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