Canada’s Economic action plan delivers housing-related infrastructure loans for Gander
The Government of Canada announced today that the Town of Gander has been approved for six infrastructure loans as part of Canada’s Economic Action Plan.
The announcement was made by the Honourable Peter MacKay, Minister of National Defence and Minister for the Atlantic Gateway, 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).
The Town of Gander has been approved for more than $2 million in low-cost loans from CMHC’s Municipal Infrastructure Lending Program (MILP) for six housing-related infrastructure projects including the resurfacing of Byrd Avenue, Magee Road, and Raynham Avenue; replacement of existing storm sewer system and resurfacing of Fraser Road; installation of a new storm sewer system for Brock Crescent; and construction of a new Fire Hall on the corner of Cooper Boulevard and Raynham Avenue.
“Our Government understands the importance of infrastructure in maintaining strong and prosperous communities,” said Minister MacKay. “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 Gander, but also for Newfoundland and Labrador.”
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.
“Gander has been experiencing an extended construction boom in recent years, to such an extent that it takes all of our resources to keep our infrastructure abreast of the growing demand. The support of our CMHC partners will help ensure that a number of very important projects move forward in a timely fashion,” said Mayor Claude Elliott.
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.
More information on this and other measures in Canada’s Economic Action Plan, a plan to stimulate the economy and protect those hit hardest by the global recession, can be found at: www.actionplan.gc.ca.
More information, including applications forms, for municipalities wishing to apply for loans can be found at: www.cmhc.ca/housingactionplan.gc.ca.
