KAMLOOPS – Non-profit housing cooperative Propolis Cooperative Housing Society has launched Propolis Bonds in a campaign that aims to raise $1.1 million by this August to purchase their first property at 422/424 Tranquille Road.
Propolis is a new cooperative based in Kamloops that plans to build affordable, sustainable homes, starting with a 6-storey mixed-use development that includes 50 affordable residential units and 9,300 square feet of ground level commercial space on Tranquille. The bonds allow for investments as low as $1,000 and interest rates of up to 3.5 per cent.
“We’ve heard from a wide array of investors in our community who are seeking opportunities to make a transformative social impact with their investment dollars,” says Propolis President Lindsay Harris. “A major pull for our investors is that they can support affordable housing while also knowing that Propolis Bonds are backed and secured by our real estate.”
Residential units will be net-zero energy efficient and incorporate universal design. All residential units will operate as non-profit cooperative housing and be priced below market rents.
“Kamloops is in a housing affordability crisis,” says project developer Miles Pruden, owner of Nexbuild Construction and Vice President of Propolis. “Affordability and sustainability go hand in hand, allowing us to build resilient buildings with lower costs over their lifespan.”
Kamloops City Council recently approved the sale and lane closure of an unused portion of Hilltop Avenue directly behind the Tranquille property, which will extend the area available for the affordable housing units. Propolis will purchase the parcel for $1 in exchange for an agreement to operate affordable cooperative housing on the site.
“The City of Kamloops is committed to addressing the housing affordability crisis in Kamloops,” says Mayor Reid Hamer-Jackson. “This decision speaks to that commitment and the importance of incorporating various models of housing to increase the affordable housing supply across the continuum.”
Propolis’ Community Bond campaign will be supported by Tapestry Community Capital and will be its first affordable housing project under its Investing in Housing program. Over the next few years, Tapestry aims to support affordable housing providers to raise flexible, scalable and sustainable financing from community investors. Tapestry has already raised and manages over $100 million from over 4,000 community investors.
www.propoliscooperative.com/bond-campaign
Business Examiner Staff