Indigenous investment firm and CMHC announce pilot project to fund home construction
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Hey there, time traveller!
This article was published 18/04/2023 (927 days ago), so information in it may no longer be current.
OTTAWA – An Indigenous-owned investment firm is partnering with the Canada Mortgage and Housing Corporation to build several hundred homes for Indigenous communities.
Keewaywin Capital Inc. announced Tuesday that it anticipates building between 150 and 225 homes in the first year of the Accelerated Construction Pilot Project.
In a release Tuesday, the firm says it anticipates funding between 330 and 500 homes throughout the entire life cycle of the pilot project.
The project will see Keewaywin provide short-term construction loans to Indigenous communities, while CMHC will provide program coordination and support to the communities.
Keewaywin says it hopes to raise an initial $100 million for the pilot project and other housing projects in Indigenous communities.
Statistics Canada says in 2021, more than one in six Indigenous people lived in crowded housing, while more than 16 per cent lived in a dwelling that needed major repairs.
Keewaywin says the project is an important step to demonstrate that private credit can be a viable and low-risk way to loan money to Indigenous communities without relying solely on government funding.
It says loans from financial institutions are often not readily accessible to Indigenous communities without government involvement or backing.
If successful, the firm says this pilot project could serve as a model for future projects.
“This project is just the beginning of what I know can be a generational shift in how Indigenous-backed financing and business acumen are used to create wealth, while also lifting up our Indigenous communities,” said Keewaywin president and CEO Tracee Smith in the press release.
Smith, who is from Missanabie Cree First Nation in Ontario, developed and proposed the pilot project.
“Together with CMHC, I believe we have developed a financing model to inspire other Indigenous innovators and business leaders to put their ideas forward,” she said.
CMHC president and CEO Romy Bowers said in the release that Canada is facing a housing shortage, particularly in Indigenous communities.
“We are exploring innovative partnership models and are excited to support the Accelerated Construction Pilot Project led by Keewaywin to help us get more people homes more quickly,” said Bowers. “As the project evolves, we hope to grow our partnership with Keewaywin Capital and explore other partnerships to support our strategic goals.”
This report by The Canadian Press was first published April 18, 2023.