A $1 million private investment is set to fast-track several affordable housing projects across Simcoe County, offering new momentum in a region where demand continues to outpace supply.
Redwood Communities, a local organization focussed on building affordable housing, recently received the investment through its community housing bond program — a move the organization says is both “fantastic” and virtually unheard of at the local level.
“We had something pretty fantastic and unheard of happen recently and we couldn't wait to share it with you guys,” said Carolina Belmares of Redwood Communities told Barrie 360.
Unlike a donation, the investment was made through the purchase of four community housing bonds, each valued at $250,000. According to Redwood, the local investor purchased the bonds for younger relatives as a long-term gift - allowing them to earn annual interest while supporting housing development in their home region.
“This is an amazing legacy gift in the sense that now these young relatives get to make an annual interest on their investment,” Belmares said. “And at the end of their term, that core investment amount of $250,000 for each comes back to being all theirs.”
Accelerating construction timelines
The influx of capital will allow Redwood to move several projects forward sooner than expected, bypassing some of the lengthy delays often tied to government funding approvals.
“It really gives us a great start on many of the projects and units that we were already working toward,” said Timothy Kent. “It's going to allow us to get the building permit and into construction much quicker than if we had to sit around and wait for some funding agreement from different government levels.”
Listen to our interview with Tim and Carolina. It begins at the 1:09 mark
Kent said Redwood plans to use the funds in a “circular economy” model, where the same capital supports multiple builds over time.
The investment is expected to kickstart five units in Orilla, with another project in Midland now cleared through site plan approval and expected to move toward construction later this year. Redwood is also advancing plans for an 80-unit seniors housing development in Barrie, which would include community space, a Montessori school and a small fresh food market.
Modular housing, less disruption
Many of the builds will use modular construction, allowing much of the work to be completed off-site.
“One day, when they're built, they show up to fight and get put together,” Kent explained. “And it's called stitching.”
The approach significantly reduces neighbourhood disruption and compresses on-site construction timelines from months to weeks.
Community investment still needed
While the $1 million investment is a major milestone, Redwood says it’s only part of the solution.
“This is something that we want to purposefully make available and accessible to the community,” Belmares said. “To be able to contribute and to actually put your money into creating the solutions that you want to see in your community.”
More information about Redwood Communities and its community housing bonds can be found at redwoodbuilds.ca, or by emailing carolina@redwoodbuilds.ca.
