The Government of Canada has announced that the City of Whitehouse has been approved an infrastructure loan as part of Canada`s Economic Action Plan.
Whitehorse has been approved $1,120,000 for a low cost loan from Canada Mortgage and Housing Corporation`s (CMHC`s) Municipal Infrastructure Lending Program (MILP), for the Takhini North Reconstruction Project.
This project will be replacing underground and roadway infrastructure in existing and new development areas of Takhini North.
It will also service new lots that are being developed by the city, and ultimately reduce the risk of flooding, improving the efficiency of sanitary sewers, thus providing safer walking access to pedestrians.
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.
This program will be opening a path for all municipalities to meet their housing related infrastructure needs, while creating jobs to help push the economy.
The low cost loans can also be used by municipalities to fund contributions for cost shared federal infrastructure programming.
This low cost loan means a lot for the city as it can provide residents with significant interest relief on their local improvement charge commitments for their portion of cost shared federal infrastructure programming.
Glen Chapman
Broker of Record with Club “100″ GMAC Real Estate
www.club100realestate.com
