HPC Housing Investment Corporation (HIC) is pleased to announce that it closed a C$40 million social bond offering as part of its new Construction Lending Program, that will provide long-term financing for an affordable housing project in Edmonton, Alberta.
Images provided by GEC Architecture
First to benefit from this new lending program is Capital Region Housing’s Londonderry mixed use redevelopment project. The project will replace an existing 80 units with 240 new apartments & townhomes and features a mixed market rental scheme providing social, affordable and market rents.
Financing consists of a blended construction and take-out loan with a term of 40.25 years. The new Construction Lending Program adheres to HIC’s Social Financing Framework, which complies with the Social Bond Principles developed by the International Capital Markets Association in June 2020.
See News Release, Backgrounder and Quotes to Learn More.