Gather Housing Communities, a new non-profit spun out of Indwell Family of Companies, is launching a $15M community bond campaign to fund its first project: 164 affordable rental homes in Hamilton. The financing will be used to build affordable rental housing for people earning below the median income in Southern Ontario.
SEE Change spoke with Michael Brathwaite, Senior Associate Impact Investing at Indwell and Gather Housing Communities, to learn more about the new initiative, its goal, the use of community bonds and why this tool – and this project – is so important today.
Gather’s first project in Hamilton will create 164 affordable rental homes, ensuring households spend no more than 30% of their income on rents
Tell us briefly about Gather – what it is, where it’s based?
Gather is a bold new initiative that is part of the Indwell Family of Companies. Gather will create and operate quality affordable homes in welcoming communities throughout southern and southwestern Ontario for people being priced out of today’s rental housing market.
What inspired the launch of Gather? Why now?
Ontario is facing a deepening housing crisis. 35% of renters are spending 30-50% of their house income on housing expenses, with 18% spending more than 50%. Too many people are struggling to pay rent and cover their other expenses. They have no margin, no room to breathe and are delaying or giving up on their goals and dreams.
Gather will create affordable apartments for people whose household income is below the household median (approx. $90,000 in Ontario). Gather will charge rents that will ensure that households are not paying more than 30% of their income on housing. Additionally, Gather is targeting 30% of units to be eligible to receive municipal housing subsidies.
Explain briefly what are Community Bonds. Why did you chose that tool here – what value can it bring?
A community bond is a financing that allows individuals and organizations to invest in projects that have a positive social impact within their community, while also earning a financial return.
In 2024, Indwell offered a $6M community to support the development of new supportive housing in Hamilton. These investments have kick-started four supportive housing communities in Hamilton, with more in the works as the investments are re-deployed into other projects.
Based on this precedent, we are launching a $15M Gather Affordable Housing Community Bond to provide startup funding for Gather’s affordable housing projects.
Investments in the Gather Affordable Housing Community Bond will contribute to pre-construction activities: acquisition, design, site assessment and remediation, and obtaining permits and approvals. This brings projects to shovel-ready qualifying them for government grants and other funding. The original investments can then be deployed in other Gather projects.
What partners are working on this initiative and in what capacity?
Gather is part of the Indwell Family of Companies. Indwell provides deeply affordable homes accompanied by housing, health and social supports for people at risk of being homeless or living in precarious housing.
Flourish, founded by Indwell in 2020, is a social purpose real estate for Indwell and other housing providers and municipalities. Gather will build on the Indwell and Flourish experience and meet the growing need for affordable housing.
What is the goal for Gather?
In the first five years, Gather expects to complete the development of 500 affordable housing units, and 300 units per year after that. Gather communities will typically have 120+ living spaces. Gather buildings will be new construction, renovation of existing buildings and acquisition of other rental properties.
Gather’s first project will be the redevelopment of a former church property at 1907 King Street E. in Hamilton. It is being designed to have 164 living spaces, consisting of comfortable 1-, 2- and 3-bedroom apartments. Pre-development of Gather’s second and third projects has begun and will be announced soon.
How do you see community bonds playing a role in Canada?
The vision of the Indwell Family of Companies is Hope and Homes for All. Indwell does this by providing supportive housing and Gather by providing affordable housing. Community bonds are a finance tool that advances this vision and provides opportunities for people to participate in having a positive social impact in their neighbourhoods and communities.