Habitations communautaires de Côte-des-Neiges Acquires Run Down Building on Goyer Street with Participation of Fonds immobilier de solidarité FTQ

Building will be fully renovated and converted into quality community housing

MONTRÉAL, June 22, 2015 /CNW Telbec/ - The precarious situation of a number of households living in the Côte-des-Neiges borough is difficult to overcome when the vital need for adequate, safe housing is being ignored. Such was the case of the tenants at 2955 Goyer Street until last December.

"A number of vulnerable persons from various cultural communities are living in unacceptable conditions but don't have the means to change the situation. We applaud the Fonds immobilier de solidarité FTQ for enabling organizations such as ours to buy dilapidated buildings that will be decontaminated and renovated to make them livable and safe, because having a decent place to live is a fundamental right," said Raymonde Turcotte, manager of Habitations communautaires de Côte-des Neiges.

The building in question consists of 49 units over 3 stories and was home to 39 households before they were relocated by the City of Montréal through the Office municipal d'habitation and neighbourhood community groups such as ROMEL by way of its housing databank. Estimated at $1.77 million, the renovation work is slated for completion in April 2016, at which point the building will have 38 3½ apartments and a common room, offering decent housing, along with community support, to vulnerable people and those at risk of homelessness. This project falls under the AccèsLogis Québec program set up by Société d'Habitation du Québec (SHQ) and overseen by the City of Montréal on its territory.

In light of the great need for affordable quality housing, particularly in some areas of Montréal but also elsewhere in Québec, the Association des groupes de ressources techniques du Québec and its partner, the Fonds immobilier de solidarité FTQ, have set up the Fonds d'acquisition québécois, a fund that allows social economy companies to seize a purchase opportunity while awaiting full funding for their community housing projects. The short-term loans are granted at a reasonable interest rate. "By investing in this type of project, our goal is first and foremost to help improve the quality of life of low-income households and to support the development of social and community housing," added Normand Bélanger, President and CEO of Fonds immobilier de solidarité FTQ.

The success of the project announced today is also owed to the involvement of the Technical Resource Group of the Regroupement des organismes du Montréal ethnique pour le logement (ROMEL), whose mandate is to develop community housing. In fact, ROMEL has already created 2,500 units in various boroughs. "Breaking the cycle of isolation for these households that are often ill equipped to cope is one of our main objectives, which is why we work with all the actors, such as the Centre de santé et de services sociaux de la Montagne, so that the future tenants will have all the services available in their area. Most of all, by revitalizing abandoned buildings, we're able to offer housing that respects human dignity," concluded ROMEL general manager Mazen Houdeib.

About Fonds immobilier de solidarité FTQ
Created in 1991, the Fonds immobilier de solidarité FTQ promotes economic growth and employment in Québec by strategically investing in profitable and socially responsible real estate projects in partnership with other industry leaders. The Fonds immobilier backs residential, office, commercial, institutional and industrial projects of all sizes across Québec. At May 31, 2015, the Fonds immobilier had 38 projects in progress, 38 properties under management, 18 million square feet of land and $54 million invested in affordable, social and community housing. Visit www.fondsimmobilierftq.com

The Fonds immobilier is a member of the Canada Green Building Council.

Created in 2009, the Fonds d'acquisition québécois has contributed to the realization of 24 community housing project totalling close to 700 dwellings for low- and modest- income households across Québec.

SOURCE Fonds de solidarité FTQ

Violaine Ouellette, Head of Communications, Association des groupes de ressources techniques du Québec, Telephone: [phone], Mobile: [phone], Email: [email protected]; Josée Lagacé, Director, Communications and Marketing, Fonds immobilier de solidarité FTQ, Telephone: [phone], Mobile: [phone], Email: [email protected]