Other Properties
Located throughout many neighbourhoods in St. John's core, SBCS has availed of funds available from Federal/Provincial programs such as the Affordable Housing Program as well as the Rental Rehabilitation Assistance Program and the National Homelessness Partnering Strategy to acquire rental properties that were suitable for redevelopment into affordable housing.
In 2003, SBCS acquired 7 federally-owned residential properties made redundant and became available to the non-profit sector for redevelopment into affordable housing. The organization subsequently acquired funds from the Federal Strategic Community Partnerships Initiative to renovate the houses and make them available to low income renters. SBCS was then able to mortgage the houses at their increased value and these funds were then used to acquire similarly low cost properties which were renovated and rented using the same federal and provincial affordable housing development funds.
This strategy was extremely successful and rapidly increased the organization’s real estate portfolio to its currentl level of 17 properties with a total asset value of $5.5 million in 2009.
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