$20.3M to be invested in community housing in Montreal as FIM begins its 4th development phase
For immediate release
Fonds d'investissement de Montréal (FIM)
President: Phyllis Lambert
Montreal, November 14, 2016 - Presided by Phyllis
Lambert and dedicated to the development of cooperative or
non-profit social housing, the Fonds d'investissement de Montréal
announces its fourth capitalization phase: over
$20M will be invested to transform or renovate
multi-unit rental properties in the greater Montreal area.
The funds invested represent an increase of more than
150% over the previous capitalization phase.
"For 20 years, FIM's mission has been to provide urban
neighbourhoods with a new social and economic vitality, " explains
FIM founder and president Phyllis Lambert.
"Already, FIM has enabled over 750 low- or medium-income households
to improve their housing conditions."
As in the past, the investments of this new phase, FIM IV, will
be entrusted to non-profit organizations that plan to acquire and
renovate buildings and are concerned with permitting residents to
remain in their dwellings.
A competitive financial product
Concerned with the pressing need for housing, and impressed by
FIM's previous achievements, investors have responded with
enthusiasm to the call for FIM IV. FIM's strength is both its
social and financial orientation. FIM offers private investors
yields of 4 to 6%. At the same time, investors have the opportunity
through the aegis of housing, to ameliorate local economic issues
(job creation and economic stimulus), helping to maintain
Montreal's stock of rental properties, and the creation of living
environments in which rents are sustained at an affordable
The FIM Board of Directors now can count on the investment of
two new organizations, the J. Armand Bombardier
Foundation and the J. W. McConnell Family
Foundation, as well as on the renewed commitment of six
investors from previous phases: the Fonds immobilier de
solidarité FTQ, the Lucie and André Chagnon
Foundation, the Desjardins Group, the
National Bank, Stephen Bronfman, and the
Caisse Desjardins des Travailleuses et Travailleurs
"We've been helping to build community and affordable projects
for 20 years," notes Normand Bélanger, president and CEO of
the Fonds immobilier de solidarité FTQ, who has been a FIM
partner since its inception. "We support these projects because of
their positive effects on the social mix and social cohesion, but
also as a matter of solidarity, because we want to help provide
quality housing for lower-income households and because of the jobs
created by these projects."
"This initiative is
designed to support inclusion of low-income households and
single-parent families by providing them with affordable
housing," says Claude Chagnon, vice-chair and CEO of
the Lucie and André Chagnon Foundation. "We're happy to contribute to
"Desjardins is very proud to take part in this project. Not only
does it increase the social and economic well-being of people and
communities, but it also strengthens all of the values that our
organization has been promoting from its earliest years," says
Martin Brunelle, Director of the Office of Strategy and
Innovation, Desjardins Group.
"The National Bank is a FIM's partner since it's beginning, in
1997. It's a very interesting project which carries many positive
benefits. Our cities and our communities benefit from great
solutions like this, and the Bank is proud, as a development
partner, to support its success'' says Danny Déry, Vice
President, Human Resource Advisory Centre at the National
Bank and it's representative at the FIM.
"To maintain a living social fabric, we need to make sure, among
other things, that quality housing is affordable and accessible,"
says Lyne Lavoie, director of the J. Armand Bombardier
Foundation. "In choosing to work with the FIM for its
first social investment, our Foundation is saying that it supports
the FIM's vision of community development and is happy to be a part
"We are pleased to participate as investors in FIM-IV and to
support the expansion of community housing in Montreal. Bâtir son
quartier has a long history of working to promote health, inclusion
and security in Montreal neighbourhoods through integrated
community real estate projects; an approach that is fully aligned
with our mission and our efforts to strengthen the resiliency of
cities," said Stephen Huddart, President and CEO of the
J.W. McConnell Family Foundation.
Future projects to acquire residential properties are being
studied. These projects will help continue to answer the need for
social and community housing throughout the metropolitan area.
20 years of investing in improved housing conditions for
- The Fonds d'investissement de Montréal (FIM) was
incorporated in 1996.
- With investments of $16M to date, FIM has
leveraged projects with a total value of over
- FIM has enabled nearly 750 households to
obtain decent housing at an appropriate cost.
- FIM has contributed to the renovation of 31
buildings in Greater Montreal.
- 30 -
Source: Bâtir son quartier,
organization under contract with the Fonds d'investissement de
Montréal to coordinate and promote its activities.
Marie Réveillé, communications agent, Bâtir son
514 933 2755, ext. 316