HALIFAX,
NS, July 8, 2024 /CNW/ - Canada is facing a critical shortage of
affordable apartments and those that exist are vanishing faster
than new ones can be built. VIDA announced today that it is
responding to this crisis by launching the Canadian NOAH (Naturally
Occurring Affordable Housing) Preservation Fund for Canadian
accredited investors.
The primary objective of this $300
million closed-end equity fund is to acquire and preserve
over 6,000 units of existing affordable housing across Ontario, Alberta, Québec and Atlantic Canada. VIDA intends to implement its
impact-focused operating model at each property, leading to new
jobs, improved health outcomes and guaranteed long-term
affordability for working class Canadians.
"VIDA's mission to revolutionize affordable communities is about
more than solving the current housing crisis, it's about
contributing to economic growth across Canada," says Ron
Lovett, Founder and CEO of VIDA. "We have designed a
platform that balances purpose and profit, benefitting residents
and investors."
The Canadian NOAH Preservation Fund represents a one-of-a-kind
opportunity for institutional and other accredited investors to
earn competitive returns while preserving affordable housing at
scale for Canada's "missing
middle" on the housing spectrum.
Key objectives of the fund include:
- Keeping rents 10% to 25% below market across the entire
portfolio
- Reinvesting 5% of fund profits back into local communities
- Providing residents with low-cost access to 24/7 virtual
healthcare through VIDA's exclusive partnerships
- Creating one part-time job for every 30 units through VIDA's
Building Ambassador program
- Training residents to complete repairs at their building in
exchange for reduced rent and fair compensation through VIDA's
Community Contractor program
About VIDA:
VIDA owns and operates over 2,700 units across 170 buildings in
Nova Scotia, New Brunswick, Prince Edward Island and Manitoba. VIDA's mission is to revolutionize
affordable communities by reimagining the way people interact with
their housing. It's about more than buildings—it's about tapping
into people and their potential. By getting people actively
involved in sustaining the community they want to live in, VIDA
creates jobs, keeps costs low, preserves affordability and helps
people get ahead. VIDA is a Certified B Corp. www.vidaliving.ca
Disclaimer
The information provided in this release is for informational
purposes only. Under no circumstances is this document to be
construed as an offer to sell securities or the provision of advice
in relation to any securities. Any offer or sale of any securities
referenced in this document will be made pursuant to
the Canadian NOAH Preservation Fund's offering documents to
eligible investors who qualify as "accredited investors" under
applicable Canadian securities laws. The fund described herein is
not intended for investors outside of Canada. In addition, any
offer or sale of, or advice related to, any securities referenced
in this document will be made only in accordance with dealer
registration requirements under applicable Canadian securities
laws. No Canadian securities regulatory authority has reviewed
or in any way passed upon the information contained in this
document or the merits of any securities referenced in this
document.
Statements that depend on future events are forward-looking
statements. Forward-looking statements, including statements
regarding the fund's objectives and returns, are not guarantees of
performance. They involve risks, uncertainties, and assumptions.
These statements may be based on assumptions that are believed to
be reasonable, however there is no assurance that actual results
may not differ materially from expectations. Readers should not
rely solely on forward-looking statements.
SOURCE VIDA