Everyone needs a place to call home, which is why a local seniors housing project received loans and grants totalling $42 million on Thursday.
The money, largely in the form of a loan from a federal program, will help fund 115 new housing units for seniors that are part of the Silver Maple Seniors Community Project currently in progress adjacent to St. Joseph's Health Centre on Westmount Road.
The project is by St. Joseph’s Housing Corporation Inc.
Twenty per cent of units will meet accessibility standards.
Of the $42 million, $38.9 comes in the form of a loan from the CMHC’s National Housing Co-Investment Fund (NHCF), which supports new and revitalization construction of mixed-income, mixed-tenure, and mixed-use affordable housing. Of that, $2.3 million is forgiveable.
The announcement was made Thursday through a virtual event hosted by Guelph MP Lloyd Longfield. Several political leaders were in attendance, including federal Minister of Families, Children and Social Development Ahmed Hussen.
“They have made numerable contributions to our country over the years and have shaped it into the country we love,” said Hussen about seniors, “We need to be there for them now more than ever.”
On top of the $38.9 million federal dollars announced by Minister Hussen, the Ontario and federal government will also be contributing almost an additional $3 million through three different funding streams: the Investment in Affordable Housing Program, the Ontario Priorities Housing Initiative and the Canada Ontario Community Housing Initiative.
The City of Guelph previously committed roughly $1.2 million to the project, which St. Joe's officials said last August had a total cost of $50 million.
Out of the 115 new units set to be built, 65 will be affordable housing units, meaning rent will be 30 per cent of less of the median household income in Guelph. Housing for seniors with disabilities will also be included within these units.
Besides providing homes for seniors, the funding will also help to create jobs and stimulate the local economy.
With rising levels of homelessness and housing needs, in Guelph and across the country, Longfield said this announcement is a crucial step our government is taking to address these issues.
“Affordable and safe housing that meets their needs, regardless of their age,” said Longfield.
Brendan Lane, from St. Joseph’s Housing Corporation Inc. says construction for this project began last Fall, and is on track to be completed by November 2022 or January 2023.
The funding was made possible through cooperation from the provincial and federal government, the City of Guelph and Wellington County.
“It’s nice to have all levels of a government and the representatives of all levels of government on the same page,” said Mayor Cam Guthrie at the event.
“It will be more than a home. After this project is done, it’s going to be a community.”
