MONTRÉAL, Oct. 11, 2017 /CNW Telbec/ - Together with several partners committed to offering low- and modest-income families access to quality affordable housing, the Groupe de ressources techniques Gérer son quartier, an organization linked to Bâtir son quartier, has acquired Les habitations Le Domaine, a residential complex consisting of 726 units in 111 buildings in Montréal's Mercier-Hochelaga-Maisonneuve borough.
The acquisition of this large family-oriented property was made possible by the Fonds immobilier de solidarité FTQ and the Lucie and André Chagnon Foundation, each of which granted a $9.6 million long-term loan. The Caisse d'économie Desjardins des Travailleuses et Travailleurs unis will be providing the mortgage, which will be insured by the Canada Mortgage and Housing Corporation (CMHC).
The official announcement was made in the presence of the Honourable Jean-Yves Duclos, federal Minister of Families, Children and Social Development, Édith Cyr, Managing Director of Bâtir son quartier, Gaétan Morin, President and CEO of the Fonds de solidarité FTQ, Normand Bélanger, President and CEO of the Fonds immobilier de solidarité FTQ, Jean-Marc Chouinard, President of the Fondation Lucie et André Chagnon, and Denis Berthiaume, Senior Executive Vice-President of Desjardins Group.
- Real estate complex consisting of 726 affordable units in 111 buildings;
- 76% of the units will charge the median rent in Montréal;
- Renovation costs are estimated at $13 million over about 10 years to upgrade, in particular, windows, roofing, kitchens and bathrooms;
- Most of the buildings consist of 6-plexes built between 1957 and 1959;
- Over 75% of the units have two or three bedrooms, an ideal size for families.
- The block bounded by Hochelaga Street to the south, Marseille to the north, De Repentigny to the west and Langelier Boulevard to the east, in Montréal's Mercier-Hochelaga-Maisonneuve borough;
- Near the Langelier metro station;
- Many services close by – shopping centre, elementary and high schools, public services
- Saint-Donat arena and a park
"Our Government works tirelessly to ensure that people in Montreal and across Canada have a safe and secure place to call home. The National Housing Strategy that we will announce later this fall places a high value on partnership and collaboration. This endeavour highlights that spirit perfectly. We are proud to share in this event as it is through collaboration and innovation that our housing needs will be met."
The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation
"By acquiring and renovating this large residential complex, we are ensuring Montréal families have access to affordable quality housing on the island. This is an exceptional opportunity for Bâtir son quartier, the community, the Chagnon Foundation and the Fonds immobilier to keep this property out of the speculative market and limit rent increases, which would be a burden for many households. Our goal is to work with our partners and tenants to create an exceptional living environment that espouses community values and makes services accessible to households. For instance, unused green space can be transformed into social spaces, playgrounds and community gardens."
Édith Cyr, Managing Director, Bâtir son quartier
"The Fonds immobilier de solidarité FTQ has been investing in socially responsible real estate for over 20 years in partnership with non-profits like Bâtir son quartier. We have spent $69 million to date on building or renovating over 3,500 units, including Le Domaine, a real estate complex that meets a genuine need for a quality environment for households that need bigger dwellings, a rare commodity in Montréal."
Gaétan Morin, President and CEO, Fonds de solidarité FTQ
"This property in the Mercier-Ouest neighbourhood, which was once neglected from a social point of view, has benefited from numerous community initiatives over the last 25 years that have since been maintained. Preserving this vast affordable family-oriented rental property is extremely important for the community, because strong ties have been forged here between tenants and local community organizations. The best part of this project is the large number – 571 to be exact – of family units that will be available at affordable rents. The mission of the Lucie and André Chagnon Foundation is to prevent poverty. To this end, it focuses on the educational success of young people by helping them reach their full potential and by putting in place conditions that meet their needs and those of their families. We are therefore very happy to invest in this project to improve the availability of housing in the neighbourhood."
Jean-Marc Chouinard, President, Lucie and André Chagnon Foundation
About Gérer son quartier
Gérer son quartier was founded in 1996 on the initiative of the member organizations of the Groupe de ressources techniques (GRT) Bâtir son quartier to offer a community property management service in the neighbourhoods where it is active and where no such service exists. Gérer son quartier also acquires buildings in various Montréal neighbourhoods in order to provide a long-term, effective solution to the housing needs of low- and middle-income households and in so doing, contribute to the development of a lasting legacy of property assets.
About Bâtir son quartier
Bâtir son quartier is a social economy organization that coordinates the development of community housing and real estate projects in order to create supportive living environments for low- and modest-income households. Since its first initiative in 1976, Bâtir son quartier has completed more than 420 non-profit or cooperative projects for a total of almost 12,000 housing units in Greater Montreal, as well as numerous day care centres, community centres and facilities for social economy organizations.
About the Lucie and André Chagnon Foundation
The mission of the Lucie and André Chagnon Foundation is to prevent poverty by contributing to the educational success of young people living in Québec from conception to age 17 by helping them develop their full potential. To this end, the Foundation provides long-term support to organizations that work together in order to increase educational success. www.fondationchagnon.org
About the Fonds immobilier de solidarité FTQ
Created in 1991, the Fonds immobilier de solidarité FTQ promotes economic growth and employment in Québec by strategically investing in profitable and socially responsible real estate projects in partnership with other industry leaders. The Fonds immobilier backs residential, office, commercial, institutional and industrial projects of all sizes across Québec, and is a member of the Canada Green Building Council. Visit www.fondsimmobilierftq.com
SOURCE Bâtir son quartier
For further information: Valérie Fortin, Head of Communications, Bâtir son quartier, Tel.: 514 933-2755, ext. 316, email@example.com; Patrick McQuilken, Senior Advisor, Media Relations and Communications, Fonds de solidarité FTQ, Tel.: 514 850-4835, Mobile: 514 703-5587, firstname.lastname@example.org
The Fonds de solidarité FTQ is a development capital investment fund that channels the savings of Quebecers into investments. As at May 31, 2017, the organization had $13.1 billion in net assets, and through its current portfolio of investments has helped create and protect 186,440 jobs. The Fonds is a partner in more than 2,700 companies and has 645,664 shareholder-savers.