The Thorold Municipal Non-Profit Housing Corporation (TMNPH) has started construction of a 60-unit affordable seniors housing complex at 5 Baker Street in Thorold.
Former City Councillor John Kenny, who sits on the board of the TMNPH, gave a presentation on the project at Tuesday evening's city council meeting.
“If 60 seniors from Thorold or the area move in there, that’s going to open up 60 homes for younger people in Thorold to hopefully move into,” he said.
Councillors Ken Sentance and Mike De Divitiis sit on the board of the TMNPH, and they both shared their excitement for the project, which has taken years to come to fruition.
“I didn’t know how frustrating it is to work through three tiers of government to try and get this done,” said Councillor Sentance. “It was frustrating and you almost feel like quitting at times.”
To build the project, the TMNPH received over $4.5M from the Small Communities Fund, a federal and provincial fund administered by the Ministry of Infrastructure.
The TMNPH also obtained a low interest repayable loan of close to $15M from the National Housing Co-Investment Fund, and they're putting $1.5M of their own equity into the project.
The building will have 30 one-bedroom units and 30 two-bedroom units.
The one-bedroom units will be offered at a rent-geared-to-income (RGI) rate and the two-bedroom units will be offered at rent market value.
"We have to be able to cover the mortgage," explained Kenny.
Niagara Regional Housing is a partner on the project and they will provide subsidies to 15 of the 60 units.
“We’re hoping to get people of Thorold in there,” said Kenny. “I know some of the seniors had to move away because there was no housing. I know their names are on the list. They’re still considered from Thorold.”
If all goes well, the TMNPH hopes to have the project completed by the end of next year.
"So what’s next?” asked Councillor Sentance, at the end of Kenny’s presentation.
“As soon as the city has got some land for us to build on, we’ll get the funding — maybe St. Charles School?,” Kenny answered. “Keep it open for us.”