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YWCA Toronto: Elm Centre Housing Bond The Original Pitch. Presentation to CHRA Panel May 1, 2013 Presented by: Lois Fine YWCA Toronto. About YWCA Toronto. Long-standing community institution: Toronto’s only multi-service agency by, for and about women and girls founded in 1873

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ywca toronto elm centre housing bond the original pitch
YWCA Toronto:Elm Centre Housing BondThe Original Pitch

Presentation to CHRA Panel

May 1, 2013

Presented by: Lois Fine

YWCA Toronto

about ywca toronto
About YWCA Toronto
  • Long-standing community institution: Toronto’s only multi-service agency by, for and about women and girls founded in 1873
  • $28 million annual budget derived from government grants and contributions, philanthropy and earned revenues
  • Programs: Offer service in four program areas
    • Housing & Support
    • Employment & Skills Development
    • Girls and Family Programs
    • Advocacy
ywca elm centre
YWCA Elm Centre
  • Large scale housing project with strong partners
    • Largest social housing development in Canada in the past 10 yrs.
    • 300 units of subsidized and affordable housing
    • Strategic Partnerships with the Jean Tweed Centre, St Michael’s Hospital and Wigwamen Inc.
  • Sustainable development
    • Designed to meet LEED silver standard
    • One of the largest geothermal heating and cooling systems in North America
  • An integrated building community with supports tailored to community needs
    • 300 individual households
    • Three separate criteria for eligibility
    • Culturally responsive support to meet the needs of the whole community
impact
Impact
  • 150 units of ‘affordable’ housing for women
    • Rents set based on Canada Mortgage and Housing market rent
    • Eligibility criteria: Income testing upon move in
  • 100 rent supplement units of housing for women with mental health issues
    • Women pay 1/3 of their income – rent supplement tops up to market level
    • Support through St. Michael’s Hospital Psychiatry
  • 50 rent supplement units of housing for families of aboriginal ancestry
    • 10 allocated to aboriginal women fleeing violence
business model
Business Model
  • Grants and contributions as well as institutional and government lenders for capital financing
    • $29.1M from federal, provincial and municipal government
    • Government and institutional lenders providing $34.8M
  • Earned revenue via rental income and philanthropy to cover financing and debt repayment costs
    • Earned revenues derived from rents subsidized by government cover long-term costs
    • $15M in grant capital raised (9% admin costs to raise, $255K in GIC interest earned on donations)
  • High energy efficiency results in decreased operational costs
    • innovative geothermal/in-slab radiant heating and cooling system
elm project financing
Elm Project Financing

Table: Elm Centre Project Budget

elm project financing1
Elm Project Financing

Table: Elm Centre Project Financing

slide9

Elm Project Financing

Current Situation with Infrastructure Ontario (IO)

  • $38,860,000 – construction financing with rates between 0.95% and 1.75%
  • $20,000,000 for 40 years at 4.9% began December 2011
  • $12,600,000 for 20 years at 4.56% (covered by Province of Ontario) began December 2011
  • $6,260,000 still to be determined ($1,000,000 already raised through Elm Housing bond - sold)
financing overview
Financing Overview
  • Organizational financial stability: YWCA has strong balance sheet and ongoing annual revenues with diversified base of funders
  • Financing capacity: From diverse revenue base including earned revenues and government grants and contributions, Elm Centre project has ability to afford long-term financing
  • Met major project financing milestones: Elm Centre project has met major financing objectives with key investors; additional debt financing support will be a small component of larger capital need
  • Objective: decrease cost of capital to place more funding into core programs and activities of YWCA and Elm Centre project and build replicable financing model for other housing providers
capital raise
Capital Raise

Investment Terms

  • Capital Raise: $1,000,000
  • Instrument/Security: Housing Bond via a promissory note
  • Term and Maturity: 10 years [maturing January 31, 2022]
  • Interest: 4% per annum
  • Minimum Investment: $50,000
  • Use of Proceeds: The proceeds would be used to support YWCA Toronto’s Elm Centre project until pledged donations come in by 2014.
summary
Summary
  • Strong community institution with stable finances
  • Large-scale, high impact real estate project providing affordable housing
  • Impact-first investment opportunity with demonstrable ability to reduce poverty in the City of Toronto while generating modest financial returns for institutional investors