The Township of St. Clair has been approved for a $9 million low-cost loan under CMHC’s Municipal Infrastructure Lending Program (MILP) for the upgrade and expansion of a regional wastewater treatment plant for Corunna and Courtright. This regional facility will accommodate the expected growth of the Township.
“Our Government understands the importance of infrastructure in maintaining strong and prosperous communities,” said MP Davidson. “This program is opening the door for municipalities of all sizes to meet their housing-related infrastructure needs and create jobs. It’s good news not only for Corunna and Courtright, but also for Ontario.”
Canada’s Economic Action Plan provides up to $2 billion in direct low-cost loans to municipalities over two years for housing-related infrastructure projects through the MILP. Municipal infrastructure loans are available to any municipality in Canada and provide a new source of funds for municipalities to invest in housing-related infrastructure projects. These low-cost loans can also be used by municipalities to fund their contribution to cost-shared federal infrastructure programming.
Eligible projects include infrastructure related to housing services such as water, power generation and waste services, as well as local transportation infrastructure within and into residential areas, such as roads, sidewalks, lighting and green space.
“We are very pleased to be starting the new wastewater treatment plant project in partnership with the federal and provincial governments and to finance our local share with CMHC,” said Mayor Steve Arnold. “Our community, as well as those communities downstream from us, will benefit in this multi-partnership to make our environmental footprint much less than it has been for many years. The Council and Staff of St. Clair Township are very pleased that this project is finally becoming a reality for our community.“
"The Government of Canada is committed to making affordable housing available in British Columbia and across Canada for those who need it most," said MP John Weston, West Vancouver - Sunshine Coast - Sea to Sky Country, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC). "Today's launch provides Squamish seniors with quality and affordable rental housing that meets their needs."
"Seniors need affordable rental housing options so they can continue living in the communities they call home," said Joan McIntyre, MLA for West Vancouver - Sea to Sky. "Through this partnership with the federal government, we're increasing the supply of affordable rental housing for low-income seniors and people with disabilities in Squamish and across the province while stimulating local economies."
For this new seniors project, the Government of Canada and the Province of British Columbia are contributing $4.35 million for 30 affordable housing units to Squamish Riverstones Developments Ltd. The project as a whole is also receiving financing in the form of a $7.8-million CMHC insured mortgage and interim construction financing provided by the Province.
In addition, the District of Squamish will amend its bylaw to waive development cost charges and will not require off-site and frontage servicing costs, which are, in total, valued at approximately $521,000. This will reduce the overall capital cost, making the project possible.
"Our community will benefit from this much-needed rental housing for our seniors, the accessibility-challenged and families. We will also benefit from the jobs that will be created from construction," said Greg Gardner, mayor of the District of Squamish. "We recognize the value of partnerships in creating affordable rental housing and believe partnerships are even more important when creating housing in a rapidly growing community like Squamish."
Sea to Sky Community Services Society (SSCSS) will operate the 30 units through an agreement with the Province, with the remaining 54 units being leased from the developer for 40 years.
"Through the operation of this housing development, our role in the Squamish community will continue to expand and grow," said Shawn Jones, president of SSCSS. "We're pleased that we will be able to support and assist Squamish seniors and people with disabilities and make a difference in their lives."
Bethel Lands Corporation, a local developer, through Squamish Riverstones Development Ltd., is providing developer cost reduction valued at approximately $1.4 million.
"This development is breaking ground today because of the power of partnerships," said Michael Hutchison, president, Bethel Lands Corporation. "We need to acknowledge the hard work and effort of our federal, provincial and municipal leaders and of the community of Squamish in making this development a reality."
The development is part of an overall $14-billion capital infrastructure program supported by the Province that will create up to 88,000 jobs and help build vital public infrastructure in every region of the province.
Through Housing Matters BC, the Province is addressing a range of housing needs, from homelessness to affordable rental housing and homeownership. In 2009, the provincial housing budget is $469 million, more than four times as much as in 2001.
Last fall, the Government of Canada committed more than $1.9 billion
over the next five years to improve and build new affordable housing
and help the homeless. Canada's Economic Action Plan builds on this
with an additional one-time investment of more than $2 billion over two
years in new and existing social housing and lending of up to another
$2 billion to municipalities for housing-related infrastructure.
