The funding situation for Lions Manor 55, the seniors’ housing co-op under construction on Station Road in Thompson, has changed since Charlene Kissick of Community Futures North Central Development wrote an update at the end of June.
“ACU [Assiniboine Credit Union] is no longer funding the final portion and an alternative lender has been secured,” Kissick told the Thompson Citizen Aug 1. “An agreement will be signed between the two parties in the very near future and we anticipate the contractor to be back onsite very soon.”
Twenty of the 30 one- and two-bedroom units have been sold.
“The Lions Manor 55 building is approximately 75 per cent complete with all units framed and dry walled,” Kissick wrote at the end of June. “Washroom fixtures, cupboards, flooring, interior doors need to be completed, as does the elevator as well as finishing to the exterior, common area and landscaping.”
One unit was completed and unveiled as a display suite last December.
Other funding for the project includes a Manitoba Housing contribution and a portion that must bee fundraised by the Lions Manor 55 board. A loan has been obtained to bridge the fundraising portion until ongoing fundraising efforts are complete.
“Unfortunately, the occupancy date of summer 2019 is no longer realistic as construction has halted until the final funding portion is in place,” wrote Kissick in June. “We anticipate occupancy to take place in 2020.”
Community Futures North Central Development is assisting the project’s administration and governance and ReMax is assisting with sales.
Deposits have been put down on two more units since Lions Manor 55 board member Penny Byer spoke to the Thompson Chamber of Commerce in May. She explained that would-be occupants can reserve a suite by putting down $500. Under the co-operative housing model, residents have to purchase shares in the co-op – 60 shares at $1,000 each for a one-bedroom suite or 70 shares at $1,000 each for a two-bedroom.
In addition to the shares, people who join the co-op have to pay monthly fees of $763 for a one-bedroom unit and $939 for a two-bedroom unit, which cover costs such as heat and hydro, water, property taxes, insurance, snow removal, garbage removal and building and property maintenance.
If people decide to move out, their shares revert to the co-op and they get their $60,000 or $70,000 back.
Six of the suites are specially designed for people in wheelchairs and all are designed to suit the needs of tenants, who must be 55 or older, with lower light switches, higher electrical sockets, low- or zero-entry tubs. Each unit has individual heat and air conditioning controls and their own washer and dryer. There will also be a guest suite that tenants can rent out for visiting family members if they don’t have enough room to accommodate them. The complex will also include an indoor common room with a fireplace and an outdoor common area, plans for which include eventual construction of a gazebo.
As shareholders in the co-op, tenants will also have a say in how the complex is run, just like condo owners.
