Propolis Cooperative Housing closes $1.1M community bond campaign to support affordable housing project in Kamloops

Capital campaign receives first-of-its-kind $100K collaborative investment from five Thompson Okanagan-based community foundations

/EIN News/ -- KAMLOOPS, British Columbia, April 14, 2025 (GLOBE NEWSWIRE) -- Propolis Cooperative Housing Society, a BC-based non-profit housing cooperative, has successfully raised $1.1M from community bond investors to advance its 53-unit affordable, net-zero housing project in Kamloops. The capital raise includes a first-of-its-kind collaborative investment from five community foundations across the Thompson Okanagan region – each purchasing $20,000 in Propolis bonds in a show of collective commitment to local, sustainable housing.

BC Interior Community Foundation, Shuswap Community Foundation, Central Okanagan Foundation, Community Foundation of the North Okanagan, and Community Foundation of the South Okanagan Similkameen jointly invested $100,000, demonstrating the power of shared regional values and community-led financing.

“Kamloops is experiencing a deepening housing crisis,” said Lindsay Harris, Executive Director of Propolis. “Renters earning a median income can’t afford to live in Kamloops without experiencing significant financial stress. This isn’t just about housing, it’s about our ability to thrive as a community. This bond campaign proves that when we come together, we can reimagine what’s possible for the people who live and work here.”

Located in the heart of Kamloops’ North Shore, the six-story, mixed-use building at 422/424 Tranquille Road will feature 53 net-zero residential units above commercial space. All units will operate as non-profit cooperative housing and be priced below market rent for Kamloops, ensuring long-term affordability for working households.

The project team includes Empacta Development Consultants and Nexbuild Construction as development managers, and BlueGreen Architecture and Project Green Architecture as lead architects. A development permit application is expected to be submitted by summer 2025, with occupancy targeted for 2027.

Financing from the community bond campaign will repay earlier bridge financing that was used to secure the land purchase, allowing the project team to advance the project's design phase and secure key development milestones.

In addition to support from community foundations, the Propolis Bond — a social finance tool offering both social and financial returns — attracted investment from 101 funders, including everyday residents of Kamloops and institutional partners like First West Credit Union. Bridge financing for the project was also provided by Thrive Impact Fund and the Canadian Cooperative Investment Fund.

“We’re excited to join forces with our fellow Thompson Okanagan community foundations on this shared investment. Collaborating on opportunities like this strengthens our regional impact and builds lasting connections between our communities. This is BC Interior Community Foundation’s very first impact investment, and we’re proud that it supports a sustainable, net-zero housing co-op right here in Kamloops,” added Wenda Noonan, Executive Director, BC Interior Community Foundation

"We are so excited to participate in the Propolis impact investment with our fellow community foundations! All of us have an amazing impact with our granting programs, but grants aren't the only solution. Adding impact investments to our toolkit allows us to be more strategic in how we support essential community programs and projects," said Aaron McRann, Chief Executive Officer, Community Foundation South Okanagan Similkameen

Propolis’ community bond campaign was administered by Tapestry Community Capital, a community investment and social finance leader. Tapestry has helped organizations raise over $130 million in community bonds. Most recent successes include $6 million raised by Indwell for four supportive housing projects in Hamilton and the launch of Brique par brique’s bond campaign to fund two new affordable housing and community space developments in Montréal.

For more information about Propolis Bonds, please visit www.propoliscooperative.com/bond-campaign

For media requests:
Yulu PR
tapestry@yulupr.com
778-955-0448

About Propolis
Propolis Cooperative Housing Society is a new non-profit housing cooperative organization with a mandate to develop affordable, sustainable, net-zero housing in Kamloops. Propolis incorporated in November 2020 under the BC Cooperative Association Act. The long-term plan of the cooperative is to build a network of affordable net-zero multi-family buildings in Kamloops over the next several decades.

About Propolis Bonds
Propolis Bonds is Propolis’ official capital campaign to raise $1.1 million to purchase its first property for affordable, sustainable housing through community bonds. For more information on our campaign, goals and projects, please visit www.propoliscooperative.com/bond-campaign.