Ontario Construction News staff writer
SIMCOE COUNTY – Redwood Park Communities, a non-profit dedicated to providing safe, affordable, and supportive housing, launched its inaugural Redwood Community Housing Bonds campaign today. The organization aims to raise $10 million through this initiative to fund upcoming affordable housing projects in Barrie, Midland, and Orillia.
The campaign invites individuals, organizations, and foundations across Canada to invest in Redwood Community Housing Bonds. These bonds offer a financial return while contributing to the development of local affordable housing solutions. The funds raised will support various projects, including a 96-unit senior living development in Orillia and an expansion of an existing Redwood property in Midland to add 20 units of supported affordable housing along with a social enterprise space.
Redwood Park Communities addresses diverse housing needs, including those of individuals transitioning from homelessness, adults with developmental disabilities, and seniors, through strategic partnerships.
“We can’t rely solely on government funding for all our housing needs, so we’re engaging the community directly,” said Tim Kent, co-founder and CEO of Redwood Park Communities, emphasizes the growing need for affordable housing in Simcoe County and the role of non-profit initiatives. “By investing in Redwood’s Community Housing Bonds, people can achieve a financial return and make a tangible difference in their own neighborhoods.”
Bonds are available for purchase with a minimum investment of $2,500, offering interest rates between 3% and 4.5%, depending on the bond term. Tapestry Community Capital, a leader in community investment and social finance, will administer the bonds and has helped raise over $100 million in community bonds.
Redwood Park Communities has a strong track record, having developed 59 units of affordable housing in the past decade through various initiatives and partnerships. These include United House for women and children fleeing violence, the Second Suites program in collaboration with Community Builders and homeowners, Lucy’s Place for those who have experienced chronic homelessness, and the forthcoming Lillian Place, a unique centre for families in housing crisis.
For more information on the campaign, visit: redwoodparkcommunities.com/bonds.