The Fonds d’investissement de Montreal (FIM) has announced its fourth capitalisation phase to improve community housing in Canada.
Over CAD$20m will be invested to transform or renovate multi-unit rental properties in the greater Montreal area, in Quebec. The funds represent an increase of more than 150% over the previous capitalisation phase.
Dedicated to the development of co-operative or non-profit social housing, the investments will be entrusted to non-profit organisations that plan to acquire and renovate buildings and are concerned with permitting residents to remain in their dwellings.
“For 20 years, FIM’s mission has been to provide urban neighbourhoods with a new social and economic vitality,” said founder and president Phyllis Lambert. “Already, FIM has enabled over 750 low- or medium-income households to improve their housing conditions.”
Concerned with the pressing need for housing, investors have responded with enthusiasm to the call for the new investment phase.
FIM offers private investors yields of 4 to 6% and the opportunity to ameliorate local economic issues, helping to maintain Montreal’s stock of rental properties, and the creation of living environments in which rents are sustained at an affordable level.
Desjardins Group is one of six investors from previous phases and has renewed its commitment to FIM.
Martin Brunelle, director of the Office of Strategy and Innovation, said: “Desjardins is very proud to take part in this project. Not only does it increase the social and economic well-being of people and communities, but it also strengthens all of the values that our organisation has been promoting from its earliest years.”
Future projects to acquire residential properties are being studied. These will help continue to answer the need for social and community housing throughout the metropolitan area.
The FIM was incorporated in 1996. With investments of $16m to date, it has leveraged projects with a total value of over $44m and has contributed to the renovation of 31 buildings in Greater Montreal.