The loans are available to not-for-profit organizations developing affordable housing real estate projects. These projects must meet the eligibility criteria and considered to be ready for an acquisition pre-development or a pre-construction loan
Yes. As long as the project does not receive any operational funding or subsidies from any level of government, it is eligible to receive a predevelopment or pre-construction loan
Each project is evaluated on its merits with consideration given to the mission, values and objectives of the not-for-profit. Our mission is to deepen affordability where possible. Affordable rental units should be maintained in perpetuity, and at minimum meet the applicable municipal or provincial affordability standards
Yes. Projects will ideally pursue step code 3 of the BC Energy step Code or greater, provide at least 10% accessible units, and have adequate access to public transit. At a minimum, the design should include a 25% decrease in energy consumption and Greenhouse Gas (GHG) emissions outlined in the requirements of the 2015 National Energy Code for Buildings (NECB) or the 2015 National Building Code (NBC) (“basecase”), or a 15% decrease relative to the 2017 National Energy Code for Buildings
Yes. The annual rate is fixed at 2% simple interest for pre-development and construction loans (the fixed simple interest rate charged for acquisition loans will vary) and does not compound during the loan period. Any interest earned (and all repayments) are returned to the Greater Vancouver Community Assistance Foundation the pre-development loan program to help support other projects. Terms and conditions apply.
Each project is evaluated based on its merits and consideration is given to the needs of the project and not-for-profit regarding the amount loaned. Pre-development loans are typically $100,000 to $300,000 and pre-construction loans are typically $5,000 per affordable rental unit.
For the pre-development loan, repayment is required upon first draw of construction financing, generally within two years. For the pre-construction loan, repayment is required after five years of operations. Acquisition loan repayment will vary based on project needs.
Unlike a grant, the loans are required to be repaid, to ensure that the pool of funds continues to be available for other projects. Simple interest will continue to accrue as long as the loan has not been repaid. Payments can be made incrementally or in its entirety at anytime. Should the unexpected occur that impacts the project, we would work with the not-for-profit to find a reasonable solution
Yes, provided that the terms of the grant allows for this kind of repayment. Grant money (including any restricted contributions) received from Vancity Credit Union, the Vancity Community Foundation, or the Greater Vancouver Community Assistance Foundation cannot be used to pay down the loans.
Yes, we can connect you with a Vancity Community Business Account Manager to help you explore financing options for your project.