Program will present ‘obligatory assist providers to assist people navigate by means of difficult occasions’
NEWS RELEASE
UNITED WAY SIMCOE MUSKOKA
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United Means Simcoe Muskoka has introduced that they are going to be launching a Residence Reduction Financial institution to stop evictions and foreclosures by providing interest-free loans and individualized assist providers to these vulnerable to dropping their houses.
“The Home Relief Bank is a direct response to the growing housing crisis in our region and is rooted in our commitment to strengthen communities through innovative partnerships and targeted funding,” stated United Means Simcoe Muskoka’s chief govt and philanthropy officer, Brian Shelley.
With housing and rental prices hovering and the price of residing persevering with to rise, many in Simcoe-Muskoka are struggling to make ends meet. In keeping with the 2021 census, 131,870 individuals in Simcoe-Muskoka reside in unaffordable housing. A brief-term monetary disaster akin to relationship breakdown, job loss, or well being concern, which some households could have adequate resiliency to recuperate from with out help, can put these individuals on the precipice of eviction or foreclosures. This system won’t solely present monetary help but in addition will join people with extra assets to assist them obtain long-term housing stability.
“The Home Relief Bank is more than just a financial safety net,” stated the United Means’s chief administrative officer, Sharon McCormick. “It’s a holistic approach to housing stability that offers not only financial assistance but also the necessary support services to help folks navigate through challenging times. Repayments are reinvested into the program meaning that households who may never have thought they would be in a position to help others can pay it forward.”
The pilot program will likely be evaluated for feasibility over a three-year interval, with a imaginative and prescient of building a sustainable mannequin that may be expanded throughout Simcoe County, the District of Muskoka, and the City of The Blue Mountains.
Shelley added, “Our goal is to empower individuals and families to regain stability and prevent them from falling into the cycle of homelessness.”
For extra data on the Residence Reduction Financial institution, contact Sharon McCormick at [email protected].
Housing statistics for Simcoe-Muskoka:
It’s estimated that 883 people are experiencing homelessness throughout Simcoe-Muskoka (County of Simcoe and Muskoka Neighborhood Basis Important Indicators Report).
Ontario’s mortgage delinquency fee was .15 per cent in Q1 2024, up from .10 per cent in 2023. (Supply: Canada Mortgage and Housing Company)
Final yr 37,690 households had been evicted for non-payment of hire in Ontario; this can be a 20 per cent enhance over the earlier yr. (Supply: Tribunals Ontario 2022-2023 Annual Report)
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