Over the next 10 years, 1/3 of faith communities across north America are at risk of losing their properties. Churches are faced with falling congregations combined with aging properties, leading a financial burden that most organizations cannot sustain. The loss of these properties have an impact on faith communities, as well as the community at large, as nonprofit organizations, charities, and community groups lose access to deeply affordable rental spaces.
Historically, governments and foundations have been hesitant to provide grant funding to organizations affiliated with faith communities. In addition, without the appropriate expertise, traditional lending can be a risky proposition for faith communities with an unstable financial model. There is a clear opportunity to employ social finance products, for the development of social purpose real estate.
This session will explore how organizations are currently supporting faith communities in transforming their properties into social purpose real estate that serves the needs of the community, while allowing faith communities to manage the financial responsibility of their properties. The session will also discuss the role that governments must play in creating an environment conducive to the social investment that will be necessary to make these projects a reality.