July, 10 Canadian Funding Corp, CMHC - The Canadian Government, the Ontario Government and Ottawa today celebrated the start of construction of the Beaver Barracks housing project that will create 248 new affordable housing units in Ottawa. The project, developed by Centretown Citizens Ottawa Corporation (CCOC), is supported by $18.3 million in funding through the Canada – Ontario Affordable Housing Program.
Royal Galipeau, Member of Parliament for Ottawa – Orléans, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada Mortgage and Housing Corporation; the Honourable Jim Watson, Ontario’s Minister of Municipal Affairs and Housing; and Doug Thompson, the acting Mayor of Ottawa, attended the ceremony today.
“We are proud to support community efforts that help find local solutions to local problems," said MP Galipeau. "Through this investment, the Government of Canada is helping to provide safe and supportive housing for seniors, families and singles, including persons living with special needs, enabling those people to turn a new page in their lives.”
“Access to decent affordable housing is essential to the health and well-being of our communities,” said Minister Watson. “The 248 new homes created at the Beaver Barracks project will make a positive and significant difference in the lives of vulnerable persons in the City of Ottawa.”
Today’s announcement recognized the first phase of construction of the affordable housing project at Beaver Barracks of which $18.3 million is from the Canada – Ontario Affordable Housing Program. This federal and provincial funding for this project is complemented by more than $11.9 million in municipal financial incentives. CCOC’s own equity and mortgage borrowing make up the balance of the project’s financing for a total investment of more than $51 million.
“Access to affordable housing creates a stronger foundation in building a healthy, sustainable community and city,” said Acting Ottawa Mayor Doug Thompson. “The City’s commitment to provide financial grants and incentives to developments — like Beaver Barracks — is part of Ottawa’s long-range plan to help almost 11,000 people in need of affordable housing.”
“We’ve been developing and managing affordable housing for over 35 years, but this is our largest and greenest development so far,” said CCOC President Luke Pelot. “It’s exciting because this is the new way to build cities: intensive urban developments that are affordable, sustainable and accessible, and that support a diversity of ages, abilities, family types and sizes.”
CCOC is a community-owned tenant and member-directed non-profit housing organization that has been developing and managing affordable housing since 1974. When the Beaver Barracks project is completed, CCOC will own and manage over 1550 units in 50 properties across downtown Ottawa.
The Canada – Ontario Affordable Housing Program comprises a commitment of $301 million from each of the two senior levels of government. In total, the federal, provincial and municipal governments will invest at least $734 million in the program, which will provide affordable housing for up to 20,000 households in Ontario.
Last fall, the Government of Canada committed more than $1.9 billion over the next five years to improve and build new affordable housing and to help the homeless. Canada's Economic Action Plan builds on this with an additional one-time investment of more than $2 billion over two years in new and existing social housing and lending of up to another $2 billion to municipalities for housing-related infrastructure. Combined for Ontario, this means a further $1.2 billion joint investment under the amended Canada – Ontario Affordable Housing Program Agreement. The federal and provincial governments are contributing equally to this overall investment.
Ontario is moving quickly to implement this additional funding, which increases the number of “quick start” projects to 33 totaling over $54.7 million and which will improve access to affordable housing for low-income families, seniors and persons with disabilities. It will also create jobs and strengthen local economies.
Daylight is a full-spectrum source of light to which human vision is adapted. Recent studies have shown that proper daylighting of a building can increase productivity, decrease sick time and even increase sales. Daylighting has two general benefits: it can improve the quality of light in a space and reduce the amount of electrical lighting required.
More importantly, daylight provides tremendous psychological benefits to building occupants; this should be a main goal of daylighting rather than the simple reduction of electrical lighting requirements. Good daylighting design requires consideration of a range of complex concerns. Since Canadians spend as much as 90 per cent of their time indoors, our good health is directly associated with receiving optimal levels of quality light.
Fluctuating light levels influence even our hormonal levels and biological rhythms. Daylight can have other physiological effects as well. Studies of the effect on student health of daylighting in American schools have consistently shown results of increased attendance, improved academic performance, increased growth and reduced cavities.
