Foundation Grants First Loan for Affordable Housing Project

Jul. 26, 2016

Safe and affordable housing is essential for our community to thrive. A home helps create a sense of belonging, identity and community; it makes us feel whole. For people experiencing poverty, mental illness, addiction or unemployment, a home gives them the stability they need to move forward. 

Thanks to donors who have contributed to London Community Foundation’s Loan Fund, a new affordable housing unit in downtown London will be made a reality. 

The loan will enable Marvin Rivas, owner/operator of Che Restobar to purchase and renovate the 228–230 Dundas Street heritage building, creating 30 one bedroom affordable apartments and ground floor commercial space to be operated as a bar/restaurant. Listed as a Priority 1 Heritage Building of the Chicago commercial architectural style, the redevelopment will include the restoration of the front façade to conserve the features.

According to the Foundation’s 2014 Vital Signs report, the wait time for affordable housing in 2013 was 1.5 years. Furthermore, though London boasts some of the most affordable housing for buyers, there is a high proportion of Londoners who spend more than 30% of their income on rent!

Martha Powell, President & CEO of London Community Foundation says that getting people housed is a priority if we wish to tackle other issues in our community such as poverty and mental health.

“Without proper housing, people are put at risk of multiple vulnerabilities,” says Powell. “Everyone in our community deserves the right to be safely housed. Housing provides people with the stability they need to get back on their feet.”

Currently the Loan Fund’s main priority is the development of safe and affordable housing in the London community. With access to funding that they typically couldn’t get from a bank, groups can further their mission more efficiently and effectively. Offering builders of affordable housing up to $500,000, the Loan Fund is a social investment that contributes to building a resilient community.

Imagine the possibilities when you invest with a passion. Real change. Real results. A stronger, more vibrant community. When you give to the Loan Fund, your investment builds long-term capacity while funding short-term projects that make a difference today. Contact us today for more information at 519-667-1600.