SENIORS TO GAIN MORE AFFORDABLE HOUSING IN REGINA DOWNTOWN

Released on April 25, 2005

The Government of Canada, Province of Saskatchewan and the City of Regina contributed $2.1 million to a new housing project for seniors in downtown Regina today.

Renaissance Retirement Residences Ltd. is converting the former Derrick building at 1801 McIntyre Street into a 165-unit independent living complex for low- to moderate-income seniors. The funding from three levels of government will support the development of 80 new affordable housing units with optional assisted living services. The remaining 85 units will be financed by the developer.

"Today's announcement is about helping more seniors in Regina find a safe, affordable, accessible home," noted the Honourable Ralph Goodale, Minister of Finance, on behalf of the honourable Joseph Fontana, Minister of Labour and Housing. "Not only does this project mark a new start for seniors, it also contributes to the ongoing success and sustainability of our city as well as the well-being of its residents."

"The project supports the goals of our HomeFirst strategy by providing safe, stable and affordable housing," Community Resources and Employment Minister Joanne Crofford said. "As part of the strategy, our government will develop 2,000 additional affordable housing units through the Centenary Affordable Housing Program by 2008."

The $14.5 million project will add two stories to what was once an abandoned office building in downtown Regina. The redeveloped, seven-story complex will include studio apartments in addition to one and two bedroom units, as well as two floors of common amenities spaces. Resident services will include meals, housekeeping, laundry, 24-hour security monitoring and organised social and recreational activities. The Renaissance has also been designed as a "green" building, with geothermal heating and cooling, solar heated domestic hot water, a waste heat recovery system and an energy efficient building envelope.

"This is another great example of different levels of government and community working together to improve living conditions and quality of life for Regina's residents," Regina Mayor Pat Fiacco said. "The Renaissance Residence Project is part of City Council's long range vision of a city that is attractive, generous, affordable, accessible, compact and competitive, where seniors can retire in security."

Renaissance Retirement Residences Ltd. and Spectrum Seniors Housing Development LP are principal owners of the Renaissance Retirement Residence. The companies have national project development and property management experience, particularly in the area of seniors' oriented housing.

"Our research indicated a strong need for housing with services among seniors earning $20,000 to $35,000 per year," New Future Building Group President Mike Rink said. "The Renaissance will create a community that is safe and nurturing with tremendous access to downtown facilities and services."

The Government of Canada is contributing approximately $1,055,000 toward the project through the Canada Mortgage and Housing Corporation (CMHC). The project is also receiving $845,000 from the province through Saskatchewan Housing Corporation and at least $975,000 from the City of Regina in the form of a 5-year tax exemption. The developer is financing the remainder of the project's cost.

This project is part of the Centenary Affordable Housing Program (CAHP), an intergovernmental initiative to increase the supply of affordable off-reserve housing in Saskatchewan. The program is funded by CMHC, Saskatchewan Housing Corporation and local municipalities.

Construction is scheduled for completion in September 2005.

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For More Information, Contact:

Jason Cobb Canada Mortage and Housing Corporation Calgary Phone: (403)515-2903	Kevin Wishlow Community Resources and Employment Regina Phone: (306)787-8689
Lisa Wilson-Sturm City of Regina Regina Phone: (306)777-7498	Ann Sheridan New Future Building Group Kamloops Phone: (250)372-3572