HAMILTON, Ontario, March 22, 2024 (GLOBE NEWSWIRE) -- Indwell, a Hamilton-based charity that supports vulnerable adults dealing with mental health challenges, has launched the Hope & Homes Hamilton Community Bond. Indwell is raising $5M in financing through community bonds to launch four projects that will create an additional 140 units of supportive and affordable housing in Hamilton to provide individuals that face chronic homelessness with a foundation to flourish.
Community bonds are a proven financing tool that allows individuals and organizations to invest in the projects and build community resilience, while earning a financial return. Indwell will offer their community of supporters the opportunity to help finance pre-development activities for upcoming affordable housing projects.
With investment minimums as low as $1,000 and interest rates of up to 5%, Hope & Homes Hamilton Community Bonds are designed to attract a wide range of investors from Hamilton and area residents, businesses, organizations, and foundations across Canada. Indwell’s Hope & Homes Hamilton Community Bonds will also be eligible to be held in RRSP/TFSA in coming months, making it easier for investors to make contributions.
The investments will be administered by Tapestry Community Capital, a community investment and social finance leader that has successfully advised qualified issuers in raising over $100 million in community bonds.
The 2021 Census data shows that an estimated 8.3% of Ontario-residents lived in poverty. The cost-of-living crisis has made life unstable for almost a third of households, with young adults being the most vulnerable. Today, the problem has accelerated — especially in Hamilton, where about 47% of people experiencing homelessness are considered to be chronically homeless. The city is facing a state of emergency related to homelessness, opioid addiction, and mental health.
Inflation has made matters worse by growing the gap in what people can afford for rent. Since 2013, the shelter allowance for people with diagnosed disabilities has risen from $479 to $522/month, a mere increase of $45. Meanwhile, rents for apartments have soared — in Hamilton, people are hard pressed to find a decent (much less barrier-free) one-bedroom apartment for $1,800.
Jeff Neven, Chief Executive Officer, Indwell, said “At Indwell, we are seeing homelessness being catapulted into a size never seen before. This is happening because there is a systematic challenge in providing care to people suffering from a mental health crisis or substance use disorder. There can be many solutions to this issue, but safe and adequate housing with support is what’s really key in improving the quality of life and taking people out of a chronic homelessness cycle.”
“We want to grow our supportive housing in Hamilton, but the biggest hurdle is obtaining capital for asset acquisition, design, and development. By issuing community bonds, we’re mobilizing our community of supporters to invest in the four projects that will increase the supply of supportive housing in Hamilton,” Neven added on Indwell’s Hope and Homes Hamilton Bond campaign.
On average, it takes organizations like Indwell 61 weeks to apply for government funding and to receive the first capital (dollars in). This is a significant challenge that is expensive and limiting for Indwell in developing new affordable, supportive housing. Community investment in these bonds will directly contribute to pre-development activities of four projects. These activities include architectural and engineering design, site assessment and remediation, and obtaining necessary permits and approvals. The vital community financing will ensure that Indwell can move forward without delay, bringing these essential housing projects to life and creating tangible hope for Hamilton.
Through its four new developments, Indwell will ensure that support wraps around their tenants, providing health and other professional care that empower individuals — who otherwise would have been unhoused or living in precarious housing — to thrive.
Indwell is a well-respected provider of supportive housing and is involved in various networks, working groups, and planning tables with the goal of creating and implementing permanent solutions to homelessness. Currently, Indwell supports 574 people in 534 homes in Hamilton. Across Southern and Southwestern Ontario, Indwell’s communities support over 1,200 tenants in 28 programs. By July 2024, Indwell plans to increase its support to over 1,500 people with affordable homes and therapeutic relationships.
Investors can learn more about the Hope & Homes Hamilton Bond and how to invest by visiting
https://indwell.ca/hope-and-homes-hamilton-community-bonds
About Indwell
Indwell is a growing Christian charity that responds to the urgent need to address homelessness in Southern and Southwestern Ontario by creating and operating high-quality, affordable supportive housing with the support of community and government partners. Indwell supports tenants in 870 apartments in Hamilton, Woodstock, Norfolk County, London, Waterloo Region, Mississauga, and St. Thomas —expanding into Chatham-Kent and within most of these regions. Indwell provides supports that empower tenants to achieve their health goals and actively engage in the life of their communities.
Media contact:
Yulu PR
tapestry@yulupr.com
778-955-0448
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