Review About: Canadian Funding Corporation

Author

 Moishe Alexander (95%)
Rating:
*****

Relationship
Monday, May 11, 2009
Review #4335

The Cornerstone Project, Victoria, British Columbia

Canadian Funding Corporation CEO Moishe Alexander reviews the Cornerstone Project for the iKarma community.

The Fernwood neighbourhood in Victoria, B.C., is one of the oldest in the city. An important part of the Fernwood community is the Fernwood Neighbourhood Resource Group (Fernwood NRG), which operates a community centre and offers family support services, recreation and child care programs.

In 2005, Fernwood NRG purchased the Cornerstone building, a two-storey heritage structure, built in 1909, that had been boarded up for several years. The Fernwood NRG renovated the Cornerstone, building four, three- bedroom suites on the top floor and converting the main floor to commercial space.Work started in April, 2006, and at the end of October there was a grand opening for The Cornerstone Project.

Canadian Funding Corporation CEO Moishe Alexander is inspired by the Affordable Housing Solution from CMHC. The four three bedroom units are available for families, which Fernwood NRG defines as a minimum of two people, including at least one dependent child, regardless of age. Because the units have three bedrooms, preference is given to families with at least two children. Households with a gross annual income of less than $41,500 qualify for a unit. Fernwood NRG assesses each applicant's need based on standards that include the applicant's income, current living situation and personal and family requirements.

Residents have access to the full range of Fernwood NRG community services. The building is in a central location, close to shopping and services, allowing residents to get around using alternate modes of transportation.

Fernwood NRG runs the Cornerstone Café on the main floor, which provides a gathering place for neighbours, neighbourhood employment opportunities, and a place to demonstrate environmentally sustainable practices such as composting and recycling.The cafe also helps attract residents to the neighbourhood centre, resulting in a more vibrant and safer community.The revenue from the café and other commercial units on the main floor helps support Fernwood NRG programs.

A geothermal system that draws renewable energy from the ground provides energy for 70 per cent of The Cornerstone Project’s heat and hot water, which lowers the project’s operating expenses.The roof has the structural strength and the plumbing needed for solar panels, which the Fernwood NRG plans to install when it has the funds. The renovation of the building was done in part by hundreds of volunteers, including families, school groups, professionals and seniors who provided expertise, skilled trades and helping hands. Volunteer labour helped lower construction costs, and local businesses donated materials, further reducing project costs.
 
Tags: geothermalCanadian Funding CorporationMoishe AlexanderCornerstone ProjectFernwood NRGenvironmentally sustainableCMHC