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News releaseOctober 23, 2007 Union staff pension fund first in Canada to invest in affordable housingOTTAWA – The pension fund of the employees of Canada's largest federal public service workers' union has invested $2 million to help finance affordable housing initiatives in the National Capital Region, marking the first such investment by a pension fund in the country. The employees and full-time elected officers of the Public Service Alliance of Canada and many of its components have agreed to invest the sum to establish the Alterna Community Alliance Housing Fund which was launched at Ottawa City Hall today. “I am very happy to say that through the diligent and persistent efforts of pension committee members working with community housing advocates and finally in partnership with Alterna Bank, we have found the mechanism, a housing fund in which we have invested $2 million,” said PSAC National President John Gordon. The $2 million has been invested at market interest rates with Alterna Savings and designated specifically to fund affordable housing projects that meet certain criteria. The Ottawa Community Loan Fund, a non-profit organization that provides community-focused financing, will be responsible for screening the projects to make sure they meet the following core criteria:
Other preferred criteria include energy efficient housing and wheelchair accessibility. Ottawa has been suffering from a shortage in affordable housing due to low vacancy rates, rising rental costs and lower incomes that haven't kept up with inflation. The waiting list for social housing in Ottawa stands at well above 11,000. “We are committed to work with our community allies to support social justice initiatives and we are delighted to be supporting the creation of affordable housing in this community,” Gordon said. For information: 31-231007 |
