KITCHENER -- Waterloo City Council unanimously approved a substantial grant to support affordable housing options for seniors.

The city announced Monday that it had approved the $200,000 grant to Supportive Housing of Waterloo (SHOW). The funds will help acquire a property on Erb Street East, near uptown Waterloo, to be part of the organization's portfolio.

The property is a 24-unit building that was built in the 1970s. According to a news release, it has been owned and operated by the Civitan Group for seniors since it was built.

"It is magnificent to keep affordable housing in the core. It’s important and essential and I also thank Civitan for showing leadership 50 years ago in initially developing this housing," says Ward 7 Coun. Tenille Bonoguore in a news release.

SHOW will fundraise the rest of the money they need to acquire and operate the property.

Officials say they will maintain the financial affordability for its existing tenants, and as new units become available, new rent levels will ensure affordability is maintained.

"It was critically important that these units remain affordable housing units. I’m glad the city can make a significant contribution to ensure this remains a reality," says Mayor Dave Jaworsky in a statement.

This is the first investment through an affordable housing funding program that the city approved as part of its most recent strategic plan.

According to the release, the city and region have provided SHOW with a combined $400,000 to retain these affordable housing units.