Kaleidoscope Social Impact (KSI) has secured $2.5 million from the federal government’s Social Finance Fund (SFF).
This funding is aiming to help with affordable housing projects across New Brunswick.
The organization said they provide loans up to $400,000 through its KSI Social Impact Fund Inc.
These loans aim to support developers in acquiring property, building new units, or maintaining existing ones.
CEO Seth Asimakos said KSI is handling $4.5 million in funding requests from 12 developers, aiming to build 450 housing units worth over $100 million.
“Affordable housing developers face significant upfront costs before government funding becomes available. We provide loans to bridge this gap, enabling projects to move forward,” Asimakos said.
He highlighted the importance of partnerships with private investors, foundations, and other nonprofit housing entities.
“Bringing in investments from outside the province is crucial,” he said, noting contributions from high-net-worth individuals and foundations.
Asimakos explained to access the full $2.5 million, KSI must secure matching investments from non-government sources.
KSI CEO said they’re collaborating with groups such as the New Brunswick Nonprofit Housing Association to push for policy changes that enable faster financing and development.
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Asimakos highlighted key projects demonstrating KSI’s commitment to affordability and homelessness:
- Seniors’ complex renovation in Moncton
- 100-unit development in Miramichi
- Youth housing initiatives in Saint John
“Seeing people transition from homelessness to secure housing is incredibly impactful. Housing is the foundation for all other opportunities,” he said.
Asimakos said KSI aims to build a $10 million fund by the end of 2025.
He adds that this enables the construction of up to 900 housing units every 12 to 18 months.
The organization plans to continue engaging with foundations and investors to achieve this goal.