Building-related productivity and health benefits are often difficult to characterize, let alone cost, so designers are left with energy performance to carry most of the argument for daylighting. Reduced peak electricity demand is a major benefit for buildings that experience their greatest load during daylight hours. Cooling loads can also be reduced in buildings occupied during daylight hours, since daylight provides more energy as visible light and less as heat, compared to electrical lighting.
With proper building integration and lighting controls, daylight can significantly reduce the need for artificial lighting. Integration of daylighting strategies with electrical controls can provide automatic adjustments to provide minimum light levels with minimum electricity use.
Daylighting should be considered an integral part of sustainable building issues. Before electric lighting, daylight was the primary illumination source for all building types. Designers now tend to rely on electric lighting, especially in plans with deep floorplates. However, even northern window orientations provide useful daylight because of diffuse sky radiation.
Canadian Funding Corporation is a little amused but also a lot concerned about the forces and the economic environment that has brought about the reality of home-buying on Ebay. We are speaking about $5,000 foreclosed houses and are wondering if they are really such a good deal.
With the current crisis in foreclosures, Canadian Funding Corporation has become aware that some buyers are in a hurry to buy these homes online. Some of them are being purchased for less than $5,000 using Ebay!
At Canadian Funding Corporation we want people to be aware that not all $5,000 homes are bargains. As the old adage goes, you get what you pay for! You could be buying nothing more than debt and nightmarish situations. When houses are available for such unimaginably low prices - on Ebay! - don't you think there might be a catch?
The areas in which these houses can be found are likely to be dangerous; the houses probably abandoned for many years. How much are you willing to pay for the renovations that you will likely have to suffer before you can safely take a step past the foyer? What police force - nay, what army - will enforce the law in the neighborhood that you would be subjecting your family to?
Take a look at www.AffordableHousingAuctions.com) to see what we mean. Canadian Funding Corp. has found this site to be useful for a wide variety of issues. Check it out.
Canadian Funding Corporation has absolutely nothing against Ebay. All we are saying is that we are living in interesting times. Caveat emptor!
At Canadian Funding Corporation we pride ourselves on being a team of real estate and mortgage lending experts who have come together to fund deals that many regular lending institutions often overlook. We also love to share - actually we feel it is our duty to share - information with others on housing matters that concern the wider community which is why we, at Canadian Funding Corp. are grateful for the opportunity to post on the Fast Company Blog.
If you think you have a deal that makes sense, it probably does. At Canadian Funding Corporation, we look at the big picture. We can often recommend funding solutions many brokers and lenders don’t even know about.
We fund only through licensed mortgage brokers (we do not accept applications directly from the general public, please contact your local broker to make an application to us).
Construction Loans Typically, Construction Loans are short-term loans utilized by borrowers to finance building or develooment costs. Every construction loan varies depending on the product, the length of the construction process, and the borrower's experience. Canadian Funding Corporation can help developers find the best method to proceed with their project through one of our customized solutions.
Bridge Loans All types of short-term financing can be accessed for complex or challenging situations in terms of both timing and product. Bridge loans are designed to be paid back relatively quickly, such as by a subsequent longer-term loan. Bridge loans can be a key component in a long-term strategy for real estate borrowers. Canadian Funding Corporation can create the loan that you need and can help borrowers understand all the nuances and conditions so that they can better plan for the future.
Renovation/Repositioning Similar to a construction loan, a renovation loan may involve financing for the specific purpose of upgrading an existing property. Canadian Funding Corporation lending professionals are able to help borrowers plan and close these transactions in a timely fashion.
Acquisition/Refinance/Renew Loans Canadian Funding Corporation lends up to 85% LTV (loan to value) on properties including but not limited to:
Affordable housing is important to the ideals of Canadian Funding Corp. This post relates what happened after a vacant lot in Nepean’s Centrepointe neighbourhood was declared as surplus. Ottawa allocated it for affordable housing development and issued a call for proposals.
Canadian Funding Corp. lays out the sequence of events that followed. The City accepted NHC’s proposal to build a 62-unit complex that included 55, one- to four-bedroom townhouses and six apartments. Twenty-one units are rented at market rates; four are rented at 70 percent of the average market rent; and 37 are rent-geared-to-income, subsidized through the provincial Strong Communities Rent Supplement Program. The key partnership is a five-unit group home, leased on a 20 year renewal lease to Ottawa Foyers Partage, which provides support to Ottawa-area people with multiple or severe disabilities.
