Posted on July 28, 2014 by IT Admin
Today, HSC announced that we are broadening the investment base of SHSC Financial Inc. (FI) through expanding its ownership. HSC created FI in 2002 to administer the Social Housing Investment Program, an investment program that is currently utilized by many Ontario housing providers. As a result of the new ownership model, FI products and services will become available to non-profit and cooperative housing providers across Canada. Read the July 28 media release here.
Expanding the Investment Funds Program
We believe that partnerships are a critical way forward for the sector and for the future of HSC programs — to keep service levels high and prices competitive, and to support providers in preserving the health and sustainability of the physical asset. To this end, HSC has been working with the FI board over the past year to find new Canadian housing partners to expand the investment funds program run by FI.
Under the new ownership model, Housing Services Corporation (HSC) will retain 40% of FI’s issued and outstanding shares and three new partners will each acquire 20% of the outstanding shares: the Co-operative Housing Federation of Canada (CHF Canada), the Co-operative Housing Federation of BC (CHFBC) and BC Non-Profit Housing Association (BCNPHA).
Current FI investors will see no change as a result of the ownership expansion. Your funds will continue to be invested as you have directed in the past, and you will continue to have the same customer support contacts and access points as before.
The expanded ownership of FI is to be finalized on September 30, 2014. Closing is subject to customary closing conditions and the approval of the regulators. FI’s dedication and commitment to customer service will remain a top priority and there are no anticipated immediate changes to the existing investment funds, staffing or administrative processes.
For more information, view the July 28 media release or FI Ownership Expansion: Questions & Answers on the HSC website. If you have questions for HSC regarding the ownership expansion, please contact email@example.com. If you are a unitholder of FI funds you may contact FI directly for more information.
CEO, Housing Services Corporation