Trillium Housing: A Unique and Innovative Approach to Affordable Housing.The Canadian housing market has been a cause of concern for many, as home prices continue to rise disproportionately with most people’s income. This has resulted in an increasing number of families being unable to fulfill their dream of owning a home. However, Trillium Housing, a housing developer, is different from other developers in that they build homes for the purpose of giving them away – for free, or at least, the next best thing. In this article, we will explore Trillium Housing’s unique and innovative approach to affordable housing.
Trillium Housing is an independent non-profit organization dedicated to developing entry-level housing and providing home financing to modest-income families. The corporation not only makes affordable housing but also goes as far as to help new homeowners pay for it. This unconventional business model is a strategic response to Canada’s unconventional housing market.
As a non-profit organization, Trillium Housing is not interested in profiting from their clients. Instead of earning monthly interest on the mortgages, they receive their share of appreciation in the homes’ value, which means they own a piece of the homes of the people they are trying to help. When the mortgage is repaid, the home and its value wholly belong to the buyer.
Eligibility Requirements
To be eligible as a home buyer under this initiative, each applicant is required to provide a minimum 5% down payment, as well as first mortgage approval from a bank, credit union, or mortgage broker. The government’s affordable ownership housing thresholds require the purchased home’s price to be below the city’s median price, just as the applicant’s household income must be below the local median. Trillium Housing will work with each applicant to work out the rest.
Private and Unobtrusive Program
This program aims to be private and unobtrusive. At a Trillium Housing development, not everyone has a Trillium Mortgage, and the amount will depend on the needs of each individual home buyer. For all intents and purposes, a Trillium Mortgage is invisible to the family, friends, and neighbors of the buyer.
The Loop Urban Towns
The Loop Urban Towns is first development, which has been well-received to great acclaim. This former TTC streetcar turning station has become a resplendent 62 unit 2-bedroom townhome complex in the heart of Toronto’s midtown, a well-crafted testament to style and fine design.
VanMar Constructors, a local builder with a trusted track record of delivering quality housing products, is responsible for building the Loop townhomes. Loop features and finishes include Juliette balconies, laminate flooring, and stainless steel kitchen appliances, reflecting the same care and craftsmanship befitting a luxury condominium.
Trillium Housing’s Legacy
Trillium Housing is a social enterprise for which every dollar earned is reinvested back into more affordable housing. Funds are managed on a legacy basis in order to ensure all activities are focused towards the perpetuation of affordable housing. Housing developers often define themselves to their investors as giving back to their communities, while Trillium Housing invests in people.
Conclusion
Trillium Housing’s innovative and unique approach to affordable housing has made homeownership accessible to those who would have otherwise been unable to afford it. Their program is private, unobtrusive, and involves a repayment model that is advantageous to the homeowner. The Loop Urban Towns is a testament to Trillium Housing’s commitment to providing affordable housing with care and craftsmanship, while every dollar earned is reinvested into more affordable housing to aid those in need.
