United Housing, part of United Way Perth-Huron, is acquiring Perth Meadows and assuming management of the residence’s operations.
“We are excited to acquire Perth Meadows and ensure it will be kept as a not-for-profit entity in perpetuity as originally intended by its founders,” said United Way and United Housing Executive Director, Ryan Erb. “United Housing was created to not only develop new units but ensure existing units remain affordable and attainable. We’re deeply invested in working with the Municipality to ensure the success of this undertaking.”
As United Housing assumes ownership and management of Perth Meadows, the plan is to ensure a smooth transition by continuing to support the existing Perth Adult Life Care Residence as an affordable 55+ community and seek ways to build connections and ensure transparency. North Perth staff are committed to helping with this transition.
“Perth Meadows has always been rooted in community, and this transition reflects that original vision. The Municipality has been working since 2014 to find the right partner to operate Perth Meadows, one that understands the importance of the project to the community and its residents,” said North Perth CAO, Kriss Snell. “We are pleased to see the facility join United Housing; a trusted partner committed to supporting seniors in North Perth. Their leadership ensures long-term stability and affordability for current and future residents, while continuing the strong sense of home and community that Perth Meadows is known for.”
“Perth Meadows is part of a larger vision to develop and manage affordable and attainable housing in the North Perth community, so we’re committed to getting this right,” said United Housing Director, Kathy Vassilakos. “We have a strong team in place with the necessary skills to effectively manage Perth Meadows and maintain operational excellence.
“United Housing believes affordable and attainable housing is best supported through organizations with specialized experience in housing operations,” added Vassilakos. “Our involvement signals a return to Perth Meadows’ not-for-profit roots. We aim to ensure continuity and stability while honouring the original Life Lease agreements with residents.”
Originally operated by the non-profit Perth Adult Life Care Residence, Perth Meadows is a financially self-supporting adult lifestyle community offering one- and two-bedroom suites and two-bedroom townhomes, available through an Equity Life Lease plan. Similar Life Lease plans are seen in other area residences including Hamlet Estates, Greenwood Court, Romeo Court and Woodland Towers in Stratford; all run by not-for-profits.
An Equity Life Lease Plan entails purchasing a right to occupancy of the unit and a pre-set redemption value. The Life Lease model helps ensure the price of units is well below market compared with other tenure types such as condominiums. Costs are subject only to inflation and routine operating expenses.