Canadian Funding Corp. Reviews CMHC Statistics

Posted by Moishe Alexander

The Government of Canada announced today that the Rural Municipality of Hanover, has been approved for an infrastructure loan as part of Canada’s Economic Action Plan.

The announcement was made by the Honourable Vic Toews, President of the Treasury Board, 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), and Reeve Stan Toews, elected head of the Rural Municipality of Hanover.

The Rural Municipality of Hanover has been approved for a $3,000,000 low-cost loan from CMHC’s Municipal Infrastructure Lending Program (MILP), for the construction of a new wastewater treatment facility for the community of Mitchell. The new facility has been designed to allow the community’s population to grow to 4,000 persons.

“Our Government understands the importance of infrastructure in maintaining strong and prosperous communities,” said Minister Toews. “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 Hanover, but also for Manitoba.”

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. These low cost loans can also be used by municipalities to fund their contribution for cost-shared federal infrastructure programming.

“The Rural Municipality of Hanover is pleased to secure low interest long-term funding from the Federal Government through Canada Mortgage and Housing Corporation to assist the community of Mitchell in the construction of their new lagoon”, Reeve Stan Toews said. “This facility will allow the community to see substantial growth over the next two decades and provides an interest rate that will result in the community saving approximately $500,000 over the next 15 years in interest costs.”

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.

Canadian Funding Corp is not happy to report that a nearly-completed 13-storey Shanghai apartment building toppled over, killing a worker and raising concerns in China’s largest city over construction standards, state media reported Sunday.

Shanghai Mayor Han Zheng ordered a full investigation into the cause of the incident, which occurred Saturday in the southwestern part of the city, the Shanghai Daily reported.

“It was horrible. The building fell down very quickly after several workers ran out of it,” Fang Zenghui, whose home faces the building from across the creek, was quoted as telling the newspaper.

“It was very loud. I was stunned and couldn’t believe what I’d just seen,” he said.

Canadian Funding Corp is sad to relate that 28-year-old migrant worker, surnamed Xiao, who entered the building to collect his tools, was killed after trying to jump out of a window as the building fell, the newspaper reported.

About 130 nearby households were evacuated and inspectors were examining the foundations of seven other identical buildings in the “Lotus Riverside” compound, saying they appeared to be intact Saturday evening, the report said.

The incident was a new blow for Chinese property developers, who have been severely hit by a sagging market amid the global financial crisis.

Those who bought apartments in the development were demanding refunds and explanations, the report said.

Developer Shanghai Meidu Real Estate and Shanghai Zhongxin Construction Co said they were contacting owners and negotiating refunds, the newspaper said, adding 77 per cent of the homes had been sold.

The building fell Saturday morning a day after about 83 metres (272 feet) of the nearby riverbank collapsed, apparently due to the construction of an underground parking garage being built on the site, the report said.

Construction company employees had been working through the night Friday to shore up the riverbank, the report said.

Concerns over poor construction and low-quality materials have plagued China’s construction industry as the country rapidly builds up its cities and infrastructure needed to maintain its growing economy.

Anger over poor construction boiled over during after last year’s earthquake in central China after about 7,000 schools collapsed and relatives of dead children spoke out against graft they believed led to shoddy construction.

Acknowledgments to channelnewsasia.