Drummondville, March 26, 2025 – The new LaSource ownership cooperative housing project located in Drummondville – the result of a partnership between the Québec Government and Fondaction – is taking off. The first of its kind in the area, the initiative will offer affordable coop-ownership housing for first-time buyers, who are invited to express their interest starting now.

This $31 million project will be carried out thanks to an innovative partnership between real estate developer IDA Development, the Fondation pour le développement de l’habitation coopérative au Québec and PRIMAccès, a $90 million fund managed by Fondaction Asset Management and made up of investments from Fondaction and the Québec Government.

Located in the OTTERA district, the 7-storey building will have 84 units of 1, 2 and 3 bedrooms. It will also include a community room, storage space,and underground and outdoor parking. In order to meet high quality standards,the cooperative building is designed to achieve highly energy efficiency consumption and greenhouse gas reduction.

A one-of-a-kind project in the region

Based on the model of the Fondation pour le développement de l’habitation coopérative au Québec, the ownership cooperative housing offers access to home ownership at a lower cost than comparable properties in the market, while providing a safe and healthy living environment. This has been achieved through an innovative approach to propertyrights, whereby the Foundation owns the land and grants the cooperative the right to use it. The latter owns the building and sells a right of usufruct to members on an individual basis. When the time comes to sell their unit, members get back their investment plus 40% of the capital gain.

This initiative has a twofold benefit: first-time buyers that purchase these affordable co-ownership properties free up housing that is then available to other households in the rental market. Presales of the units have begun, and interested people can find all the details and renderings on the project’s website at https://otteralasource.ca/.

 Quotes

“Through the involvement of public, private and community partners, we are able to offer new affordable housing options. This ownership cooperative model ensures long-term affordability and will provide a means of home ownership for a large number of buyers over time. We are delighted to see this project take shape and look forward to replicating it in other parts of Québec.”

Marc-André Binette,Vice-President and General Manager of Fondaction Asset Management

“These co-ownership projects will enable households to become homeowners at an affordable price, thus freeing up housing for other families on the rental market. This innovative initiative shows that accessible and inclusive housing solutions can be achieved when multiple partners work together. This is yet another tool to ensure that all Quebecers have a roof over their heads that meets their needs.”

France-Élaine Duranceau, Québec Minister Responsible for Housing

“At IDA, we firmly believe that access to home ownership needs to be redefined to reflect today’s realities. As a real estate developer, we are proud to contribute to an innovative project such as the La Source ownership cooperative housing project, which provides an affordable and sustainable alternative for first-time buyers. Thanks to its ecologically responsible approach and community-focused vision, this project represents concrete progress towards a fair and more accessible living environment.”

Pierre Olivier Courchesne, President, IDA Development

“We are pleased to launch this 84-unit project in Drummondville. Our non‑speculative access to home ownership model is a social innovation in Québec. This cooperative model enables a diverse range of individuals to purchase their first home, while contributing to the creation of a vibrant, safe and enjoyable living environment. For us, an ownership cooperative housing project is much more than a legal and financial arrangement. From the outset, what emerges is a democratic ecosystem that grows stronger and endures through time.”

Clévis Cabrera,General Manager of the Fondation pour le développement de l’habitation coopérative au Québec

About Fondaction Asset Management

Fondaction Asset Management (FAM) is an impact-driven manager that creates and delivers innovative, high-performance financial solutions to solve major environmental and social issues, generating competitive returns.

As a subsidiary of Fondaction, FAM channels large-scale capital into high-potential impact sectors, accelerating the profound and sustainable transformation of the economy. FAM currently manages fund platforms in areas such as energy transition, natural capital protection, environmental markets, and the circular economy.

For more information, please visit fondactionassetmanagement.ca or follow us on LinkedIn.

About Fondaction

A forerunner for over 25 years, Fondaction is the investment fund for individuals and companies that are mobilizing for the positive transformation of Québec’s economy, making it fairer, more inclusive, greener and more performant. As a labour-sponsored fund created at the initiative of the CSN, Fondaction represents tens of thousands of savers and hundreds of companies committed to helping Québec progress. It manages more than $3.99B in net assets, as at November 30,2024, invested largely in hundreds of businesses and on the financial markets, prioritizing investments that generate positive economic, social and environmental spinoffs in addition to a financial return. Fondaction helps maintain and create jobs, reduce inequalities and combat climate change. For more information, visit fondaction.com or our LinkedIn page.  

About the Société d’habitationdu Québec

As a leader in housing, the Société d’habitation du Québec’s mission is to meet the housing needs of Quebecers through its expertise and services to citizens. It does this by providing affordable and low-rental housing and offering a range of assistance programs to support the construction, renovation and adaptation of homes, and access to homeownership.

To find out more about its activities, visit www.habitation.gouv.qc.ca/english.

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About IDA Development

IDA Development is a key player in the design and realization of innovative real estate projects. Specializing in development, construction and asset management, the company integrates a strategic approach that combines vision, expertise and a commitment to quality. With a multidisciplinary team of developers, designers, managers, general contractors and shareholders, IDA Development takes charge of the entire project life cycle. From space design and development to site planning and construction coordination, each project is designed to optimize functionality, aesthetics and user experience. Through rigorous management and an approach focused on viability and profitability, IDA Development ensures that living and working spaces are sustainable and adapted to community needs.

Please visit our website to find out more about our services: https://idadev.ca/.

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LinkedIn: https://www.linkedin.com/company/105228731/admin/dashboard/

About the Fondation pour le développement de l’habitation coopérative au Québec

The Fondation pour le développement de l’habitation coopérative au Québec was created in 2011 by the Confédération Québécoise des Coopératives d’Habitation (Confederation of Housing Cooperatives of Québec; CQCH). The CQCH has designed an innovative model able to address indebtedness and promote access to homeownership.

The Foundation’s mission is to support and encourage the development of cooperative housing that provides members with access to affordable individual homeownership and savings.

To this end, the Foundation may, in particular:

• Assist cooperatives and their members in the implementation and financing of cooperative housing projects other than rental housing;
• Acquire real estate sites dedicated to the development of such cooperative projects;
• Bring together various financial and governmental partners interested in developing housing formulas that promote access to home ownership and savings.

This fund is dedicated to the implementation and financing of cooperative projects.

To find out more about our completed projects, visit https://www.fondscap.ca/.

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