VIDA Launches $300M Fund to Combat Canada’s Affordable Housing Crisis
HALIFAX, NS, July 8, 2024 /CNW/ – Canada is facing a critical shortage of affordable apartments and those that exist are vanishing faster than new ones can be built. VIDA announced today that it is responding to this crisis by launching the Canadian NOAH (Naturally Occurring Affordable Housing) Preservation Fund for Canadian accredited investors.
The primary objective of this $300 million closed-end equity fund is to acquire and preserve over 6,000 units of existing affordable housing across Ontario, Alberta, Québec and Atlantic Canada. VIDA intends to implement its impact-focused operating model at each property, leading to new jobs, improved health outcomes and guaranteed long-term affordability for working class Canadians.
“VIDA’s mission to revolutionize affordable communities is about more than solving the current housing crisis, it’s about contributing to economic growth across Canada,” says Ron Lovett, Founder and CEO of VIDA. “We have designed a platform that balances purpose and profit, benefitting residents and investors.” …[Continue Reading]