Canadian Funding Corp. Reviews CMHC Statistics

CAYUGA, ON, February 23, 2010 — The Government of Canada announced today that Haldimand County has been approved for four housing-related infrastructure loans as part of Canada’s Economic Action Plan.

The announcement was made by the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC).

Haldimand County has been approved for almost $7 million in low-cost loans from CMHC’s Municipal Infrastructure Lending Program (MILP). These loans will be used to expand wastewater treatment plants in Cayuga and Hagersville in order to improve wastewater treatment for the residents of these communities. For the residents of Caledonia and Dunnville, the loans will be used to replace undersized water mains, which will improve water quality, pressure and reliability.

“Our government understands the importance of infrastructure in maintaining strong and prosperous communities,” said Minister Finley. “We’re opening the door for municipalities of all sizes to meet their housing-related infrastructure needs. Canada’s Economic Action Plan is creating jobs and stimulating the economy right here in Haldimand County.”

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 for cost-shared federal infrastructure programming.

“Haldimand County is pleased to have our application approved through CMHC’s Municipal Infrastructure Lending Program,” said Mayor Marie Trainer. “This low-cost loan will allow us to pursue projects that will enhance our community, create jobs in a cost-effective manner and help prepare Haldimand County for future growth and prosperity.”

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.

As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country.

Posted by Moishe Alexander, the CEO of Canadian Funding Corp.

MONTRÉAL, February 11, 2010 — The Government of Canada announced today that 62 housing co-­operatives and non-profit organizations located in the greater Montréal area will receive more than $5.8 million through Canada’s Economic Action Plan, as part of the social housing renovation and retrofit investments.

The announcement was made in Montréal, at Maison Jean-Brillant, by Senator Claude Carignan, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), in the company of Richard McConomy, Chair of the Board of Directors, Maison Bieler inc.

“Through Canada’s Economic Action Plan, our government is taking action to help ensure our economic recovery and create the conditions for long-term growth,” said Senator Claude Carignan. “Funding renovation and retrofit projects, like these ones, will not only improve the quality of life of the residents by keeping their homes safe and affordable but also help stimulate the economy and create jobs.”

The Government of Canada, through Canada’s Economic Action Plan,  announced $1 billion for social housing renovation and retrofit. Of the $1 billion, $850 million is being delivered by Provinces and Territories on a cost-matched basis for existing federally assisted social housing projects that they administer on behalf of the partnership. The remaining $150 million is being delivered by CMHC for existing federally assisted off-reserve housing that it directly administers. Repairs that are eligible for funding include general improvements, energy-efficiency upgrades or conversions, and modifications in support of persons with disabilities.

As of February 1, 2010, CMHC is accepting applications from eligible project sponsors for the remaining $75 million funding for Phase II of Canada’s Economic Action Plan. Sponsor groups can apply online or through the mail. Eligible repairs include general improvements, energy-efficiency upgrades or conversions, and modifications in support of persons with disabilities.

The housing co-operatives that will receive contributions from the Government of Canada being announced today are listed in the attached backgrounder.

“The financial contribution of $259,893 provided under the federal renovation and retrofit initiative administered by CMHC will benefit the residents of Maison Jean-Brillant,” said Richard McConomy, Chair of the Board of Directors, Maison Bieler inc. “In fact, these funds will serve to renovate the elevator systems to ensure the safety of the residents. We are very pleased to have received this funding, which will help improve the quality of life and safety of our residents.”

Posted by Moishe Alexander, the CEO of Canadian Fundiing Corp.

Housing starts: After a slow start in 2009, housing starts will become stronger by the end of 2009 and average 141,900 units. In 2010, starts will increase to approximately 164,900 units.  The strong pace of resales reflects, in part, activity that was delayed in the previous two quarters of 2009 and is likely not to be sustained. MLS® resales will be about 441,300 units for 2009, up from 433,990 units in 2008.