Federal funding for this initiative was made available through Canada’s Economic Action Plan, the federal government’s plan to stimulate the economy and create jobs during the global recession and was matched by British Columbia through the Province’s capital infrastructure program. Overall, the Economic Action Plan includes more than $2 billion for new and existing social housing, plus up to $2 billion in loans to municipalities for housing-related infrastructure. Across Canada, the federal and provincial governments are contributing equally to the investment of $850 million for the renovation and retrofit of exiting social housing to help house seniors, single parent families, recent immigrants and Aboriginal households, under the amended Affordable Housing Program Agreements.

The majority of the Housing Renovation Partnership funding, approximately $164 million, will be directed toward repairs at 81 social housing developments. The remainder of the funding, approximately $13 million is being allocated to renovations that are underway at provincially-owned Single Room Occupancy (SRO) hotels.

The Honourable Stockwell Day, Minister of International Trade and Minister for the Asia-Pacific 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), and Premier Gordon Campbell made the announcement today at Steeves Manor, a 196-unit housing development in Vancouver, the first of the 81 social housing developments to have renovations funded under this initiative.

“These renovation and retrofit projects will improve the quality of life for residents by keeping their homes safe and affordable,” said Minister Day. “It is also a good way to get the local economy moving because it puts construction workers and trades people to work quickly.

“Working in partnership with the Government of Canada, we are revitalizing social housing sites in need of repair and renovation in communities throughout the province, extending the life of these homes for British Columbians for years to come,” said Premier Campbell. “The Housing Renovation Partnership will also build on additional investments the province has announced to-date to stimulate the B.C. economy, which in total will create over 27,000 jobs in communities across the province.”

In B.C., this Housing Renovation Partnership is part of an overall $14 billion capital infrastructure program supported by the Province that will create up to 88,000 jobs and help build vital public infrastructure in every region of the province.

Canada’s Economic Action Plan builds on the Government of Canada’s commitment in 2008 of more than $1.9 billion over the next five years to improve and build new affordable housing and help the homeless.

The Commercial Financing Market in 2009

Increasing concerns over commercial lending exposure at regional banks is growing as most experts think commercial lending credit declines will likely increase sharply this year.
Loan losses are on the rise to 1.5% to 2% of all commercial loans this year from around 1% currently. But just because a certain percentage of loans are going bad this doesn’t mean that banks still can’t or won’t lend. In fact rates are low and banks are still lending. Wells Fargo’s report that commercial mortgage refinancing went particularly well in the first three months of 2009 prompted broad feelings of relief among investors who now believe banks may be able to earn their way out of their difficult circumstances. Many regional commercial lenders and banks are going under which is creating more business and more opportunities for the banks that survive.

http://www.bcab.org/2009/07/16/commercial-finance-site-launches-to-help-business-owners-and-commercial-real-estate-investors-reach-capital/

brought by Moishe Alexander, CFC  canadian funding corp CEO