Kindred Credit Union and Waterloo Region Community Foundation to launch GIC to support affordable housing
Kindred’s Affordable Housing GIC is a first of its kind investment vehicle that will help fund local affordable housing.
Waterloo Region, ON – People across Waterloo Region are asking, “How can I help with the affordable housing crisis in our community?” Kindred Credit Union (Kindred) and Waterloo Region Community Foundation (WRCF) have worked together to develop an innovative solution that has the potential to make a difference locally.
Kindred is pleased to announce the upcoming launch of the Affordable Housing Guaranteed Investment Certificate (GIC), designed in partnership with WRCF. The GIC serves both financial and social benefit through an investable product with a competitive market rate. The deposits contribute to support lending for long-term, owned or rented permanent affordable housing for residents of Waterloo Region.
Kindred and WRCF each bring value to this unique partnership. The GIC and loan products will be held through Kindred, and WRCF’s experience with impact investments will support in assessing the feasibility of potential affordable housing projects applying for a loan. Once a pool of deposits is established through the GIC, Kindred will seek to deploy a maximum amount of dollars on a best efforts basis towards loans for suitable affordable housing projects. Further details on the investor reporting relationship and criteria for loans will be communicated as part of the full launch of the product.