Funding

Construction costs for the two apartment buildings and expanded area for health-oriented services and amenities is $43.8 million; a major commitment by the Perley Rideau organization.

 Funded by:

 o A $32.3 million mortgage with a 20-year term, amortized over 40 years, at prevailing interest rates has been secured.

 o $5.4 million, as a non-refundable grant, has been provided as part of the Federal Government’s infrastructure program, to be flowed through the Provincial Government, and then the City of Ottawa; the City of Ottawa has also waived a number of planning and related fees for the project. There is a requirement to offer 45 apartments for rent at lower than market rates.

o $5 million to be raised by The Perley and Rideau Veterans’ Health Centre Foundation through its Building Choices, Enriching Lives Capital Campaign.

o Contribution of $1.1 million by The Perley and Rideau Veterans' Health Centre