There are five options for those wishing to invest. Photo Credit: Indwell.
Hamilton-based affordable housing charity Indwell has launched a new community bonds program in the hopes of raising the $5 million needed to launch four projects that will create 140 units of supportive and affordable housing.
The new program, called the Hope and Homes Hamilton Community Bond, allows people to invest money with the organization while receiving annual interest payments with the principal amount repaid at maturity.
In other words, the program allows investors to make money while Indwell builds affordable homes.
The investments are administered by Tapestry Community Capital, a community investment and social finance specialist.
The funds help finance pre-development activities for Indwell’s upcoming affordable housing projects and allow investors to earn a financial return at the same time.
There are five options for those wishing to invest.
Series A is a three-year term with a 3.5 per cent interest rate and requires a minimum investment of $1,000.
Series B is a three-year term with a 4.0 per cent interest rate and requires a minimum investment of $5,000.
Series C is a three-year term with a 4.0 per cent interest rate, requires a minimum investment of $10,000, and is eligible for registered products such as RRSPs and TFSAs.
Series D is a three-year term with a 4.5 per cent interest rate and minimum investment of $25,000.
And Series E is a five-year term with a 5.0 per cent interest rate and minimum investment of $50,000.
The organization has designed the bonds to attract a wide range of investors from Hamilton area residents to businesses, organizations, and foundations across Canada.
Jeff Neven, the Chief Executive Officer at Indwell, says that they “are seeing homelessness being catapulted into a size never seen before.”
“This is happening because there is a systematic challenge in providing care to people suffering from a mental health crisis or substance use disorder,” said Neven. “There can be many solutions to this issue, but safe and adequate housing with support is what’s really key in improving the quality of life and taking people out of a chronic homelessness cycle.”
“We want to grow our supportive housing in Hamilton, but the biggest hurdle is obtaining capital for asset acquisition, design, and development. By issuing community bonds, we’re mobilizing our community of supporters to invest in the four projects that will increase the supply of supportive housing in Hamilton,” Neven adds on the Hope and Homes Hamilton Bond campaign.
Those interested in learning more about the program and investing can visit Indwell’s Hope and Homes Hamilton Bond site here.
Based in Hamilton, he reaches hundreds of thousands of people monthly on Facebook, Instagram, TikTok, and Twitter. He has been published in The Hamilton Spectator, Stoney Creek News, and Bay Observer. He has also been a segment host with Cable 14 Hamilton. In 2017, he received the Chancellor Full Tuition Scholarship from the University of Ottawa (BA, 2022). He has also received the Governor General’s Academic Medal. He formerly worked in a non-partisan role on Parliament Hill in Ottawa.
