Indwell Breaks Ground on its First Affordable Housing Development for Families in Hamilton, ON

Funding from the local community and City of Hamilton will add 23 supportive family-sized homes to affordable housing stock by Fall 2026

/EIN News/ -- HAMILTON, Ontario, April 08, 2025 (GLOBE NEWSWIRE) -- Indwell, a leading developer of supportive housing in Southern Ontario, is commemorating the groundbreaking of Acorn Flats, its first supportive housing project for families in Hamilton, following the successful completion of its Hope & Homes Hamilton community bond offering, which funded key pre-development activities.

Located at 311 Robert St, Hamilton, the Acorn Flats project is set to begin construction on 23 supportive family-sized homes this spring, with tenants expected to move in by Fall 2026. As Indwell’s first development designed specifically for families, it features larger units and adjusted rents to meet their unique needs.

“We are thrilled to celebrate this milestone with our community, whose investment and support have been instrumental in bringing this vision to life. With rents in Hamilton soaring, creating new affordable housing is a crucial step toward providing stability for families struggling to find a home. While this project is just one piece of the solution, it marks meaningful progress in Indwell’s commitment to deep affordability over the next 20 years,” said Jeff Neven, Chief Executive Officer, Indwell.

With 21 two-bedroom units and 2 three-bedroom units, rents are guaranteed at 70% or less of the median market rent for a minimum of 20 years. A total of 6 units will be barrier-free, including wider doorways, lowered countertops, and larger bathrooms with roll-in showers.

Obtaining capital for asset acquisition, design, and pre-development of an affordable housing project is a significant challenge for charitable developers. With an overwhelming response for its community bond offering–an investment tool that allows for social and financial returns–Indwell successfully raised $6M in community financing that now supports four projects, including Acorn Flats, aimed at creating 140 units of supportive and affordable housing in the city.

Community bonds are a social finance tool that allows individuals and organizations to invest in the project to address core housing needs while earning a fair financial return.

“I invested in the Hope and Homes Hamilton Community Bond because this is an opportunity for everyday investors like you and I to participate in local solutions to the urgent polycrises we face in our communities. For a sufficient financial return, we get an outsized positive social impact to provide essential housing – and the credibility of Indwell and its stellar team brings me confidence we will realize this impact,” shares Wayne Miranda, a community bond investor.

As part of the capital stack, the project has secured $3.4 million in funding from the City of Hamilton, including a $2,356,389 capital grant from the Tax Stabilization Reserve, $143,611 from the Supportive Housing Account, and approximately $900,000 in municipal fee exemptions. Additionally, community donors have contributed $845,000 toward this project.

Mayor Andrea Horwath, City of Hamilton, said, “Access to safe, affordable housing is one of Hamilton’s most urgent challenges, and projects like Indwell’s Acorn Flats are exactly what our city needs. By creating family-sized, supportive homes, this development will provide much-needed stability for families struggling to find housing they can afford.”

“My late wife, Shirley, was a registered nurse who dedicated her life to the wellness and welfare of others. Before her passing last year, she ensured that a portion of her estate would go towards Acorn Flats. Shirley was especially delighted that Indwell was expanding to intentionally support families,” said Ian Rowe, retired professional engineer and an Indwell donor.

Of the $6M raised in community bonds, $934,000 has been allocated to Acorn Flats, while the remainder of the bond investment will support additional Indwell projects, including Phase 2 of the Ottawa Street Apartments, Stonehouse Apartments, Century Manor, and future developments.

Acorn Flats is part of The Oaks complex, which already includes three operating supportive housing projects by Indwell – Heartwood Apartments, The Dairy Lofts and Ain-dah-ing, providing a total of 108 residential units, including commercial space on the ground floor in one of the buildings.

Indwell’s Hope & Homes bond campaign is executed under the administration of Tapestry Community Capital, a community investment and social finance leader that has successfully worked with organizations to raise over $120 million in community bonds from over 4000 investors.

About Indwell
Indwell is a growing Christian charity that responds to the urgent need to address homelessness in Southern and Southwestern Ontario by creating and operating high-quality, affordable supportive housing with the support of community and government partners. Indwell supports 1,300 people in apartments in Hamilton, Woodstock, Norfolk County, London, Waterloo Region, Mississauga, and St. Thomas — with projects under construction or in pre-development in most of these communities. Indwell interdisciplinary teams empower tenants to achieve their health and well-being goals and actively engage in the life of their communities.

Media contact:
Yulu PR
tapestry@yulupr.com
778-955-0448

Jeff Neven, CEO
Indwell
jeff@indwell.ca
905-529-0454 x227