London Community Foundation & Italian Seniors' Project
London Community Foundation & Italian Seniors’ Project
ISP’s Residenza Italia, located at 1109 Hamilton Road.
Thanks to a loan from London Community Foundation’s Social Impact Fund, the Italian Seniors’ Project (ISP) embarks on its second affordable housing project that aims to provide a sense of belonging to all residents.
Residenza Italia, built and run by the Italian Seniors’ Project, is a seniors’ apartment building that has been operating for 8 years. In addition to the affordable rent it offers its tenants, Residenza Italia was designed to foster a sense of community and to alleviate the loneliness that often comes later in life.
“Anybody can build a square block, fill it with people and close the door,” says Claudio De Vincenzo, Italian Seniors’ Project board member. “We’re trying to build communities.”
This philosophy is carrying over to ISP’s next undertaking: Residenza Ortona.
LCF’s Social Impact Fund uses a portion of the Foundation’s assets as investment capital, investing in projects that are not only capable of paying back the loan and providing a return, but that generate positive change in the community.
In 2016, LCF first loaned the Italian Seniors’ Project the money to purchase the land on which Residenza Ortona will be built. More recently, ISP applied for additional financing with LCF to help cover construction costs. This additional financing will be secured by a second mortgage against Residenza Italia.
While Residenza Ortona, located across the street from Residenza Italia, will be open to everyone, a portion of it will be focused on one demographic in particular; our veterans.
Federal funding was announced on July 15, 2019 at the Residenza Ortona construction site.
“Veterans are overrepresented in the homeless population,” says Claudio. “Some of them are not aware how to access the types of money and support they are entitled to receive through Veteran’s Affairs.”
“We’re hoping that by giving them an affordable place to live and build a community, they’ll be able to stabilize themselves and live comfortably.”
This project resonated with the Foundation and when ISP approached LCF with the investment opportunity, the Foundation was ready to help.
“If you go to a bank asking to borrow money to buy some land that won’t be generating income for a couple of years, they’ll look at it as a bad investment,” says Claudio. “We pitched our idea to LCF and they saw our vision, and believed in it. We’re really happy with the partnership we’ve made with them.”
This work with ISP is just one example of the great impact LCF has had on affordable housing in the London community.