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WINNIPEG RIVER MANOR

A Non-Profit Seniors LIFE LEASE Development

Sponsored by The Winnipeg River Manor Inc.

A Seniors Life Lease Project. -                Developed by ACORN   Managed by MURDOCH

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INTRODUCTION:

We thank you for expressing an interest in the Winnipeg River Lions Manor, our new Non-Profit Seniors Housing Project.

The Manor is located in the Village of Powerview within easy access to the full array of services provided for by the Village centre.

The Village of Powerview, less than 90 minutes North from the City of Winnipeg, offers boundless outdoor pursuits including exceptional walleye and northern fishing.

The Manor was built and is operated by the Winnipeg River Manor Inc., an organization set in place solely for this purpose by the Winnipeg River Lions Club and Knights of Columbus.

The development is for senior citizen singles and/or couples, one of whom must be fifty five years of age or older.

Six 1 bedroom suites are fully subsidized by the Provincial Government. For eligible residents occupying these suites, rents are geared to income. Review our Application for Rent Subsidy: Rent Subsidy Application Form

The Project also offers twelve life lease suites of one and/or two bedroom layouts. These suites are financed via the Life Lease method and operated on a Not For Profit basis described below.

Residents who purchase a Life Lease are provided with a home for as long as they wish to live in the Project.

The Life Lease vehicle is discussed in detail later in this document.

All suites comprise of all modern conveniences such as, wall-to-wall carpeting, resilient kitchen and bathroom flooring, ceramic bathroom wall tiles, grab bars, emergency call system, en-suite storage, etc. All public spaces within the building such as the lounge, entry, and corridors, are fully air conditioned. Supplementary suite air conditioning will be optional. All suites have been provided with professionally installed and insulated through the wall air conditioning sleeves to accommodate future installation as required.

Energized parking space sufficient for each suite and visitor parking is located immediately adjacent to the building at grade. The grounds have been fully landscaped.

This brochure will describe the features of the development, the Life Lease concept, and provide samples of apartment design layouts for your consideration. Additionally we have provided a "Glossary of Terms" section and a section on "Commonly asked questions and their answers" for your convenience Commonly Asked Life Lease Questions.

If you wish to be placed on the waiting list or wish to receive further information please contact us.

Should you wish to complete an application for a subsidized one bedroom suite please answer all questions in the form attached and return the completed form to us as soon as possible.

All information collected by the Winnipeg River Lions Manor Inc. shall be held in the strictest of confidence.

PROJECT LOCATION

The building is located in the heart of the Village of Powerview adjacent to the Church and in proximity to all of the services provided by the Village centre. Some of the best Walleye fishing in the Province can be had by walking across the highway to the Winnipeg River system below Pinefalls Hydro Dam.

SPONSORING ORGANIZATION

The Winnipeg River Lions Club and Knights of Columbus are well known for their commitment to local community projects. These groups, as an active community leaders throughout the Province of Manitoba, have sponsored a vast array of Non-Profit seniors residential developments (some of the finest projects in the Province). Understanding that a place to live is more than simply a place providing shelter, the Lions and Knights have strived to develop projects to provide independence to Seniors along with the communal space where social and other support activities can take place.

PROJECT AND PROGRAM

The Winnipeg River Manor provides for a need that has not yet been met by existing housing programming in this community.

The Project provides for Seniors who are 55 years and over. These are people who, through family changes or the burdens of maintenance, no longer need or desire to live in a traditional single family dwellings.

The Program provides quality, affordable market-style accommodation operated for the life of the project on a Not-For-Profit basis. Life Lease residents must purchase a Lease. The lease can be terminated with notice. The cost of the Life Lease is used to reduce the Life Lease resident's monthly operating costs. A Project rent structure which is at or below comparable market rents can be achieved if so desired.

BUILDING

The building houses a variety of fully apportioned one and two bedroom suites in various sizes. Each suite has been fitted with wall-to-wall carpeting in living, dining and bedroom areas, kitchens and bathrooms offer high quality resilient flooring for ease of maintenance. All bathroom tubs are fitted with ceramic tub surrounds and grab bars for convenience. The building provides air-conditioning with individual control of both heat and supplementary cooling. All suites, hallways and lounges are equipped with the most modern of automatic smoke and fire detection and alarm equipment.

