Apr. 02, 2013
Affordable housing is one of the most critical needs we face in London. That’s why affordable housing is the first priority of the Loan Fund: London Community Foundation’s newest way to give.
London Community Foundation is excited to introduce the Loan Fund, a social investment program that turns donations into capital loans for groups and individuals developing affordable housing solutions. Offering builders of affordable housing up to $500,000, the Loan Fund is a social investment that contributes to building a resilient community. Real results, local impact, and the opportunity to invest in social change are just a few of the many benefits for donors.
Tima Bansal, Canada Research Chair in Business Sustainability, has made one of London Community Foundation’s first donations to the Loan Fund. Not only will she be able to see the impact her donation has made overtime, but her donations will benefit the community in two ways: through the initial investment and the income generated from that investment.
“Imagine walking by a housing development and being able to say: ‘I helped that project.’ When you see changes in your community, that’s what gives money meaning,” Says Tima.
Currently, there are over 3000 families and individuals waiting for affordable housing in our community. According to London’s Affordable Housing Strategy, only 600 new units will be built over the next 5 years. The other 2500+ individuals will wait an average of at least eight years before they can access affordable housing. Tackling this issue is the Loan Fund’s main goal. Providing someone with a home they can afford is one of the most critical needs we face in our community.
Abe Oudshoorn, Housing First Advocate and Assistant Professor, Arthur Labatt School of Nursing, Western University says, “People need housing first. Regardless of how the person may be doing with mental health, addictions, unemployment or other problems, housing provides people with the stability to get into better patterns and get the help they need.”
To learn more about the Loan Fund click here.