One September 23rd, the Government of Canada announced that the Rural Municipality of Hanover has been approved for an infrastructure loan as part of Canada`s Economic Action Plan.
The Rural Municipality of Hanover has been approved for a $3,000,000 low-cost loan from Canada Mortgage and Housing Corporation`s (CMHC`s) Municipal Infrastructure Lending Program (MILP). This low cost loan is for the construction of a new water treatment facility for the community of Mitchell.
This new facility has been designed to allow the community to grow to 4,000 persons.
This news is not only great for Hanover, but for Manitoba as it opens the doors for municipalities to met their housing related infrastructure needs and create much needed jobs.
Canada`s Economic Action Plan provides up to $2 billion in direct low-cost loans to municipalities in a span of two years, for housing related infrastructure projects through the MILP.
The new facility will allow the community to see substantial growth over the next two decades, while providing an interest rate that will help save approximately over $500,000 over the next 15 years in interest costs.
Projects that are eligible infrastructure related housing services, such as water, power generation, and waster services. Other projects include local transportation infrastructure within and into residential areas such as roads, sidewalks, lighting and green space.
Glen Chapman
Broker of Record with Club “100″ GMAC Real Estate
www.club100realestate.com
