Habitat for Humanity Peterborough & Kawartha Region (Habitat PKR) has launched an alternative method for financing their affordable housing construction projects.
The project, titled “High Impact Investment Program,” seeks investments and loans directly from community members and local businesses, instead of traditional bank loans.
In 2022, Habitat PKR completed a 41-unit affording housing project, located at 33 Leahy’s Lane in Peterborough. Habitat PKR CEO Susan Zambonin says that they would like to focus on building more “multi-unit residential properties,” but, because of greater initial costs, the organization struggles to finance projects of this scale.
The “High Impact Investment Program” will allow Habitat PKR to receive loans from community members at an interest rate lower than that of traditional financing, says Zambonin, while also making affordable housing a “community effort.”
Listen to the full CFFF story to learn more.
