The Oakville Community Foundation’s first impact investment loan has supported 55 youth, to date, with housing through the Halton Children’s Aid Society (HCAS).
The trilateral loan made in 2018, together with Burlington Community Foundation and Hamilton Community Foundation, supported the purchase of a home as part of HCAS Bridging the Gap program. The home serves as transitional housing for homeless and at-risk youth between the ages of 16 and 24.
This loan has helped youth like Sarah, a hardworking young woman who experienced youth homelessness while attempting to finish high school. Through the Bridging the Gap program, she was able to secure housing and remain in Halton to complete Grade 12. Sarah is now getting ready to continue on to post-secondary studies and create an incredible future for herself.
With room for six youth and a resident coordinator, this is the largest of three transitional homes run by HCAS. All of the homes are almost always full, usually running at 98% capacity.
This type of investment means that important organizations like HCAS are able to borrow the funds they need for real estate transactions at a lower rate and more flexible terms than from a traditional lender. In turn OCF uses endowed capital for social good, while still generating a return for future granting back to the community.
“Impact investing is a powerful way for community foundations to deliver greater community benefits,” said Wendy Rinella, CEO of Oakville Community Foundation. “It enables the Foundation to use its investments alongside its community granting capacity to empower charities to make a bigger impact.”
The program has grown from just providing housing to also helping with mentorship, community connections and skill-building in order to set them on a path to success.
You can learn more about the Bridge House here. And, if you are inspired to do more, you can support the work of HCAS as part of the GIVEOakville campaign!
