Kindred is celebrating the second anniversary of our Affordable Housing GICTM! Unique to the market, it is Canada’s first GIC in which investors can earn a guaranteed, competitive rate while helping to address the affordable housing crisis through the financing of housing projects.
The Affordable Housing GIC reflects Kindred’s commitment to mutual aid and how we partner with our members and community partners to inspire peaceful, just, and prosperous communities. Housing is one of Kindred’s social impact themes, which recognizes the urgent and ongoing need for safe and affordable housing. As highlighted by Waterloo Region Community Foundation’s (WRCF) Vital Signs® report in 2023, Southwestern Ontario has seen Canada’s steepest price climbs since 2005; home prices in Kitchener-Waterloo have risen by 295% since 2005, 84 percentage points faster than the Canadian average.
During the initial pilot of the Affordable Housing GIC, the corresponding loans were only available to projects in Waterloo Region and we’re excited to share that we recently expanded the availability to all the communities we serve in southwestern Ontario!
Kindred is honoured to help support the financing of affordable housing projects that have, or will soon, result in the creation of 110 affordable housing units. Tackling affordable housing can require creativity, and we are inspired by the diversity of solutions we have come across – look no further than the housing conversion of the New Hamburg Mill! You can read more about some notable projects, visit our most recent blogs.
Kindred and WRCF originally partnered to develop an innovative solution that has the potential to make a difference for people in the communities we serve to find a place to call home. The goal of the Affordable Housing GIC is to support lending for the development of long-term, permanent affordable housing. For more details on how the product works, please visit kindredcu.com.
Kindred is committed to making a difference in affordable housing, and we’re excited to see the future development of our Affordable Housing GIC and Loan and how it makes a meaningful impact in our communities.
Follow us on social media for more news regarding Canada's first Affordable Housing GIC. Anyone interested in learning more about either investing in the GIC or how a loan might be suitable for an affordable housing project, please Contact Us. We’re here to help!