Thank you for your interest in Southward Villa, a new Not-For-Profit Housing Project for those 55 or better. The location for the Villa is the site of the old Southward School at the intersection of Sixth Street South, and Second Avenue South, in the Lakeside neighbourhood in the Town of Kenora overlooking the Lake of The Woods.
The Project has been developed as a Life Lease project. This arrangement provides the benefits of renting along with the privileges of ownership. The Life Lease concept is explained in detail later in this brochure.
The Villa was developed by a Not-For-Profit housing corporation set up specifically for this sole purpose (The Kenora Seniors Non Profit Housing Corp.). The Board of Directors of the corporation comprises of concerned citizens and residents of the Villa. The Board of the Villa serves on a philanthropic nature for the life of the Project. Directors receive no financial gain nor income from their position. This Project was developed as a community service responding to the needs of citizens in the community.
PROJECT AND PROGRAM
The VILLA provides for a need that has not yet been met by existing housing programming in the community.
The development provides the benefits of Not-For Profit housing to Seniors who are not eligible for subsidized rents. These are people, who through family changes, or the burdens of house maintenance, no longer need or desire to live in a traditional single family home.
The Life Lease Model (originally designed by the Government of Manitoba) provides quality, affordable, market-style accommodation managed for the life of the project on a Not-For-Profit basis.
Residents benefit financially from not-for-profit operating, bulk mortgage financing and optional participation in a Second Security Fund to lower monthly operating costs.
Life Lease residents purchase a Lease which may be later terminated by the resident with 90 days notice. The money invested in the Life Lease is used to reduce the residents’ monthly operating costs.
All deposits are fully refundable
upon termination of the LIFE LEASE.
It is the Non Profit’s responsibility to resell the LIFE LEASE,
not the residents’.
The building accommodates 27 one and two bedroom suites in a variety of sizes and designs. Costs include, wall-to-wall carpeting, in the bedrooms, living and dining areas; with high quality resilient flooring in the kitchen, bathrooms and storage areas to assure ease of maintenance. Options for carpeting selections were made available for first time residents prior to construction completion in order to accommodate individual colour schemes and tastes.
The Project offers a magnificent view of the Lake of The Woods.
The Project comprises of an elevatored building of the highest construction standards including 100% non combustible concrete and masonry materials, with high quality finishes and degrees of acoustic privacy.
All amenities in the building are accessible to wheelchairs. Bathroom tubs have been fitted with grab bars for added safety. An “emergency call system” has been installed for the residents current and future convenience.
The building design provides CENTRAL forced air heat and air-conditioning to all public spaces, with individual control of supplementary suite heat. Provision has been made to accommodate an optional additional suite cooling system. All suites, hallways and lounges have been equipped with the most modern of automatic smoke and fire detection and alarm equipment.
Hallways are designed to be positively pressurized to eliminate the migration of cooking odors into the public spaces of the building.
An extensive area of multi-purpose amenity space has been designed within the building for the use of the residents and includes a multipurpose room with kitchenette facilities, a games/ recreation room, a lounge, a library area and common storage space. The multipurpose room can be reserved by the residents at no cost for larger family gatherings and the like.
The grounds of the project have been professionally landscaped to satisfy the needs of our residents and neighbours.
Surface parking with electrical service is included in the base package complete with electrical service sufficient to accommodate a block heater and an in car warmer.
The Southward Villa is owned and operated by the Kenora Seniors Non Profit Housing Corp., a Not-For-Profit housing corporation set in place for this sole purpose by concerned citizens and future residents.
The Not-for-Profit corporation administers the financial affairs of the building on a continuing non-profit basis throughout the life of the project. Professional Management has been retained to manage the day-to-day business operations of the Project. Additionally, the Board promotes the social and recreational health and well being of the Project.
Residents of the Villa have an opportunity to participate at Board level by way of duly elected Directors. Lessees automatically become members of the corporation allowing voting rights, attendance at meetings of the members, and access to the independently audited financial statements of the corporation.
The Board serves without remuneration of any sort.
Professional property management services are provided by Murdoch Management Inc.
The “Life Lease” model as a financial investment works for the tenant by reducing the tenant’s monthly operating costs. The Refundable Entrance Fee may be compared to the way a down payment works for a home owner when purchasing a house. The greater the down payment, the less the capital borrowed by way of a mortgage, therefore, the less the monthly debt service or mortgage payment.
A “Minimum Entrance Fee” amount is required to pay the proportionate share of the buildings’ capital cost.
An amount greater than the minimum Entrance Fee amount
may be contributed to a SECOND SECURITY FUND
to further reduce the Life Lease residents’ operating costs.
Residents benefit from the INCOME TAX EXEMPT status of the Non Profit.
Additional monies contributed by the Life Lease resident to the Second Security Fund may be invested by the Villa in guaranteed investments. Income earned by the Villa on the Second Security Fund investments can be used to lower the operating costs of the participating Life Lease residents. The Corporation, being a duly incorporated Not-For-Profit housing corporation is income tax exempt.
100% OF YOUR ENTRANCE FEES ARE REFUNDABLE UPON TERMINATION OF THE LEASE WITHOUT DEDUCTION (and to the estate in the event of Death in accordance with conditions outlined in the life lease agreement).
How the SECOND SECURITY FUND works
The Board has resolved that the Project will administer an optional SECOND SECURITY FUND. The leasee has the option of purchasing all or a portion of the balance of the total capital cost of the suite.
Principal in the SECOND SECURITY FUND, invested by the Corporation, is only in guaranteed securities.
All income generated from the Fund is used to reduce the operating costs of the participating Residents.
The optional SECOND SECURITY FUND enhances affordability and provides a further opportunity to lower operating costs (Cable, Phone and Parking are not included in the above example rents).
LIFE LEASE residents can participate in the Second Security Fund in any amounts up to the balance of the actual cost of the suite. Monies deposited in the Second Security Fund can be withdrawn at any time. Withdrawals would lower the credit to the monthly operating cost.
CURRENT PROJECT COSTS (Please call for current information).
The Southward Villa rents include all of the budgeted operational costs associated with Heat, Light, Water, Property Taxes, Debt Service, Regular Building, Grounds and Appliance Maintenance, Building Custodian, Administration, Vacancy/Bad Debt Reserves and Capital Replacement Reserves. The cost of telephone service, cable television service and parking are additional.