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Harriet Street Seniors Housing has repaid a $550,000 loan provided by Manitoba’s Jubilee Fund. This loan was essential for acquiring land in Winnipeg for their affordable seniors housing project.
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The loan helped Harriet Street secure property for the development of 49 affordable seniors’ units, located near healthcare and other amenities. The project has received support from the City of Winnipeg, community organizations, and local politicians.
“When we started looking for social finance assistance the Jubilee Fund was the first organization that came to mind,” said Harriet Street project director Catherine Collins in a press release. “Their reputation in supporting affordable housing and other poverty reduction initiatives is second to none. With the funds provided we have secured the property and can now fully engage in the fundraising process to make this dream a reality for Winnipeg seniors looking for affordable housing.”
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The new seniors housing complex aims to address the high demand for affordable housing and contribute to poverty reduction.
The apartment unit is planned for the vacant land at 55 Harriet Street.
“It has been Jubilee Fund’s pleasure to come alongside Harriet Street and offer a loan of $550,000,” said executive director Peter Cantelon. “The funds were used to purchase the land required to secure additional capital investments from CMHC and the Canadian Federation of Municipalities making it possible to build affordable seniors housing in the heart of Winnipeg.”
Jubilee Fund’s mandate includes supporting organizations in creating affordable housing and offering below-market-rate loans. Cantelon noted that Harriet Street received the largest loan in Jubilee Fund’s history due to their vision and commitment.
Investments from individuals and organizations like The Winnipeg Foundation and Realize Capital have supported Jubilee Fund’s mission to improve affordable housing in Manitoba.
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