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Investors - NOVEMBER 22, 2021

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Castlepoint Numa, WoodGreen Community Services form strategic partnership

by Andrea Zander

Castlepoint Numa and WoodGreen Community Services have formed a strategic partnership to deliver and manage 300 to 400 new affordable-housing units in Toronto.

Allocated to four projects scheduled for completion in three to 10 years, these units will provide housing for the low- and middle-income segments of Toronto’s rental market.

The affordable units, which will be priced at about 80 percent of average market rent (AMR) in Toronto, are being delivered without any direct government subsidy. Under a memorandum of understanding (MOU) Castlepoint Numa and its partners will retain ownership and leverage WoodGreen’s experience to assist in the delivery and management of the units.

“Our focus is to achieve the best possible outcomes for a diverse mix of tenants who face economic, social and health-related barriers to accessing and retaining affordable housing,” said Anne Babcock, CEO and president of WoodGreen.

Recently introduced legislation, called

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