Vancity Credit Union & Vancity Community Foundation SOCIAL IMPACT THROUGH SOCIAL PURPOSE REAL ESTATE Irene Gannitsos, Vancity Community Foundation
Vancity Credit Union Our promise to members is to make you good money by putting money to good. Good money is changing how we see wealth and transforming the place where we live. It s members helping members meet their financial goals no matter how big or small. Goals: Social Justice and Financial Inclusion Environmental Sustainability Co-op principles and co-op economy is flourishing
The Context Lack of affordability Insecure Tenure Aging Buildings Inadequate Facilities /outgrown space Ending operating agreements Development pressure High costs of construction
The Context Availability of Community Owned Assets Emerging Real Estate Intermediaries New Models and Partnerships Mixed Use and Mixed Revenue
What is Social Purpose Real Estate? Affordability Environmental Performance Community Ownership
Our Approach Navigate for community Investments in Impact Real Estate PROJECTS Raise awareness of key issues, opportunities, and challenges in the SECTOR Transform PUBLIC POLICY to enable more impact real estate development
Our Approach Support community to retain, acquire, develop and/or redevelop real estate assets to maximize community benefit and financial viability - New/improved units of affordable housing - Mixed use and enterprising models for financial viability - Increase community ownership /assets - Advance collaboration and pooling of resources ie.co-location
Our Approach Change Theories affordable rental and home ownership = demand on social housing community ownership = sustainability accessibility to green buildings = costs and affordability Impact real estate pipeline = CI s partnerships and capacity for high impact deals community ownership = affordability for other NPOs Strategic partnerships = capacity for nonprofits in real estate green buildings = climate change and jobs
Our Approach Financial Tools Grants Groans lending Loan Reserves Social Equity Investing Social Tools Co-operative Network Human capital Coaching and advisory Sponsorships and Partnerships Story-telling
The Development Process Occupancy Construction Pre- Development Business Plan Feasibility Vision
Vision We work with you on: Mission alignment Project vision Staff and board capacity Organisational culture Financial resources We support you to: Connect with expertise, peer support, and mentorship Provide you with case studies, tools, and resources
Feasibility We work with you on: Project impact and innovation Development options Timelines and budgets Financial parameters Permissions and approvals We support you to: Think big to maximise project impact Provide technical expertise advice and assistance on project planning Bring in project partners with financing solutions
Business Plan We work with you on: Site control and due diligence Designs and schematics Financial models Building your development team (architects, engineers, developers) We support you to: Locate a development site and broker ownership Link you to suitable business development and investment opportunities Bring in project partners and funding Identify future Vancity financing options for construction and takeout
Pre-Development We work with you on: Operations plans (staffing and programming) Permit processes Construction and take-out financing Procurement (materials, employment) We support you to: Source pre-development loans and competitive financing Connect you with other potential investors Promote the project to our members and their networks
Construction We work with you on: Execution Capacity building Staff and board capacity Communications We support you to: Ensure execution is aligned with your mission and vision Monitor financing and draws on your lending
Occupancy We work with you on: Property and asset management plans Project vision Monitoring and reporting on building program and performance We support you to: Develop workshops and other educational tools and resources Connect you to peer support, mentorship, and other support networks Guide best practices in property and asset management
What does SPRE look like?
PROTOTYPICAL EXAMPLE Parking Program Space Parking
PROTOTYPICAL EXAMPLE Parking Program Space 4 Storeys Seniors Housing Office extension Market Townhouses New Seniors Day Program Space Underground Parking
EXAMPLE PROJECT Semiahmoo House Society
EXAMPLE PROJECT IN PROGRESS TOWNLEY LODGE, VICTORIA
EXAMPLE PDF PROJECT IN PROGRESS ST. ANDREW S UNITED CHURCH
EXAMPLE PROJECT Legion Veterans Village, Surrey
EXAMPLE PROJECT Skwachàys Lodge, Vancouver
How to advance? Land and land-use Help with development process fees, permits and zoning process Creation/strengthening of community-based land ownership models (eg. land-trusts, nonprofit developers, etc) Build more capacity, awareness and confidence - what are the possibilities Matching and partnerships connecting groups and
Vancity Credit Union & Vancity Community Foundation SOCIAL IMPACT THROUGH SOCIAL PURPOSE REAL ESTATE Irene Gannitsos, Vancity Community Foundation