A partnership between the Fonds immobilier de solidarité FTQ and Han-Logement
MAGOG, QC, Dec. 20, 2017 /CNW Telbec/ - The Fonds immobilier de solidarité FTQ and non-profit Han-Logement have teamed up on a 5-year, $15 million project that once completed will provide safe, affordable and physically accessible housing to 100 families living with a physical or intellectual disability.
- Construction of 100 quality, affordable apartments to meet the needs of persons with a physical or intellectual disability;
- The mostly 1-bedroom units will be spread across fourplexes with level access;
- Tenants will be eligible for a rent subsidy from Société d'Habitation du Québec that will see their net rent reduced to no more than 25% of their monthly income;
- In the Estrie region, mainly in the cities of Magog, Sherbrooke, Granby, Cowansville and Drummondville;
- The average monthly rent will be $650, representing 95% of the median rent in the region.
Business model for the construction of 25 fourplexes, a $15 million project
- A municipality donates the land to Han-Logement;
- Private donors make a charitable contribution to Han-Logement, which is seeking to raise $80,000 for each fourplex;
- Investissement Québec guarantees the private donations, which can be spread over five years;
- The Fonds immobilier de solidarité FTQ invests $2.56 million in an investment fund that makes loans repayable over 15 years;
- Desjardins Group provides the conventional construction loans.
Paul Champagne, General Manager of Han-Logement, believes that by giving, we can change lives, one day at a time. "Many people with physical or intellectual disabilities live in unadapted housing, which affects their independence and self-esteem. Since 2002, we have built 10 properties housing 73 units tailored to the need of this clientele, which does not have sufficient income for adequate housing. Our model is unique in that it relies on the generosity of private donors, without whom the projects never would have seen the light of day. Municipalities do their part by providing the land. Once the housing is built, community organizations get involved, offering tenants all manner of services to promote independence. We have a waitlist of 200 people, proving a genuine need for this type of housing. Our new partnership with the Fonds immobilier de solidarité FTQ comes just in time, allowing us to launch new projects in Sherbrooke, Granby, Cowansville and Drummondville," said Mr. Champagne.
"A real estate leader throughout Québec, the Fonds immobilier also supports initiatives in the social economy with $69 million invested to date in social, community and affordable housing projects involving the construction or renovation of 3,546 quality dwellings," added Normand Bélanger, President and Chief Executive Officer of the Fonds immobilier de solidarité FTQ. "This new project, which will see the construction of 100 units over the next 5 years, is perfectly in line with our mission to build a better society. I commend Han-Logement's business model, which calls on the community to do its part financially and otherwise, since everyone will benefit - occupants and the community alike. Our $2.56 million investment will create 130 jobs, which is also a motivator for us," concluded Mr. Bélanger.
Three of the planned twenty-five fourplexes have been completed:
- One fourplex at 30-36 rue Tupper, in Magog
- Two fourplexes at 250-256 and 258-264 rue Chénier, in Magog
About OBNL Han-Logement
Founded in 2002, Han-Logement seeks to improve the housing conditions of people with physical and/or intellectual disabilities whose modest income places adequate housing out of reach. The non-profit offers accessible, quality apartments at an affordable price. www.hanlogement.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. At May 31, 2017, the Fonds immobilier had 49 projects in progress, 45 properties under management and 14 million square feet of land slated for development. The Fonds immobilier is a member of the Canada Green Building Council.
SOURCE Fonds de solidarité FTQ
For further information: Josée Lagacé, Director, Communications and Marketing, Fonds immobilier de solidarité FTQ, Tel.: 514 847-5710 / Mobile: 514 707-5180, email@example.com
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.