Central City Foundation develops relational real estate

"It was a great opportunity for us to come together and do something that strengthens the community we live in". -- Central City Foundation President and CEO Jennifer Johnstone.

When the Central City Foundation wanted to borrow funds for the first time in its 100-year history, it looked for a lender that could offer a great interest rate as well as matching social values. In embarking on a project to purchase a property in New Westminster and lease it at below market rates, they found a willing partner in Vancity. Not only did the Foundation receive a loan at an extremely low rate, they developed a relationship committed to affordable real estate.

In partnership with Vancity and Vancity Community Foundation, Central City Foundation is leasing the New Westminster property at below-market rent to Aunt Leah's Independent Life Skills Society. Aunt Leah's Society is a charity that helps foster children and teen mothers achieve a better future and will use the property to provide space for its many programs – including supportive housing.

"Central City Foundation has been such a leader in our community," says Jenn McGinn, Community Business account manager at Vancity. "We wanted to get behind what the Foundation is doing in the community."