Trillium Housing is Ready to Go!

This Wednesday the federal government will launch the Shared Equity Mortgage Provider (SEMP) fund and Trillium Housing has pre-emptively submitted a proposal to help CMHC develop a fund that will best meet the needs of non-profits that deliver housing affordability and Canadian families whose dream of home ownership is realized with products like our Trillium Mortgage. The Trillium Housing proposal builds on our team’s unmatched housing experience and when it comes to shared equity mortgages the most experience of any team in Canada.

Trillium Housing uses its Trillium Mortgage to deliver housing affordability. This is a shared equity mortgage that is monthly PAYMENT FREE. When it is repaid (at resale or when the family ceases to occupy) the original Trillium Mortgage amount and its proportionate share of any appreciation in the value of the home. It’s like we are co-owners – sharing the reward and risk with our home owner partners. At the LOOP, our families will save on average $500 PER MONTH!!! And Trillium Mortgages are rock solid committed to maintain housing affordability for the family for 25 YEARS or as long as they are paying a first mortgage.      

SEMP will two financing streams both of which Trillium Housing can immediately put to good use. 

The first stream is medium-term project financing available to entry level housing developments where shared equity mortgages (like the Trillium Mortgage) will be available to income eligible home buyers. We’ve suggested these project loans rank equivalent to our equity in the project – helping non-profits reduce our financing costs as well as the amount of equity a non-profit needs to find to get a project off the ground. If they can do this, it will be frame breaking for government who always put “belts and suspenders” on any contract.  Trillium Housing has four projects (over 400 units) under development that meet the criteria and other partnerships under review. We’re ready to go!

The second stream will provide funding for the shared equity mortgages that non-profits like Trillium Housing are delivering to Canadian families. Trillium Housing has advocated for months now that government should assume a bit more risk than our impact investors. Our proposal last week again called on SEMP to make its investments in our Trillium Mortgages in a subordinate position to our impact investors (usually charitable and community foundations looking to “do good” with their investments). This is good public policy because it will encourage investment in affordable housing – taking one federal dollar and getting it matched by one or more dollars from our impact investors. Trillium has the new Trillium Mortgage Fund which is the perfect vehicle for both SEMP and impact investors to deliver long-term housing affordability to Canadian families. Trillium Housing has several developer partners who want to work with us to bring Trillium Mortgage financed families into the sales center to finally buy their first home.

Trillium Housing which has already demonstrated at its project The LOOP (construction pictured) that it has the most cost effective delivery of housing affordability in Canada and we are ready to help SEMP build on the Trillium Housing expert advice and proven ability to deliver.