Ten low income families will have access to quality, affordable housing with the development of 5 duplexes in Prince Albert.
The 1.2 million project was made possible by the joint effort of the federal and provincial governments and the Red River Bank Development Corporation, a non-profit organization.
The federal and provincial governments will each contribute $465,000 to the project, and the Red River Bank Development Corporation, through a mortgage and in contributions will make up the rest.
The project`s construction includes five three-bedroom duplexes, making a total of 10 units.
Work is expected to be completed in April 2010.
The Government of Saskatchewan is going to be giving conditional approval to the construction of a separate eight-unit complex. This will accommodate youth-at-risk with chronic mental illness.
The Canadian Mental Health Association will receive nearly $680,000 through the Saskatchewan Housing Corporation`s Rental Development Program, and the federal Affordable Housing Trust to finance this $1.2 million project.
Developing the project is Prince Albert Community Housing Society Inc. (PACH), a non-profit corporation.
The total cost of both projects is estimated at $4 million. PACH has been approved for $2.8 million under the Rental Development Program, which is cost-shared equally by both the federal and provincial governments.
This is 70% of the cost, and the remaining 30% will be provided by PACH in the form of mortgage/investment financing and the owner`s equity.
Jeff Markewich
Broker of Record with InfoMarket Group GMAC Real Estate
www.imgrealestate.ca
