The County of Simcoe will be moving some money around to advance $2.7 million to come in through the province for construction of the Building Hope project in Orillia.
During Tuesday’s county council meeting, councillors voted in favour of adjusting the existing arrangement between Building Hope and the county so a loan provided for the project could be paid back by the province.
The Building Hope project in Orillia, operating as The Lighthouse, is nearing completion.
The $14.5-million project has two separate buildings: a 20-unit supportive housing project, all units self contained, and a new 40-bed shelter for men, women, and families experiencing homelessness, plus a five-bedroom youth wing. Eventually, a third phase of affordable housing is expected to be built on the same site.
The project has been allocated funding by federal, provincial and municipal levels of government, including the County of Simcoe and the City of Orillia, as well as fund-raised dollars.
In 2018, the county provided an interest-free construction loan of $2.7 million for the project. In 2019, the county also provided a second interest-free construction loan for the project of $2.5 million. The $2.5 million loan is to be repaid in full within three years of project completion through capital campaign funds.
Since then, provincial Home for Good funding has come through to the tune of $2,714,980 plus interest, however it will be paid out monthly over 20 years.
Since construction funding is needed now, the county’s initial loan will instead be converted to a long-term loan, to be paid back by the Home for Good funding over 20 years.
