The United Church of Canada’s (UCC) United Property Resource Corporation (UPRC) was created to meet the growing need for professional real estate development and management expertise within communities of faith and non-profits across the country.
Collaborating with both public and private partners, UPRC is a new model that looks at community infrastructure in an inclusive way to unlock value for social purposes, including building lasting affordable housing.
The Canada Mortgage and Housing Corporation (CMHC) is providing UPRC with a $20 million line of credit through the Affordable Housing Innovation Fund to be accessed for pre-development and pre-construction costs as it builds affordable housing across Canada. UPRC states that it is committed to building a minimum of 5,000 new affordable housing units across the country over the next 15 years.
UPRC has committed to ‘be building’ 1500 affordable units by 2025 and 5000 affordable units by 2035. Many of these developments will be mixed income and mixed use.
“This is one of the largest opportunities to reimagine what our neighbourhoods could look like over the next 15 years and the common good that repurposing real estate can have on communities,” said Tim Blair, CEO, United Property Resource Corporation. “UPRC represents an exciting opportunity to fill a gap in the housing market across the country and advocate for progressive real estate models that are inclusive, environmentally and financially sustainable. None of this would be possible without the support from our partners; we are grateful to the Federal Government, and The United Church of Canada for their vision and commitment.”