Sparwood approves loan to Seniors Housing Society

The District of Sparwood approves $685,000 loan to Seniors Housing Society

As part of assisting in the funding of the Lilac Terrace expansion project, the District of Sparwood has agreed to provide the Seniors Housing Society with a loan totalling $685,000.

The amount is only a portion of the authorized $1.4 million the district has set aside from the 2014 Capital Equipment and Land Reserve budget. Due to the district’s concerns of a possible limitation on future funding for the society, the loan was reduced to an initial $685,000.

The remaining $752,022 will be accessible only if the first part of the loan has been depleted and if other fundraising proves insufficient.

Even prior to this, the Seniors Housing Society must first use up the funds raised themselves — a combined $1.5 million from donations and commitments — before relying on the district’s $1.4 million.

Once completed, the project will bring 12 new units to Lilac Terrace as well as two community rooms that will be available to the community for palliative, respite and convalescent care.

Tenders for the project closed on September 16, and preliminary results revealed the revised budget for the project would amount to just over $4 million.

 

Since then, the Seniors Housing Society was successful in applying for an affordable rental housing initiative grant through the Columbia Basin Trust and BC Housing.