In 2000 the Real Estate Foundation approved a grant of $15,000 for the Victoria Cool Aid Society to undertake a financial and investment analysis of Mike Gidora Place, a non-profit housing development for low-income urban singles. We anticipated that the case study would provide a template with which to analyze other non-profit housing projects. Now that the analysis is complete, we hope that the information will be useful to other organizations undertaking projects in their local areas.

If you have any questions about the project, please contact the society via the information supplied below.

Contact Tim Pringle at the Real Estate Foundation if you have questions about the Foundation's involvement in the project.

Project Rationale:

Mike Gidora Place is an important step in maintaining affordable rental housing and community space for Victoria's downtown community. The model is one that recognizes that private/public/non-profit partnerships can contribute positively to meeting both pressing social and economic issues within our community. The project, which opened in September 2000, features 45 residential units and ground floor office, retail and community activity space.

The primary driving force for Mike Gidora Place was meeting a particularly difficult market challenge: bringing to market within a sustainable financial framework small suite developments affordable by Low Income Urban Singles. There have been numerous efforts and undertakings across the province, and for that matter, the country, to meet this challenge but, by and large, few have been either successful or replicated. Most who have tried have concluded that it is not economical to undertake such a development, or alternatively they have not been able to design appropriate small suites attractive to the market group.

Mike Gidora Place overcame these challenges. The society was fortunate to establish partnerships with community supporters and a private financial institution. They were also able to leverage use of some of the land through the City of Victoria. However, in order for other projects of this nature to be built, it will be invaluable to be able to provide an analysis of the construction and operational cash flow of the project (for example, identification of the proportions of debt and equity, etc.). That is exactly what the financial and investment analysis report does.

(adapted from a Victoria Cool Aid Society document)