• Client Profile: St. Clare’s Multifaith Housing

    St Clare’s Multifaith Housing Society provides affordable housing for Toronto’s homeless and low income families. Recognizing the higher cost of new construction, St. Clare’s acquires existing properties that are suitable for conversion into apartments. Since its inception, St. Clare’s has developed 177 units of new, affordable housing in Toronto with more in development stages.

    St Clare's Multifaith HousingThe Project

    Located in the heart of the Arts and Fashion district of Toronto, the 180 Sudbury Street development includes 190 affordable housing units that feature access to laundry facilities, a community/party room, 27 specially designed studio units for professional artists with higher ceilings and a utility sink, 44 underground parking spaces and enclosed storage for 114 bicycles. It is one of several brownfield developments in the area.

    The $40.08 million project was an initiative organized by St. Clare’s Multifaith Housing, in partnership with Verdiroc Development Corporation. With the focus being on community and family housing, almost half of the units consist of two, three, or four bedroom apartments. Forty-five percent of the apartments are also rented on a geared-to-income basis to applicants who have been referred to St. Clare’s by partner agencies.

    Financing St. Clare’s

    As with most non-profit organizations, St. Clare’s relies heavily on fundraising efforts and the generosity of its community members for charitable donations. St. Clare’s also received capital funding from the City of Toronto and the Federal/Provincial Affordable Housing Program. After receiving more than $6 million from the Federal and Municipal governments, St Clare’s was still short of the funds necessary to complete the project. This prompted the organization to consider Infrastructure Ontario’s (IO) Loan Program for affordable long-term financing.

    St. Clare’s received a loan from IO for $33.59 million to complete the project. Construction began in September of 2000 and the project was completed in the spring of 2011.

    “It was a pleasure to work with the knowledgeable and effective staff at Infrastructure Ontario. They played a critical role in obtaining the CMHC Certificate of Insurance and were flexible and supportive in processing the loan advances.  Their support makes a real difference in making our project a reality.”

    Jon Harstone, Executive Director - St. Clare’s Multifaith Housing Society

    The Result

    Access to affordable housing in Ontario helps to build strong communities, helps combat poverty and provides people with opportunity. 180 Sudbury Street is the largest mixed-income housing high-rise in the area. It offers 190 residential and live/work affordable housing units to people in Toronto’s Queen West communities. St Clare’s continues to look for more development opportunities to address need for housing in Ontario.

    To learn more about our client, please visit their website at www.stclares.ca.