Building affordable and supportive communities
Right now members of our community are searching for housing they can afford. Perhaps it’s a senior on a fixed income, a refugee family, or a developmentally challenged adult. A year from now, some of those community members will a place to call home, as MennoHomes opens the doors to its latest affordable housing project, supported by a Waterloo Region Community Foundation (WRCF) impact investment.
A new five-story apartment building at 544 Bridgeport Road near Lancaster is the latest project for MennoHomes, a non-profit that builds affordable housing for households with low income in Waterloo Region. When it’s finished, the building will house 40 one-bedroom units and eight two-bedroom units. A portion of the construction costs were financed with a $750,000, three-year unsecured loan from WRCF.
Dan Driedger, the Executive Director of MennoHomes, says the WRCF impact investment has had a significant impact on the project. The flexibility of having an unsecured loan meant that the funds could be used for the most urgent priorities, such as keeping the project moving forward in the midst of work stoppages caused by the pandemic.
“Not even necessarily having to use the funds, but knowing we could use them if we had to really helped me sleep better at night,” says Driedger. “It just really lowers the stress level as you go through all the highs and lows of what funding may and may not show up.”
Having the confidence of WRCF has also been a big boost.
“To have WRCF review our project, go through our financial statements and say, ‘This is an organization we trust and we want to invest in’ helps raise the profile of MennoHomes. And if that can catch the attention of other funders interested in being a part of this project, that’s invaluable,” says Driedger.
Construction is already underway on the project. MennoHomes is partnering with St. Paul’s Evangelical Lutheran Church, which owns the property where the apartment is being built, and Parents for Community Living (PCL), a charity that provides housing and supports for adults with developmental disabilities. Ten of the 48 units will be earmarked for clients of PCL.
As for the need for affordable housing in the Region, Driedger says he gets calls and emails every week from people desperately looking for help. For those who can access affordable units, it changes their lives.
“It’s interesting to see the bricks and mortar go up. And that tells a story. But the real story is what happens inside that building in a year from now when those people are moving in with a big grin on their face. That’s why we do it.”
To donate and learn more about the “A place to call home” project, please visit www.mennohomes.com. If you would like to learn more about partnering with WRCF to make impact investments, including establishing your own Donor Advised Fund – Invested for Impact, contact Dan Robert at dan@wrcf.ca or 519-725-1806 x 205.
Note: This story was written prior to Cambridge & North Dumfries Community Foundation and Kitchener Waterloo Community Foundation unifying to become Waterloo Region Community Foundation. Although the story was created by KWCF, we have updated the organization name to WRCF throughout the story.