Alterna Savings highlights support for affordable housing
Ottawa, ON – November 22, 2022 – National Housing Day (November 22) is an opportunity to highlight , and recognize the important work being done by housing partners across the county to improve access to safe and affordable housing for all Canadians.
Over the past few years, support for this sector has been more critical than ever, with many organizations facing significant challenges due to the pandemic, and as Ontario grapples with rising inflation and real estate prices. Despite these challenges, Alterna's Community Impact Team continues to focus on our support of affordable housing. It has positioned itself as a national leader amongst other financial institutions by steadily increasing its support of nonprofits and charitable and community organizations in the housing sector.
Over the past 25 years, Alterna has built strong working relationships with many co-operative housing federations. These relationships are key to Alterna's successful support of affordable housing, because they have enabled them to design products specifically tailored to meet the 'federation's needs and the needs of their members. Alterna also re-invests in the sector, contributing over $400,000 in sponsorship dollars to members of the Canadian Housing Federation in 2022.
Alterna also provides products and advice about housing to individual members. They offer all the standard mortgage types and some more unique options to help members in their homeownership journey. Alterna's multi-ownership mortgage supports potential homebuyers by allowing them to pool their resources and share the cost of buying a home with family members or friends. Additionally, this option only requires a 5% downpayment, significantly less than a traditional mortgage, which also contributes to the affordability of this option.
Through a partnership with EQ Bank, Alterna also offers reverse mortgages, a type of loan secured against the borrower's principal residence. This financing solution gives homeowners access to tax-free funds with no mandatory ongoing payments until the borrower moves out of their home. It allows individuals who may not qualify for other lending products to draw equity out of their home, and leverage it for different financial needs.
To learn more about Alterna's support of affordable housing, visit their website, alterna.ca.
About Alterna Savings
Alterna Savings and Credit Union Limited (Alterna) has been the good in banking™ for over 110 years. Alterna is made up of Alterna Savings and Credit Union Limited and its wholly-owned subsidiary, Alterna Bank.
As the first full-service, member-owned cooperative financial institution outside Quebec, Alterna Savings shares its expertise with 217,000 members through a network of 46 branches across Ontario, as well as call centre and digital channels. Members and customers also benefit from an industry-leading online brokerage, investment management services, and have access to over 43,000 surcharge-free ATMs in North America with THE EXCHANGE Network in Canada and the Allpoint Network in the US.
LeeAnn Acton – Director, Communications
Alterna Savings | Alterna Bank