The Northpine Foundation announced an investment in the Trinity Centres Foundation (TCF) initiative that is redeveloping faith properties for use in secular non-profits, affordable housing and other. community impact outcomes.
The Northpine Foundation has committed $250,000 as an investment in the efforts to build an ecosystem of investment-ready faith properties that can be transformed into social purpose real estate assets. This investment is part of a $2.5 million, 5-year community bond issued by the TCF.
This new social business model by the TCF team generates societal, environmental and economic value by repurposing underutilized churches into either community hubs or new housing developments, addressing the challenges faced by faith communities as well as the needs of secular non-profits and affordable housing developers.
“We are thrilled to provide catalytic support to Trinity Centres Foundation as they advance social inclusion, revitalizing communities and local neighbourhoods,” said Namendra Anand, Impact Director – Climate & Nature at The Northpine Foundation. “By recycling the embodied carbon in heritage buildings, creating gathering spaces for discussions on sustainability and by building using the best possible green standards, TCF’s approach also contributes to Northpine’s sustainability focus.”
The investment will enable TCF to continue its work with over 2,500 properties while developing a major project in Newfoundland and Labrador that will work with 34 churches in the province.
“The Northpine Foundation’s investment marks an inflection point in our journey towards Canada’s Social Finance dream. As land-owning social-purpose organizations like churches and synagogues accelerate their transition to secular governance and partnership, investment will flow to local communities in desperate need of urban space,” said Graham Singh, CEO, Trinity Centres Foundation. “Northpine has taken the most catalytic position in our capital stack, making way for other investors to come and help us build momentum. We are enormously grateful to their team!”
By socializing investors towards the possibility of transforming faith properties, educating faith communities around leveraging social finance for redevelopment, and advocating for a supportive policy environment, the Trinity Centres Foundation, supported by the Northpine Foundation is working towards a sustainable and equitable future for all.