Kamloops co-op raises $1.1M in community bonds for housing project

Housing co-op raises $1.1M

Photo: Contributed

Propolis Housing Cooperative Propolis has raised $1.1 million to purchase a property at corner of Aspen Street and Tranquille Road with the aim of constructing a co-op housing development.

A Kamloops non-profit housing co-operative has raised $1.1 million for a new project by issuing community bonds to 101 investors.

Propolis Cooperative Housing Society said in a Monday announcement it has successfully raised the capital to advance a 53-unit affordable, net-zero housing project in Kamloops.

Community bonds serve as loans issued by charities, non-profits and co-operatives to raise money.

In addition to mom-and-pop investors, the co-op said bond buyers included five community foundations across the Thompson Okanagan region, as well as a credit union.

“Financing from the community bond campaign will repay earlier bridge financing that was used to secure the land purchase, allowing the project team to advance the project's design phase and secure key development milestones,” Propolis said in a press release.

The bond campaign was administered by Tapestry Community Capital, which has helped organizations raise more than $130 million in community bonds, according to the release.

Propolis stated on its website there were three options offered to investors for the bond campaign: a minimum investment of $1,000 at a 2.5 per cent interest rate, a minimum of $5,000 at three per cent, or a minimum of $10,000 at 3.5 per cent. All options had three-year terms.

The six-storey mixed-use building on Kamloops’ North Shore is planned to feature 53 net-zero residential units above commercial space. Units would range from junior to three-bedroom suites, along with common gardens, amenity spaces and a shared vehicle program.

Propolis said all units would operate as non-profit co-operative housing and be priced below market rent.

The co-op acquired the project site in March 2024 and plans to begin construction this fall, according to Propolis’ website.