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Acquisition of 363 affordable housing units in Drummondville

Drummondville, March 1st, 2023 - The Société locative d’investissement et de développement social (SOLIDES) announces the purchase of 363 residential and student housing units and 41 commercial spaces in Drummondville to protect them from real estate speculation and maintain their long-term affordability. In the context of a housing crisis that has been ongoing for years, this non-profit housing organization is expanding its activities beyond the metropolitan area of Montreal to implement effective and sustainable housing solutions throughout Quebec.

Drummondville is one of the regions in Quebec most affected by the housing crisis. Last July 1st, 135 households were left without housing. This major acquisition by the SOLIDES non-profit organization will protect hundreds of rental apartments from real estate speculation and rent inflation in the long term.

“We are proud to have been able to acquire this real estate park in order to offer truly affordable housing, sustainably, to the population of Drummondville. This transaction demonstrates that the solutions implemented by SOLIDES and non-profit housing organizations with a social mission at all times, and particularly during the housing crisis, are effective,” says François Giguère, General Manager of SOLIDES.

All of the employees of the former owner, Boissonneault Groupe Immobilier, will keep their jobs following this transaction. The well-being of workers with respectful working conditions and the maintenance of the real estate park for tenants are priorities for SOLIDES.

An alliance of committed partners

The purchase of this real estate park was made possible thanks to the collaboration of committed financial partners. SOLIDES has partnered with the Caisse d’économie solidaire Desjardins, the Lucie and André Chagnon Foundation, New Market Funds, and a loan guarantee from the Canada Mortgage and Housing Corporation (CMHC) to finance this acquisition. New Market Funds, the GRT Rive-Sud, and the Community Housing Transformation Center played major roles in achieving this result. These funds made it possible to carry out this essential project to maintain housing affordability in Drummondville.

Partner quotes:

“At the Caisse d’économie solidaire, more than 60% of all our financing to businesses is used to meet the urgent housing needs, and the financial support for this transaction is one of the largest in over 50 years of existence. The housing crisis is driving us to work harder with our housing ecosystem partners. Among them, the role of non-profit housing organizations (NPOs), such as SOLIDES, is crucial,” says Marc Picard, General Manager of the Caisse d’économie solidaire Desjardins.

“An adequate and affordable housing is an essential condition for young people to develop their full potential. That is why we are pleased to contribute, as part of our mission-oriented investments, to this innovative model that will allow 363 units - including 228 for families - to be removed from the private market and to ensure their long-term affordability,” says Jérôme Lacasse, Head of Social and Community Housing at the Lucie and André Chagnon Foundation.

“We are investing in this partnership with SOLIDES because we believe in the social mission of non-profit operators who are essential players in the country to meet the needs of the population and provide affordable housing regardless of the economic context,” says Lena Courcol, Head of Acquisitions at New Market Funds.

“We are proud to have made the technical resource groups’ expertise available alongside SOLIDES to help counter Quebec’s housing crisis. With this essential project for Drummondville, we are participating in improving the housing conditions of low-income households and fighting poverty and social exclusion,” says Elie Gravel, General Manager of the GRT Rive-Sud.

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