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Results Chart for Delivery Method and Financing
From Public (Government) Sources to Producers: The public sector partners for the project are the Ministry of Health Services and the Vancouver Island Health Authority (VIHA).
Direct Cash Support: The Province, through BC Housing, is providing ongoing subsidies during the 20-year operating term under the Independent Living BC (ILBC) program. The VIHA is providing annual funding through performance payments.
From Private Capital Markets Directly to Producers as Debt: In general, the nine service providers are responsible for all aspects of financing their design, development, construction, and operational costs. Typically, the service provider secured construction financing for the development phase. Once the facility is ready for occupancy, the concessionaires secured longer term, mortgage financing (usually for 25-35 years), for approximately 75% of the cost of the facility (average facility cost is $20 million CAD). Insurance from the Canada Mortgage and Housing Corporation was usually purchased by service providers to insure their mortgage against default.