MONTREAL — The Fonds immobilier de solidarite FTQ has announced a contribution of $15 million to the Fonds d’acquisition de Montreal (FAM) to support construction of community housing in the Montreal area.
The FAM extends temporary financing to housing co-ops and non-profit organizations so they can acquire land or buildings pending long-term funding from the government, explained a July 9 release. The social economy organization Batir son quartier co-ordinates the development of the projects.
The FAM has invested over $29 million to purchase 36 buildings or lots, which has led to the development of 1,039 community housing units valued at more than $196 million.
Four projects are currently in development and have applied for a loan from the FAM:
- a 30-room project in the Rosemont – La Petite-Patrie borough for the reintegration of men and women into the community;
- a 350-unit project, of which more than 50 per cent are for seniors in Pointe-aux-Trembles;
- a 166-unit project in Montreal-Nord, one of the neighbourhoods hardest hit by COVID-19; and
- a 191-unit mixed project aimed primarily at families in Longueuil.
“This additional injection of funds to support the projects of the Fonds d’acquisition de Montreal is all the more relevant during this pandemic and given the shortage of affordable housing in Montreal,” said Normand Belanger, president and CEO of the Fonds immobilier de solidarite FTQ, in the statement. “It will also encourage social diversity and cohesion and help maintain affordable quality housing in the city. We’re glad we can rely on the social and community housing expertise of Batir son quartier, which has managed this fund since the beginning.”