Places for People (P4P), a nonprofit organization which creates and manages quality affordable housing in Ontario’s Haliburton County, has launched the county’s first community bond campaign.
The nonprofit said it will sell P4P Bonds to raise $850,000 to refinance current projects, with the goal of more than doubling their current affordable housing supply from 12 to 28 units over the next five years. P2P added it planned to expand its portfolio to include new, smaller, energy-efficient, multiunit developments while expanding its investor base to 75 individuals or organizations. The investment minimums will be as low as $1,000 and interest rates will be up to 5%.
“We’ve heard from a wide array of people in our community who are seeking opportunities to make a transformative social impact with their investment dollars,” says Jody Curry, president of P4P. “A major incentive is that investors can support affordable housing while feeling confident in the knowledge that P4P Bonds are backed and secured by our real estate. Their money stays in the county.”
The new housing would also fill a growing void in Haliburton, a tourist-focused region with relatively limited affordable housing options.
“Haliburton County faces a severe housing crisis due to a chronic shortage of affordable rentals, exacerbated by soaring real estate prices and population growth driven by Covid,” said P4P Founder and Vice President Fay Martin. “The population has surged by 13% from 2016 to spring of 2021, and this figure is projected to reach 21% once the full impact of Covid is realized. The demand for affordable rentals has reached unprecedented levels. Places for People aims to address this urgent need by creating more affordable housing. We seek to make this vision a reality through community bonds.”
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