing.
F.I.M. plans to invest $4.1 million over three years, which will give some
250 families access to low-cost, quality housing in a safe environment.
F.I.M.'s first renovation project, on Pelletier Street, is nearing completion.
    F.I.M.'s first phase began in 1997 following the Summit on the Economy
and Employment held the previous year. As part of this phase, over
300 community dwellings were renovated, which helped revitalize several
Montréal neighbourhoods. Now, thanks to the financial support of Fondation
Lucie et André Chagnon, Solidarity Fund QFL, National Bank, Caisse d'économie
Solidaire, Hydro-Québec and Claridge Inc., a second phase is beginning with
the creation of F.I.M. II. The objectives remain the same, i.e., to help
revitalize Montréal neighbourhoods by renovating housing while creating jobs
and allowing local organizations to purchase and manage projects, enlisting
the involvement of the health, education and security sectors as well as
tenants and local communities.
    "F.I.M. is a unique initiative in Canada in that it gets the private
sector involved in community housing. The success of the first phase was
invaluable for low-income families, who were able to stabilize their situation
by spending less on housing, as well as develop a greater sense of belonging
in their neighbourhood. We are pleased to be able to do this again with our
financial partners in whom I have the utmost confidence. I would also like to
mention the tireless efforts of the F.I.M. Board of Directors in all the
projects we've tackled. We work together for the benefit of children, their
families and the community, all of which is ultimately good for Montréal,"
stated Mrs. Lambert, Board Chair of the Fonds d'investissement de Montréal I
and II and Board Chair of the Trustees of the Canadian Centre of Architecture
in Montréal.
    "We believe that living in a safe and decent place makes it easier for
families to adapt to their environment and plan their future with more
enthusiasm. We can connect with F.I.M.'s mission because their renovation
projects facilitate change by mobilizing the community and integrating local
resources, which maximizes the impact on families and their children. This is
why we think it's important to be involved in this new development phase,"
said André Chagnon, Board Chairman and CEO of Fondation Lucie et André
    "Contributing to job creation and community well-being is consistent with
our economic development and solidarity mission. We are involved in social and
community housing in a variety of ways, and working with F.I.M. is a shining
example for the Fund. We are very pleased to renew our commitment to Mrs.
Lambert and F.I.M. II's projects," affirmed René Roy, Secretary of the Board
of the Solidarity Fund QFL and General Secretary of the QFL.
    F.I.M. II's first project involves the buildings at 11460 and 11470
Pelletier Street in Montréal North. Upon completion in spring 2008,
60 dwellings will have been renovated. F.I.M. II is contributing $1.3 million,
which is the down payment of the Société d'habitation populaire de l'Est de
Montréal (SHAPEM), a not-for-profit organization that has purchased and will
be managing the buildings. For its part, the Montréal North borough fully
endorses the social housing projects on Pelletier Street.
    The coordination of F.I.M. II's operations, as well as the development
and execution of the projects, will be assumed by Bâtir son quartier, a
Montréal social economy company that owns over 8,000 social housing units and
has 30 years' experience in this field.

For further information:

For further information: The following telephone number is provided for
the exclusive use of journalists and other media representatives: Josée
Lagacé, Senior Press Relations and Communications Advisor, Solidarity Fund
QFL, (514) 850-4835, jlagace@fondsftq.com

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