10 - Sunday, January 24, 1988 - North Shore News

Housing
funding
approved

FUNDING FOR a inew 60-
unit senior citizens housing
development, to be located
at the southwest corner of
Bridgman Avenue and West
16th Street in North Van-
couver, was officially ap-
proved Thursday.

By MICHAEL BECKER
News Reporter

Capilano MP Mary Collins, on
behalf of the Hon. Stewart Mcin-
nes, Minister responsible for
Canada Mortgage and Housing
Corporation, and the Hon. Claude
Richmond, Minister of Social Ser-
vices and Housing, on behalf of
North Vancouver-Capilano MLA
Angus Ree, cleared the way for
first mortgage financing of
$3,002,928 for the project.

Financing will be arranged
through the Peoples Trust Com-
pany. The foan will be jointly in-
sured by the two levels of gov-
ernment, The project is sponsored
by the Norgate Housing Society.

The seniors housing develop-
ment will include 49 one-bedroom
units for singles, cight one-
bedroom units for couples and
three wheelchair accessible one-
bedroom units for the disabled.

Construction on the project is
expected to begin next month.

The two governments will sub-
sidize rents to ensure tenants pay
no more than 30 per cent of their
income as rent. Subsidy payments
are expected to total $322,853 per
year.

The federal government will
cover two-thirds of the cost, with
the provincial government picking
up the remaining third.

Other North Shore housing pro-
jects, recently completed or
already under way and funded by
the joint governmental body, in-
clude the 60-unit Mt. Seymour
Lions seniors housing development
in Deep Cove and the 38-family
unit North Shore Housing Co-op
on West 16th St. in North Van-
couver,

Construction of the family co-op
was recently completed.

The Mt. Seymour Lions project
at 4290 Naughton Ave., is sched:
uled to open in the next few weeks.

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