Ontario Construction News staff writer
A seniors housing project in Guelph will receive loans and grants totalling $42 million including $39 million from the federal government.
The money will 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.
“It’s nice to have all levels of a government and the representatives of all levels of government on the same page,” said Guelph Mayor Cam Guthrie. “It will be more than a home. After this project is done, it’s going to be a community.”
A total of $38.9 million is a loan from the CMHC’s National Housing Co-Investment Fund (NHCF), designed to support new and revitalization construction of mixed-income, mixed-tenure, and mixed-use affordable housing. $2.3 million is forgiveable.
“They have made numerable contributions to our country over the years and have shaped it into the country we love,” said Ahmed Hussen, federal minister of families, children and social development. We need to be there for them now more than ever.”
Ontario and federal government will contribute a total of $3 million to the project from the Investment in Affordable Housing Program, the Ontario Priorities Housing Initiative and the Canada Ontario Community Housing Initiative.
The project includes 115 new units – 65 designated affordable and construction is expected to be completed by January 2023.