Housing Services Corporation Completes Partial Sale of SHSC Financial Inc.*

Housing Services Corporation (“HSC”) completed the sale of 60% of its interest in SHSC Financial Inc. (“FI”) to the Co-operative Housing Federation of Canada (“CHF Canada”), the Co-operative Housing Federation of BC (“CHF BC”) and the BC Non-Profit Housing Association (“BCNPHA”). Under the new structure, HSC retained 40% of FI’s issued and outstanding shares (“FI Shares”) and CHF Canada, CHF BC and BCNPHA each acquired 20% of the issued and outstanding FI Shares.

FI was created specifically to manage funds to be offered for the investment of pooled capital reserves of non-profit and co-operative housing providers and is a registered investment fund manager with the Ontario Securities Commission. FI’s Social Housing Investment Program enables housing providers to effectively invest capital reserves and operating dollars, as well as last-month’s rents and member deposits. As of June 30, 2014, approximately 850 Ontario housing providers invested more than $473 million in the Social Housing Investment Program.

Wildeboer Dellelce LLP acted for FI in connection with the transaction with a team that included Geoffrey Cher, Mack Hosseinian and Lara Wharton (corporate/securities).

* CORRECTION:  A prior version of this transaction listing indicated that Alfred Apps was part of the transaction team. This was indicated in error and this posting has been updated accordingly.