NationTalk: OTTAWA, ON, April 18, 2023 – Today, Indigenous-owned private credit fund, Keewaywin Capital Inc. (Keewaywin), announces its partnership with Canada Mortgage and Housing Corporation (CMHC) in a first-of-its-kind collaboration called the Accelerated Construction Pilot Project, focused on building more homes, faster, for Indigenous communities.

In the Pilot Project’s first year, Keewaywin anticipates it will fund the building of approximately 150-225 homes, and over the project’s lifecycle, it anticipates it will fund approximately 330-500 homes.

Keewaywin is now raising funds to support the Pilot Project mandate and hopes to raise an initial $100 million to finance the construction and maintenance of Indigenous housing both on and off reserve.

For the Pilot Project, Keewaywin will provide short-term construction loans to interested Indigenous communities and CMHC will provide program coordination to support those communities that want to build homes in partnership with Keewaywin.

For private capital investors, this is an opportunity to enter the Indigenous housing related market and, for Indigenous community members, to address housing needs using private capital.

The Pilot Project is an important step for Keewaywin and CMHC to demonstrate that private credit is a viable, low-risk way to loan to Indigenous communities that does not rely solely on government funding.

Loans from financial institutions have not been readily accessible to Indigenous Peoples or communities without government involvement or backing and this has prevented sustainable growth. This partnership marks a critical step in addressing this hurdle.

The concept was developed and proposed by Keewaywin President and CEO Tracee Smith, from Missanabie Cree First Nation in Ontario, who saw an opportunity to raise capital and build an investor portfolio to accelerate existing government-sponsored housing programs. If successful, the Pilot Project could serve as a model for future projects.

QUOTES

“This project is just the beginning of what I know can be a generational shift in how Indigenous-backed financing and business acumen are used to create wealth, while also lifting up our Indigenous communities. Together with CMHC, I believe we have developed a financing model to inspire other Indigenous innovators and business leaders to put their ideas forward.”
— Tracee Smith, President and CEO, Keewaywin Capital Inc.

“Canada is facing a housing shortage and this is especially true in Indigenous communities. We are exploring innovative partnership models and are excited to support the Accelerated Construction Pilot Project led by Keewaywin to help get more people homes more quickly. As the project evolves, we hope to grow our partnership with Keewaywin Capital and explore opportunities for future projects that will have positive impacts for Indigenous communities.”
— Romy Bowers, President and CEO, Canada Mortgage and Housing Corporation