Thompson is one step closer to a senior housing complex. During the May 6 Chamber of Commerce meeting, Curtis Ross, project manager for Lions Club senior housing, spoke about the plans. At the beginning of the project, suites were going to be a life lease, but it’s been changed to a co-operative, because many other complexes are being set up that way. “There are many different types of co-operative housing units throughout Manitoba. The model that is coming to the forefront for this type of housing is called a multi-stakeholder co-operative,” Ross says.
It’s been over a year now since talks began, and drawings have finally been completed, although they’re only concept drawings. Phase one of the complex would be the first building, which includes 30 units – 20 two-bedrooms and 10 one-bedrooms. The building will be designed with wheelchairs and walkers in mind, creating a barrier-free living space. If there is enough interest, phase two would be a second building, with more units.
Rooms will be going for $70,000 for a two-bedroom, and $60,000 for a one-bedroom. A participant will have to put a $1,000 deposit down with the application saying they’re interested, and if approved for the living space, 50 per cent of the buying cost will have to be paid by a certain point. If not approved, the $1,000 will then be returned.
Hopeful residents have to be 55 or older, or at least one partner has to have reached that age. After the unit is bought, residents will have a fixed monthly rent, which is decided by Manitoba Housing. If at anytime a resident wants to move out, a return on that principal amount will be given once the unit is sold again.
Residents living in the building will become part of the ownership model. The group of citizens will have open discussions on how the facility is being run, and what could change for the better.
The building will have a price tag of $7.3 million. Manitoba Housing and Renewal co-operation funding will contribute $2,225,000, mortgage funding will be $1,500,000, equity deposits from residents will be $2,050,000, and funding and donations will amount to $1,2225,000.
Penny Byer, a board member, explained Vale has come forward as the first co-operate sponsor, who will be sponsoring up to $50,000 to match donations. “Part of the fundraising of course will be through the equity that’s brought in through tenants, and we also have a $2.25 million grant pending to help with this as well.”
At this point in time the project is for affordable housing but, Byer noted, if the province decides low-income housing is important, a percentage of the units will be geared towards that.
The building was supposed to start construction but due to switching to a co-operative, shovels are expected to be in the ground in September with completion scheduled for the end of 2017.
Residents interested in living in this building are asked to call Nick Di Virgilio at 204-677-3642 or email ncmall@mymts.net.
