TORONTO – Ontario offers loan guarantees to help nonprofit long-term care homes acquire development loans.
The government says it is setting aside $ 388 million in loans from Infrastructure Ontario, the Crown agency that manages infrastructure loans, for the program.
He says the costs of approved nonprofit home loans will also be lowered.
Long-term care minister Rod Phillips says the program is part of the government’s plan to accelerate the development of long-term care in the province.
Ontario Long-Term Care Association Executive Director Donna Duncan says the loan commitment will help nonprofits overcome challenges in accessing funding and help deliver safer and more modern housing in the province. .
Lisa Levin, CEO of AdvantAge Ontario, which represents nonprofit and city-owned homes, says the announcement is a “game changer” for nonprofit operators.
© 2021 The Canadian Press
Reference-globalnews.ca