A new Hamilton affordable housing project is launching community bonds to raise $15M for a 164-unit rental building on King Street East.
Hamilton Residents Invited to Back New Affordable Housing
Community Investment Launch
A new affordable housing initiative in Hamilton is asking residents to help bring a 164-unit rental building to life. Gather Housing Communities — a non-profit launched in May by well-known social housing provider Indwell — will open community bond investments on Dec. 3, enabling individuals to contribute as little as $1,000 toward the project. The model aims to give everyday residents a direct role in expanding the city’s affordable housing supply.
Project Goals and Funding Plan
Gather Housing is seeking $15 million over two years to cover critical pre-construction work at 1907 King St. E., including design, planning, and municipal approvals. The 10-storey building will offer units priced at 30% of household income, with one-third eligible for City of Hamilton subsidies to ensure deeper affordability. The non-profit says community investment is essential because traditional financing for early-stage non-profit housing is either costly or unavailable.
Why Community Bonds
According to Michael Brathwaite, Indwell’s senior associate of impact investing, community bonds allow residents to support local housing solutions while earning a return between 3.75% and 4.85%, depending on term length. He says the bonds are a practical tool for filling the “missing middle” — working individuals who earn below Ontario’s median income of $90,000 but are priced out of market rentals. Once government funding flows in at the construction phase, it will reimburse early costs, allowing Gather Housing to reinvest that capital into future projects.
Proven Model in Hamilton
Community investment has already shown success locally. In 2024, Indwell raised $6 million through its first community bond program, surpassing its $5-million target. Those funds supported pre-construction for four upcoming supportive housing projects: Acorn Flats, Century Manor, Ottawa Street Apartments and Stonehouse Apartments. All four developments are now nearing construction readiness, largely due to early community backing.
Expert Advice and Investor Caution
Financial experts encourage prospective investors to research organizations before purchasing community bonds, as they are not assessed by credit rating agencies. Investment advisor Patti Dolan noted that understanding the issuer’s cash flow is essential. In Gather Housing’s case, long-term government funding — which does not require repayment — is expected to form the backbone of its financial stability.
Looking Ahead
As community bond programs gain traction across Canada for housing, cultural spaces and renewable energy, Hamilton is exploring its own municipal approach. The city previously signalled interest in establishing a government-led bond program, though no further updates have been provided. For now, Gather Housing’s launch offers residents a chance to directly support new rental options in a city facing persistent housing pressures.
