New social housing in Quebec financed by the Caisse Solidaire
Global Alliance for Banking on Values member Caisse D'Economie Solidaire is helping to finance the construction of 83 new housing units in Quebec. This comes from a lack of social and community housing in this district. The overall construction costs are estimated at $21 Million. In addition to their financial cooperation, this project is furthermore led by many professionals and activists, those of the Technical Resource Group Action Habitation and La Bouee, the latter of which is a purchasing company for the preservation and development of community housing, which will soon buy the land.
The importance of this project comes at a time when housing is becoming unaffordable in Canada, even for the middle class, with Quebec having a vacancy rate of around 2.5%. Bruno Marchand, the major of Quebec, estimates that his fellow citizens need 500 new affordable housing units per year for five years.