The Portage Assisted Living Corporation wanted to make an impact in the local real estate sector, and they certainly did so.

The PALC has been collecting donations for its new venture, Dufferin Villa. Earlier this month, the Government of Canada announced its investing $16.8 million through Canada Mortage and Housing Corporation's National Housing Co-Investment Fund for the project. Chair Al Braun says it was a very tedious process to secure the funding.

"It took, I would say months, to get the whole process going, but ultimately it has turned out very well," says Braun. "With (CMHC) funding, they didn't want us to use the life lease process. They said they would fund the entire project, however, we would have to come up with some funding up-front."

Braun notes the community was very supportive of the housing initiative, and the City of Portage la Prairie was very generous in making the idea become a reality.

The new 53-suite assisted living building is already under construction and will feature assisted living services such as meals, housekeeping, garbage collection, social/recreational activities and personal emergency response services. Braun says it's a big endeavour.

"The whole project is worth $18 million. It's a huge project for Portage," says Braun. "I mean, you talk about the projects like this in Toronto or Vancouver, it's small potatoes, but for Portage, this is a huge project. To be able to have it funded this way is a tremendous opportunity for the community."

The total Federal commitment to Dufferin Villa is $16,793,720. The repayable loan portion is $15,350,236, while the forgivable loan is upwards of $1.4 million. Braun says the CMHC guarantees the PALC a long amortization rate on this loan, as well as attractive interest rates.

He notes this loan was a huge benefit because there are no life leases on the villas, and this opens up opportunities for them.

"We can offer 17 units at a more affordable rate, and this again opens up the opportunity for people who might have fewer resources to be able to live in it," says Braun. "One of the key objectives we had from the very beginning was this needed to be affordable for as broad a spectrum of people possible."

Through the NHCF, the Government of Canada will work with partners to build up to 60,000 new affordable homes and repair up to 240,000 existing affordable and community homes within the nation. Braun gives an update on construction progress,

"The contractor keeps telling us they are on schedule for what they're projecting to the completion date," notes Braun. "We're going in to view a mocked-up suite. The walls and floors are pretty much complete, and the trusses are going up on the roof as we speak. So, construction is going well, and we're about 40 per cent complete at this point."