Regional NSW Council agrees to borrow funds to expand retirement villages to meet local demand

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Murray River Council is putting its money where its mouth is to support the expansion of two local retirement villages.

The Council has agreed to borrow $725,000 over 10 years and enter in agreement with the village committees of both the Mathoura Retirement Village and the Moama Lions Community Village for total repayment of the borrowed funds.

Both committees have identified significant demand at their facilities.

Mathoura will build two new units on land already earmarked for future expansion, while Moama Lions Community Village will be constructing six new units.

Once the agreements are finalised, loan repayments will reportedly be made by the Council and recovered from each committee every six months.

“Both communities have asked council to consider borrowing the funds for the purpose of building additional retirement units,” Mayor Chris Bilkey said.

“Demand for the units is strong. And with plenty of equity in the existing retirement village assets, along with the fantastic management record of both communities, risk associated with this project area very low.”