Aligning investments with values
Laurier alumni feature.
“The biggest struggle for something like this is raising capital. As I was researching, I kept seeing communities all across the country using the co-op model to raise money for small business loans and renewable energy projects, but I hadn’t seen the model applied to real estate.” -Sean Campbell
One of the innovative and unique features of the organization is that tenants of the properties owned by the co-op will have the opportunity to sit on the board of directors alongside the investing community members.
Nexus Church partners with Union Co-op
Nexus Church partners with Union Co-operative.
Nexus Church is the first faith community to partner with Union Co-operative. Here is a snapshot of what is involved in that partnership.
Nexus was looking for ways to partner with local organizations doing important work in the community. Through discussions at their Nexus “family meetings,” it was decided that addressing the housing crisis should be an important area of focus. Pastor Brad Watson explains why partnering with Union Co-operative is so important to Nexus: “We didn't want our role as a community to start and end with fundraising. That seemed too distant for us. We wanted to be involved with an organization where we could function as true partners. Financial investment is certainly a part of that, but what Union is offering is a chance to take a seat at the table with others in our community and work toward the same thing together.”
The Nexus community knows that housing has become one of the most pressing issues of our time. As Brad points out, “Waterloo Region is quickly becoming a place to live that is out of reach for many. So, we have to ask ourselves some fundamental questions. Do we want to live in a city that is hospitable to new immigrants, socioeconomic diversity and a place our own children can someday afford to live themselves? If yes, then addressing affordable housing is critical. I believe that both Union and Nexus share a desire to have Kitchener remain a city that is open and welcoming to all, both now and in the future.”
That work can only be done through collaboration and community. Brad is excited about the co-operative model because “everyone investing has skin in the game. This approach gives everyone a voice at the table and a vested interest in seeing this model succeed.”
When asked what he hopes to see from this partnership, Brad says, “I hope that in five to ten years we can look back and see Union's unique approach as a catalyst for real change in our region. Tangibly, I think that means Union owning and operating multiple properties devoted to sustainable affordable housing. By partnering with Union Co-operative at this early stage, we hope Nexus can help spark the imaginations of other churches, businesses and organizations in our region. I mean, if a small church can invest collectively in this, then the sky becomes the limit. Small businesses, faith communities, neighbourhood associations, sports clubs, niche communities — the more individuals and collectives we have invested in affordable housing, the greater our chance of success.”