Indwell, the fastest-growing developer of new supportive affordable housing in Ontario, recently announced that they are starting a new non-profit called Gather Housing Communities to build affordable rental housing for people earning below the median income in Southern Ontario.
The Indwell Family of Companies now includes Indwell, Gather, and Flourish (a social purpose real estate development services company).
In a press release, Indwell says that Ontario’s housing crisis “extends far beyond homelessness.”
They add that housing development “has historically focused on attracting high-income households, leaving those earning between $30,000 and $90,000 without affordable options.”
“These ‘missing middle’ households include crucial healthcare, manufacturing and service workers, young families, seniors, newcomers, and single-income earners – people who are increasingly priced out of their own communities.”
Research shows that nearly one-third of renters in Canada now spend more than 30 per cent of their income on housing, and that 18 per cent spend over half.
Indwell says that Gather was created “to address this gap.”
Gather’s first project will be located at 1907 King St. E, across from the Metro plaza near East Hamilton’s Rosedale neighbourhood.
The property is the site of the former Faith Lutheran Church, which was sold to Indwell by the church community at half of the appraised value.
The church will be demolished, and a rental apartment building of approximately 10 storeys will take its place.
Gather plans to create 164 affordable rental homes at the site, ensuring that households spend no more than 30 per cent of their income on rent.
Approximately 30 per cent of the units will also be eligible for municipal rent subsidies.
Jeff Neven, CEO of the Indwell Family of Companies, says, “Gather was created to meet the needs of the growing number of working households and individuals, newcomers and seniors who are being priced out of today’s rental market.”
Gather has also launched a $15-million Community Bond Campaign to mobilize community investment for its projects.
The investments from community bonds will allow Gather to acquire land, complete designs, and prepare projects for construction and long-term government financing.
The campaign will create a revolving fund for pre-construction costs that will be recycled from one project to the next.
Gather is aiming to deliver 500 units in its first five years and more than 300 units per year thereafter.
Those interested in the Gather Affordable Housing Community Bond can visit www.gatherhousing.ca/investors.
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