It’s official: 405 Main Street W., Hamilton, Ontario has paid its first distribution of $27,225 to the 1,220 investors who came together to fund this affordable housing development. This 100% affordable housing project is not only addressing a critical need but is also setting a standard for societal impact investments.
About the Dec 20th Distribution
5% Return of Capital: $25,000
10% Bonus: $2500
TOTAL BEFORE TAX: $27,500
TOTAL AFTER TAX: $27,225
About 405 Main Street W.
Opportunity Type: Opportunistic
Primary Return: Societal
Secondary Return: Financial
The goal is to develop a 96-unit, 100% affordable multifamily property in Hamilton, ON. This initiative aims to provide housing for those stuck on the city’s lengthy affordable housing waitlist, which includes roughly 5,000 households. By blending affordable and deeply affordable social housing, the project promises meaningful societal change.
About Affordable Housing
Affordable housing, as defined by the Canada Mortgage and Housing Corporation (CMHC), is housing that costs less than 30% of a household’s before-tax income.
In Ontario, the waitlist for affordable housing has reached critical levels, with over 165,000 people waiting as of 2018. In Hamilton alone, the waitlist includes 5,000 households, with waits ranging from three to five years.
405 Main Street W. aligns with broader national and provincial goals to address this crisis:
- Canada’s National Housing Strategy (NHS): A 10-year, $72 billion plan to create up to 160,000 new homes.
- Rapid Housing Initiative (RHI): Estimated to deliver 10,000 new affordable housing units across Canada.
- Ontario Housing Affordability Task Force: Targeting the addition of 1.5 million homes over the next decade.
Hamilton itself recently secured $26.7 million in federal funding for an estimated 109 affordable housing units, showcasing the city’s commitment to solving this issue.
The General Partner
3HP’s commitment is to develop 100% affordable housing into perpetuity in Canada, and at the same time create a long-term investment opportunity. This is accomplished by partnerships between non-profits and 3HP. Alfredo and Praveen are the co-founders of 3HP.
The Dealer
Equivesto Canada Inc.
Equivesto is on a journey to reimagine how private company investment and fundraising is done in Canada. They believe in a future where access to equity investments and opportunities are not limited by privilege or network. They look to design a tomorrow that is driven on community values and collaboration.
Investing in crowdfunding and exempt market offerings has significant risk. Investors may not be able to resell their securities quickly or at all and the securities may be subject to resale restrictions. These investment opportunities may result in the loss of all or most of your investment. You may receive limited ongoing information about a company or an investment made through Equivesto. Please be aware that investments offered by third-parties through this Equivesto operated offering are risky. You may receive limited ongoing information about a company or an investment made through Equivesto.
It is wonderful to see this project getting out of the ground after covid related delays. I had a chance to visit the site a few months ago and love the location. I enjoy the opportunity to diversify my investment geographically and to help create much needed affordable housing opportunities.