Community equity from day one, and it grows. Property growth and philanthropic buy-backs cover the bond.

A $10M total investment ($5M purchase, $5M renovation), taken as the day-one value. $7M comes from a SPREIIT bond; $3M comes from grants and impact-focused vendor take-back, and that $3M is the community's equity on day one. The bond obligation to investors accrues at the coupon; an annual philanthropic buy-back holds it down. Set the buy-back to 0% to see what happens without it: 4% growth still covers the bond, and only at the 3% floor does the federal guarantee see a call.

SPREIIT bond (% of total investment) Purchase + renovation = $10M total investment Property growth, base case Property growth, floor covenant (minimum) Philanthropic buy-back (% of purchase price, per year) Bond coupon (zero-coupon, accrues to maturity) Forced-sale discount at Year 30

Management and Local Governance Improvement Fee: 0.40% per year on the amount owed, always included

Method. Total investment ($10M: purchase plus renovation) is taken as the day-one value. SPREIIT bond = total investment × bond share; community equity on day one = the remainder, funded by grants and impact-focused vendor take-back. The obligation to investors accrues at the z-bond coupon, with the 0.40% Management and Local Governance Improvement Fee paid separately on the balance; each year from Year 1 the philanthropic buy-back retires the lesser of the annual amount and the balance after accrual (SPREIIT-SFD model mechanics, September 2026 v2). The balance at Year 30 is refinanced against the property at floor-covenant value less any haircut. Guarantee called = max(balance − refinance proceeds, 0).

Management and Local Governance Improvement Fee. Relèven's 0.40%/yr fee is charged on the outstanding balance and funds the support poured into each local project as a result of the investment: fundraising, governance, leasing and conflict-resolution support. With a philanthropic buy-back in place it is paid in cash each year and shown as a separate cost. With the buy-back set to 0% nothing is paid, so the fee accrues with the coupon (SPREIIT-SFD worst-case ceiling) and the obligation compounds at coupon + 0.40%. The amber block is the maximum the guarantee could pay on one property.

Demonstration of a single property. Not the canonical V10 portfolio model. Figures in nominal dollars. Coupon: Government of Canada 30-year benchmark (4.24% on 25 September 2026) + 30 bps CMHC-equivalent spread + 30 bps zero-coupon premium, rounded to 4.85%, with 5.00% and 5.15% as safety cases.