The federation, which represents 85 student groups, will invest up to $2 million to build affordable apartments for at least 150 students.
A federation of student associations at Université de Montréal is the latest organization to ink a deal with social economy enterprise UTILE to build off-campus non-profit student housing in Montreal.
The Fédération des associations étudiantes du campus de l’Université de Montréal (FAÉCUM) and UTILE announced on Thursday they have signed an agreement to build a project comprising affordable apartments for at least 150 students.
“By investing in student housing, FAÉCUM is taking a step toward a future where access to housing will no longer be an obstacle to academic success,” federation secretary general Méganne Joyal said in a statement.
“FAÉCUM hopes that today’s announcement will inspire other stakeholders to take action to ensure equitable access to housing for the entire student community.”
The federation, which represents 85 student associations and about 40,000 students at Université de Montréal, has committed to investing up to $2 million toward the project, with the exact amount dependent on how many units are built for the Université de Montréal student population.
UTILE was launched more than a decade ago by a group of Université du Québec à Montréal students who wanted to develop an alternative for students to the traditional dorm room and high-rent and overcrowded apartments.
UTILE president, CEO and co-founder Laurent Levesque said Thursday that the company is scouting property in the area around Université de Montréal’s MIL campus in Outremont to develop the new project.
FAÉCUM’s investment will be injected into the Popular University Student Housing (PUSH) Fund, a non-profit rotating investment fund known as Fonds CLÉ in French that has provided the startup funds for other UTILE projects. UTILE leverages the seed money from student associations to seek other financing.
“It is a great source of pride for us to launch a very first project north of the mountain for the student population of the Université de Montréal,” Levesque said in the statement about the partnership with FAÉCUM. The federation’s investment, he added, “will provide a living environment adapted to the needs of at least 150 students and will allow them to fully realize their potential.”