The Government of Canada and the Province of Saskatchewan, along with Silver Sage Holdings Ltd., announced today the start of construction of a new rental housing development. The project will consist of 26 units located at what will be known as the Silver Sage Elder's Lodge in Regina.

The Honourable Candice Bergen, Minister of State (Social Development), along with the Honourable Donna Harpauer, Minister of Social Services and Minister responsible for Saskatchewan Housing Corporation, made the announcement.

"Projects like this one are concrete examples of governments working alongside community partners to find solutions to housing needs," said Minister Bergen. "When completed, this lodge will give individuals in Regina, including seniors, more housing options. Our Government is proud to have contributed to this project."

"Our government continues to work with partners to create safe and affordable homes for Saskatchewan seniors with low incomes," said Minister Harpauer. "The development of affordable homes like the Silver Sage Elder's Lodge ensures a better quality of life for Saskatchewan people. Improving housing availability and affordability is an important component of Saskatchewan's Plan for Growth. We are proud to work with the Government of Canada and Silver Sage Holdings Ltd., to put this commitment in action."

"We are excited and proud that the project is underway," said Silver Sage President & CEO Maynard Sonntag. "This has been years in the planning by our First Nations leaders and may, in fact, be the first of its kind in Regina. It speaks to our organization's vision to provide safe and secure, quality housing for our Elders."

The approximate total cost of the project is $7.05 million. The federal and provincial governments are jointly contributing $2 million under the Canada-Saskatchewan Investment in Affordable Housing 2011-2014 Agreement. The funding balance of approximately $5.05 million will be provided by Silver Sage Holdings Ltd. through mortgage financing and cash equity. The City of Regina will be contributing $390,000 for the project as part of their Capital Housing Incentive.

The Silver Sage Elder's Lodge project consists of 26 units. The Government of Canada and Province of Saskatchewan's funding will go toward 16 one-bedroom units, each approximately 707 square feet (65 square metres). The remaining 10 units, fully funded by Silver Sage Holdings Ltd., will be two-bedroom units and each of these units will be approximately 856 square feet (79 square metres). The building will be located near amenities and services, with access to transportation.

This funding comes as a result of the $55 million Canada-Saskatchewan Investment in Affordable Housing (IAH) 2011-2014 Agreement. Under the agreement, the Province of Saskatchewan will use the funds to create new and renovate existing affordable housing for households in need.

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