The building is 100% wheelchair accessible and incorporates a sophisticated security entry telephone system.

Hallways are positively pressurized to eliminate the migration of cooking odors into the public spaces within the building.

An area of multipurpose amenity space has been designed within the building for the sole use of the residents and includes kitchenette facilities and an optional meal programme.

The grounds of the project are fully landscaped. An area designated as "garden plots" has been set aside for the use of the residents.

On site parking with hydro is provided for all suites. A second parking stall may be available upon request for those households requiring two parking stalls.

All suites are designed specifically to accommodate access required by a person moving in a wheelchair.

MANAGEMENT STRUCTURE

The Winnipeg River Manor is owned and operated by the Winnipeg River Manor Inc., a Not-For-Profit structure set in place for this sole purpose.

The Not-For-Profit corporation administers the financial affairs of the project on a continuing non-profit basis throughout the life of the project.

A residents advisory committee plays a role in the day-to-day operation of the building for such matters as management and social programming, etc.

Professional property management services are provided by Murdoch Management Inc.

FINANCING

The major portion of the Capital Cost of the Project was provided for by way of a first mortgage from the Transcona Credit Union.

Project costs were also financed in part by a portion of the equity made available via the purchase of the "Life Leases".

Residents who are not eligible for the subsidized one bedroom suites are required to purchase a "Life Lease". Should a Life Lease resident wish to move out, the full lease amount (Entrance Fee) is totally refundable. Should a Life Lease resident die whilst residing in the Project, the full Entrance Fee is refunded to the resident's estate.

INVESTMENT

The "Life Lease" strictly as a financial investment works for the tenant by reducing the tenant's monthly operating costs (much in the same way as a down payment works for a home owner when buying a house i.e. the greater the down payment the lesser the capital borrowed and the lesser the monthly loan payments).

The initial "Minimum Entrance Fee" amount from the first residents was required to pay for the proportionate share of the building's costs (fully refundable). A greater amount can be purchased and invested to further reduce the operating costs of the Life Lease resident as the following example demonstrates:

PROJECTED COSTS - (please call for current information)

The Winnipeg River Manor rents include all the operational costs associated with Common Costs including Heat, Light, Sewer, Water, Property Taxes, Debt Service, Interior and Exterior Building Maintenance, Grounds and Appliance Maintenance, Building Custodian Services, Project Insurance (not household contents), Free Laundry, Administration, Property Management, Vacancy/Bad Debt Reserves and Capital Replacement Reserves. Only the costs of telephone, cable television and insurance for household contents are the responsibility of the tenant.

ALL ENTRANCE FEES ARE FULLY REIMBURSABLE.

GLOSSARY OF TERMS

"LIFE LEASE"

A relatively new concept in housing (1980's) which ensures that the Tenant or Household is provided with a permanent home for as long as they wish to live there.

"MINIMUM ENTRANCE FEE"

The amount of cash equity required to purchase a "Life Lease".

"SECOND SECURITY FUND"

A fund set up to refund the leasees' Capital Repayment upon the termination of life leases. Income Tax Exempt income accrued on this trust account can be used only to reduce the operating costs of Life Lease residents.

"MONTHLY RENTS"

A payment made each month to offset the project operating costs and mortgage financing costs.

"TENANT"

The individual or household residing in the completed Project.

WINNIPEG RIVER MANOR. - 125 Laura Street, Powerview, Manitoba.

c/o. 757 Henderson Highway, Winnipeg, Manitoba R2K 2K7

Tel 982-2000 FAX 669-4509

VISIT OUR LIFE LEASE PROJECTS FOR DETAILS ON BENEFITS, FINANCING AND ACCOMMODATION

VILLA BELIVEAU VIC WYATT HOUSE
SOUTHWARD VILLA ST. VITAL KNIGHTS VILLA
ST. MICHAEL'S VILLA WINNIPEG RIVER MANOR

 

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