The Government of Canada has announced on September 22nd, 2009 that the City of Prince Albert has been approved for an infrastructure loan as part of Canada’s Economic Action Plan.
Prince Albert has been approved for an $8,000,000 low cost loan from Canada Mortgage and Housing Corporation`s (CMHC`s) Municipal Infrastructure Lending Program (MILP). This will cover its share of a $25 million dollar infrastructure upgrade to its Water Treatment Plant.
The Federal and Provincial government will share the cost of the remaining $16 million as part of the Federal Government’s Building Canada Fund.
This program will be opening many doors for municipalities across Saskatchewan as it meets housing related infrastructure needs, not to mention the amount of jobs that will be created.
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.
By providing this low cost loan, CMHC and the federal government is allowing the City of Prince Albert to save approximately $1.5 million.
The amount saved can be used to benefit the residents of Prince Albert.
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