Canadian Funding Corp. is very pleased at how the group home is integrated into the rest of the development. NHC built a standard building and the Ministry of Community and Social Services (MCSS) covered the costs of the features required for the building to operate as a group home. The architects from Padolsky Associates Inc. designed an accessible building, with wide doorways, a wheel-in shower and direct exits from each of the bedrooms to the outside. NHC, with financial support from MCSS, the assistance of the architect providing services free of change, and the builder contributing materials at cost, constructed a community space underneath the group home. This common space is used for community meetings, art and drama classes, and a youth drop in program.
During the development and approvals process, NHC identified and answered objections and gathered broader support through community consultations—an approach consistent with NHC’s commitment to build only developments that mix rent-geared-to-income with market units, with the aim of developing healthier communities.
In what Canadian Funding Corp. considers a wise use of funds, Ottawa contributed $1.8 million. NHC secured another $1.8 million from CMHC and the Province of Ontario through the Affordable Housing Initiative for the $9.5 million project.
In July 2006, construction of Pallister Court was completed
Canadian Funding Corp. acknowledges CP, CMHC and private sources that assisted in providing this article to the Fast Company Blog.
Canadian Funding Corporation applauds well thought through green initiatives and this, my friends, is one for books! The main campus of Simon Fraser University (SFU) is nestled in the woodlands of Burnaby Mountain and surrounded by the municipalities of the Greater Vancouver area. This area also boasts Canada’s highest housing costs, which many of the SFU faculty and staff cannot afford. Those with children face the additional challenge of choosing between child-friendly neighbourhoods and manageable commutes.
Naturally, according to Canadian Funding Corp. the SFU Community Trust recognized that these challenges were a barrier to attracting and retaining faculty and staff and saw the potential of using its existing on-campus residential area, UniverCity, to showcase green technologies for sustainable living. The Trust put out a request for proposals to develop a new UniverCity project, selecting Vancity Enterprises (VCE) as the developer. In turn, VCE hired reSource Rethinking Building, which specializes in sustainable strategies, as co-development manager.
Canadian Funding Corporation always tries to marry the different needs of different people to achieve a common benefit and that is why we are excited about what happened at SFU in Vancouver. Hear this! Working in partnership, these three organizations used several strategies to make the new development affordable. The Trust provided the 99-year ground lease to VCE at half the market value, provided space for the sales centre, and delayed payment for the land until after construction, saving on interest costs.
VCE reduced its profit and development management fees, performed marketing in-house at reduced cost, and negotiated a reduction in parking spaces, recognizing that many residents would not need cars. Two parking spaces were designated for co-op use, with the Cooperative Auto Network locating cars at Verdant. These savings were passed along to purchasers, making the homes available at 20 per cent below market value; a resale control agreement created by VCE guarantees that future resales will also be at 20 per cent below market, ensuring long-term affordability.
Verdant is also environmentally sustainable; reSource demonstrated that Verdant could attain LEED Silver certification by increasing costs by only 1.5 per cent—and that still greater energy efficiency could be achieved by using geothermal heating. This would be expensive—so reSource and Vancity Capital Corp. developed a financing arrangement so that owners use their monthly energy savings to pay for a second, 25-year mortgage on the eothermal installation—providing long-term energy security and enormous savings after the mortgage is paid. The overall design reduces Verdant’s electricity and natural gas consumption by 66 per cent.
Canadian Funding Corp. was pleased when Verdant opened in April 2007 as a 60-unit strata condominium townhouse community that promotes a broader mix of housing for families; grouped around a central courtyard that also serves as a play area, Verdant is kid-friendly—as are the durable and washable materials featured in the homes themselves. Perhaps most interesting to the development industry, however, is the fact that Verdant’s affordability did not depend on government subsidies. The SFU Community Trust has used Verdant as a showcase to developers, while VCE has made its Resale Control Agreement available free of charge to municipalities and other developers; BC Housing has agreed to use this agreement as a blueprint for similar developments.
Information from various sources including CMHC. Canadian Funding Corporation.
