July 11, 2024 - The Trinity Centres Foundation (Relèven) and the Definity Insurance Foundation are thrilled to announce a new partnership to support the development and operations of the Relèven Transition Fund. This $30 million loan fund will enable non-profits to acquire and repurpose faith properties across Canada, ensuring key infrastructure continues to be owned and operated as community spaces or affordable housing.
Over the next 10 years 4,000 faith properties across Canada will have to be repurposed or sold, removing key social infrastructure and valuable land from communities. Diverse communities across Canada are desperately in need of new solutions for social purpose real estate. Shelters, food security organizations, addiction support groups, youth projects, arts groups, community housing developers and more depend on over 17,000 religious properties that make up our streetscapes. These properties are in a dynamic period of change.
As non-profits struggle with rising costs, lower donations and increased demand for services, there is opportunity to retain the largest network of social purpose real estate to continue to serve the need of communities. The Transition Fund will help non-profits operate more sustainability and stay in neighborhoods where demand for services is high.
“The Relèven Transition Fund is a unique tool for using social impact investment, to create new lending vehicles, says Graham Singh, CEO, Trinity Centres Foundation. “This is pioneering work and our partnership with the Definity Foundation will allow us to better bridge the gap between conventional and impact-first investment vehicles. This is exactly what is meant by ‘blended finance’ to address challenges ranging from Canada’s North to its most challenged urban centers. Our partnership will unlock impact in ways we can only imagine, as this fund moves forward. Trinity Centre Foundation’s board of directors and supporters join a hearty chorus of appreciation to Definity Foundation for this groundbreaking investment.”
Definity Foundation’s support will help launch the Transition Fund, with the aim of supporting nonprofits in accessing loans to purchase key infrastructure to continue serving communities. The Fund will mobilize private capital for public good and has the potential to build community wealth and sustainability, especially for equity-deserving communities.
“Catalytic capital plays a pivotal role in driving transformative change, and philanthropy is vital to enabling this impact,” adds Arti Freeman, President & CEO, Definity Insurance Foundation. “It allows us to innovate, take risks, and pioneer new approaches that traditional funding often cannot. Supporting the Releven Transition Fund will enable the deep community engagement required to develop the market, as well as allow for a more efficient and cost-effective fund. We are thrilled to be partnering with Trinity Centres Foundation on this initiative that will pave the way for millions of dollars to stay with communities, creating significant opportunities for community space and housing that meet the increasing demand, and lead to the rapid and efficient scaling to repurpose faith properties across the country."
