Zerin Place Feels Like Home: Social Impact Fund in Action

Zerin Place Feels Like Home

Social Impact Fund in Action

“The night I moved in, I sat in this chair and looked out the window. I didn’t have any blinds or curtains up yet, but I thought to myself, I finally feel home.”

This is what Barbara Cobbe, a Zerin Place resident of six years, said when asked about the impact the building has had on her life.

When Barbara's husband passed away, she could no longer afford the rent at her apartment. With a fixed income, it can be a unique challenge to find an affordable place to live, eat and still have money left over at the end of the day.

Barbara not only appreciates the affordability, but she also appreciates the community that Zerin has built.

“When the elevator was under construction the whole building came together. People were sharing walkers and grocery services, and we all helped each other up and down the stairs,” she says. “I’ve always been a people person, so I like attending the teas put on by the building’s superintendent. Just because you’re a senior doesn’t mean you can’t enjoy life.”

The unfortunate reality is that for many Londoners, a safe and affordable home in a supportive community is out of reach.

“The City of London has the fourth greatest need for affordable housing in all of Canada,” says Paul Fitzgeorge, Zerin’s Board President. “Slotted behind only Vancouver, Toronto and Calgary, the vacancy rate based on current numbers is 1.4%, which means there are thousands of families that do not have a permanent place they can call home.”

Zerin Development Corporation has been involved in affordable housing in London for close to 35 years. With support from an LCF loan, they will break ground on a second housing development this spring. A mixed demographic, 65-unit building, the new development will include rent-geared-to-income units at 30% of a tenant’s income, units at an ‘affordable rent’ (up to 80% of mean market rent), and the rest at market rent.

The new development will be located at 440 Clarke Road and close to retail needs, public transit access, and employment opportunities. A perfect location for an affordable housing development, this building in East London is many years overdue.

“The development of affordable housing takes a large upfront investment,” says Paul. “The loan from London Community Foundation allowed us to acquire the land for the development and will lead to further funding from the government. It relieves a lot of stress and takes a major weight off our shoulders.”

Because of our donors, LCF has the ability to loan funds on a short-term basis, which is crucial for the development of affordable housing. These low-interest loans make it possible for developers like Zerin to tackle London’s housing crisis and create a community where everyone belongs.

“I’m very thankful to be here,” says Barbara. “I hope more people can have the opportunity to enjoy where they’re living, and know at the end of the day they have a place to call home.”

“It should not be a privelege to have a place to call home – it should be a right of all Londoners. By working together, we may someday provide a home for everyone in our fine city of London.”

– Paul Fitzgeorge

Social Impact Fund: A revolving loan fund that uses payments on old loans to issue new ones, providing financing to social enterprise projects and organizations that are looking to improve the community and can demonstrate a social return or value.