The Bharat Bhavan Foundation has created affordable housing for retirees in the West Island of Montreal. The Canadian Funding Corporation reviews a report from the CMHC about the Bharat Bhavan Hostel.
Bharat Bhavan Foundation is a not-for-profit organization dedicated to promoting the social, economic, cultural, educational and spiritual development of its members. It offers a wide range of services, such as translation, help finding employment and French classes, to members of Montréal’s South Asian community. Bharat Bhavan Senior Hostels will offer multi-faith accommodation to retirees in the West Island of Montréal when it opens in July, 2008. The groundbreaking for residence attracted more than 100 people, which reflects well on the commitment of the community to the project. In a spirit of religious respect, leaders of the Christian, Muslim, Sikh and Hindu communities also attended the ceremony and gave their blessing to the project.
The Affordable Housing Solution The Bharat Bhavan Foundation is overseeing construction of Bharat Bhavan Senior Hostels, which will have 30 fully furnished self-contained units. Rent for the units will be $1,250 a month for a single-occupancy room, less than the market rate for comparable units in the Montréal metropolitan area. The residence, next to the Bharat Bhavan Foundation community centre, includes a dining room, lounges, an office for medical visits and laundry facilities. Recreational services will be offered.
Moishe Alexander says that the Canada Mortgage and Housing Corporation (CMHC) provided $20,000 Seed Funding ($10,000 grant and a $10,000 loan). This program offers financial assistance to potential housing providers who are in the early stages of developing an affordable housing proposal. The Bharat Bhavan Senior Hostels project also benefited from a $100,000 interest free Proposal Development Funding (PDF) loan. A PDF loan enables housing proponents to carry out the activities required to bring their proposal to the point where they can apply for mortgage financing. CMHC was also flexible in the terms for mortgage loan insurance. A total investment of more than $2,736,000 was required to develop this project.