Frequently Asked Questions about Kindred Works
How many projects is Kindred Works working on? Where are they located?
Kindred Works has 17 projects across Canada in active stages of development, representing 3000 units. Regent Park in Orillia was our first project to break ground in September 2023. For more information on Kindred Works’ first thirteen projects, visit the Our Projects page on our website. (kindredworks.ca)
What are Kindred Works Environmental targets?
Kindred Works aims to be a carbon neutral company by 2030. We are working to build our homes so that they use 65% less energy per year than today’s industry standard and none of our projects involve on-site combustion of fossil-fuels. By 2030, we aim to emit 80% less carbon in construction than today's industry standard.
Who manages Kindred Works housing?
Kindred Works manages the market-rate rental housing, including finding tenants and collecting rent. We will partner with local affordable housing providers to find and manage the tenants of the below-market housing units. Partnering locally will ensure that housing is distributed to those with core housing need, especially for equity-seeking groups. Kindred Works takes care of each of our projects on behalf of those who live there, who make it a place, and for future generations.
Does the congregation need to contribute or raise any money?
In many cases, no. However, Kindred Works will test the financial viability in the Feasibility Study and outline if any additional equity, beyond the fair market value of the congregational land, is likely to be required.
Often, if additional community or worship space needs to be built, the residential rental income will be insufficient to cover these additional costs and the congregation may need to raise additional funds to build these. If there is an additional equity gap for the residential component, Kindred Works will work with the congregation to raise additional capital from outside sources.
How is the project financed?
The United Church of Canada, through the community of faith, contributes the market value of the land to the project. Kindred Works is responsible for securing the additional funding required for early design and pre-development, the entitlement process, and construction. This involves working with lenders such as CHMC for insured loans, municipal and provincial stakeholders for contributions and grants, and other community-focused investors.
February 2024