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Finnish-style retirement home celebrates mortgage milestone

Retirement home Suomi Koti celebrated paying off a 35-year mortage with a ceremonial shredding of mortgage paperwork this week.
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The Suomi Koti retirement home celebrated paying off its mortgage in full this week. (File photo)

THUNDER BAY – In 1984, plans began for the construction of Suomi Koti, a Finnish-style Thunder Bay retirement home nestled in the trees behind Wardrope Avenue.

By 1987, funding was in place with a 35-year mortgage at 11.3 per cent through the National Housing Association, and a groundbreaking ceremony launched the construction of the building. By 1988, tenants moved in.

Right on target, 35 years later, the mortgage has been paid and the organization celebrated with a “dispatching” of the mortgage papers.

Tim Britton, board chairman, says he is confident with the current board of directors and the key partnerships the organization has with other businesses.

“I’m looking forward to continuing on with the high-quality service that people in Suomi Koti have come to expect,” he said.

Mayor Ken Boshcoff also attended the ceremony.

“It shows you what you can do if you pull together,” Boshcoff said. “It’s very simple — you set the goal, but you need everybody to pitch in. And you can see here many willing hands who really have dedicated themselves to doing this.”

With the mortgage paid, any resources will be redirected back into the building for upgrades, maintenance and beautification.

“It’s 35 years old and it’s in very good condition. It’s probably going to need renovations in most of the apartments because a lot of them still have the original cupboards and flooring, and it’s going to need a roof,” Britton noted.

“We have a capital improvement fund which will be utilized to upgrade facilities in the building and that’s ongoing,” Britton said, adding the construction of a second building is also being discussed.

“There are discussions in progress with all levels of government for support and funding on that potential second building.”

Britton called affordable housing for seniors “absolutely critical.”

“Every day you pick up the paper, there are concerns about the homeless, concern about the seniors and the aging population of Thunder Bay,” he pointed out. “It’s absolutely critical that some of these places get built and moving forward with these things takes years. From the time you come up with an idea until you get something built, it’s a lengthy process.”

Meanwhile, there is a focus on beautifying the grounds, particularly the natural pond at the rear of the campus. Walking trails around the campus and along the pond as well as a gazebo will see upgrades in the near future.

Local dignitaries, residents and partners turned out at the home Wednesday evening during a ceremonial shredding of a copy of the mortgage paperwork, which was paid in full on April 1.

The non-profit organization is owned and operated by members of Suomi Koti Incorporated and is geared to senior independent living for all nationalities. It was built to provide low-cost housing for seniors and continues to have a long wait list.


The Chronicle-Journal/Local Journalism Initiative




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