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"We think Union Co-operative is the first of its kind in Canada, using a co-operative to raise funds from community members, charitable foundations, and institutional partners to address the affordable housing crisis," says Sean Campbell, a PhD student at the University of Waterloo in Canada.
Campbell's solution to the housing crisis in the Waterloo region is a social enterprise called Union Co-operative, which is working to buy properties and rent them out to low-income residents.
"What we're seeing in our community is a rapid increase in the cost to rent or own a home," Campbell tells the Huffington Post Canada.
"And there's a real lack of housing that's affordable for someone who's working a minimum wage to living-wage job."
Union Co-operative works like this: Members pay a down payment and invest in the properties, which are then rented out to long-term tenants.
Campbell says tenants can run for the board and have a say in how the properties are run.
Union Co-operative currently has more than 220 members, and Campbell says they're looking to expand.
"The way it works is that community members' folks like you and I who care about affordability and local ownershipcan become members of the co
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
Foundation: Jim Joseph Foundation
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Spotlight
Together TV, the Channel that Helps You Channel Your Inner Good
Caroline Diehl is a serial social entrepreneur in the impact media space. She is Executive Chair and Founder of the UK’s only charitable and co-operatively owned national broadcast television channel Together TV, the leading broadcaster for social change runs a national TV channel in the UK and digital platform which helps people find inspiration to do good in their lives and communities.
