Financing emergency shelters for women and families in the U.S.
Sun Life is addressing a critical need in our communities by financing two emergency shelters in the U.S.
Shelters provide vital support and safe housing to vulnerable populations. Access, however, is often limited due to a lack of available space on account of high demand. According to a 2023 report based on data from the U.S. Department of Housing and Urban Development, the rate of those seeking shelter but unable to find it continues to rise1.
To help address the housing gap, Sun Life and certain other institutional clients of SLC Fixed Income, which is part of Sun Life’s institutional asset management business, provided financing for two emergency shelters in 2023:
- One project financed the acquisition of a family-focused homeless shelter in New York City. The 27,000 square foot project consists of two buildings with a total of 79 units. The shelter provides transitional housing as well as services for women and families with at least one child under 18 years. Families are housed for an average of one year and supported in finding long-term affordable housing. All costs for residents are covered by the NYC Department of Homeless Services.
- The second project is financing the development of a purpose-built, 200-bed women’s shelter. The facility, which will be accessible in accordance with the Americans with Disabilities Act, will be one of two women’s intake and assessment shelters, which are located in one of the largest cities in the U.S. It will provide 24/7 intake services, including onsite medical, mental health assessment, case work and housing support to stabilize clients and connect them with treatment facilities, family or long-term shelters.
Helping build quality, accessible shelters are critical to breaking the cycles of poverty, experiences of homelessness and other issues that are present in our communities.
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Case study is provided for illustrative purposes only. Any reference to a specific asset does not constitute a recommendation to buy, sell or hold or directly invest in it. It should not be assumed that the recommendations made in the future will be profitable or will equal the results of the assets discussed here. Represents investments of SLC Fixed Income, managed on a discretionary basis for Sun Life's general account.
1 National Alliance to End Homelessness. “State of Homelessness: 2023 Edition”. May 2023.
