United Property Resource Corporation unlocks value of real estate assets held by Canada's largest land owners
Unique opportunity to reimagine Canada's neighbourhoods of the future
TORONTO, Sept. 18, 2020 /CNW/ - Today marks the launch of United Property Resource Corporation (UPRC), established by The United Church of Canada (UCC). UPRC will meet the growing need for professional real estate development and management expertise within communities of faith and non-profits across Canada, who are one of the country's largest land owners. Collaborating with both public and private partners, UPRC is a new model that looks at community infrastructure in an inclusive way to unlock value for social purposes, including building lasting affordable housing for all.
The Canada Mortgage and Housing Corporation (CMHC) is providing UPRC with a $20 million line of credit through the Affordable Housing Innovation Fund to be accessed for pre-development and pre-construction costs as it builds affordable housing across Canada. UPRC is committed to building a minimum of 5,000 new affordable housing units across the country over the next 15 years. This creates significant opportunity to repurpose assets and build sustainable communities.
UPRC has committed to 'be building' 1500 affordable units by 2025 and 5000 affordable units by 2035. That translates into approximately 20,000 new rental units within the same time period as many of these developments will be mixed income and mixed use ensuring much need community space will be incorporated.
"This is one of the largest opportunities to reimagine what our neighbourhoods could look like over the next 15 years and the common good that repurposing real estate can have on communities," said Tim Blair, CEO, United Property Resource Corporation. "UPRC represents an exciting opportunity to fill a gap in the housing market across the country and advocate for progressive real estate models that are inclusive, environmentally and financially sustainable. None of this would be possible without the support from our partners; we are grateful to the Federal Government, and The United Church of Canada for their vision and commitment."
UPRC will focus on providing affordable housing for Canadians in a range of housing types including housing for families. Many of UPRC's projects will broaden housing choices, creating a unique opportunity to fill the "missing middle", a range of housing types between single-detached houses and high-rise buildings that have gone 'missing' from many of our cities in the last 60 to 70 years. As cities struggle to find ways to broaden housing choices, create walkable communities, and remain economically competitive, the 'missing middle' is increasingly part of the discussion about intensification, complete communities, housing choices, and housing affordability.
The UCC undertook a national property inventory, in partnership with the CMHC, to assess the total real estate portfolio and create a strategy. The creation of a development corporation - UPRC - was a key tenet of the strategy.
"It's incredible to see this vision come to fruition in the UPRC and to see the tremendous value it will bring to communities of faith across Canada," said Nora Sanders, General Secretary of The United Church of Canada. "In the language that communities of faith would use, 'this is the abundance that is available to create the world that we want to see'".
The team of experts that make up UPRC today bring expertise in planning, development, investment banking, and business development. It has established partnerships with CMHC and The United Church of Canada.
Founded in 2019, UPRC brings professional real estate development and management expertise to communities of faith and non-profits to assist them in making astute decisions about their real estate while making lasting contributions to their communities. The development corporation collaborates with both public and private partners. To find out more, visit www.uprc.ca.
SOURCE United Church of Canada
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