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Canada's Economic Action Plan Delivers Housing-Related Infrastructure Loan for the City of Saint John

SAINT JOHN, New Brunswick, November 13, 2009 — The Government of Canada announced today that the City of Saint John has been approved for two infrastructure loans as part of Canada’s Economic Action Plan.

The announcement was made by Rodney Weston, Member of Parliament for Saint John, 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 City of Saint John has been approved for more than $1.4 million in low-cost loans from CMHC’s Municipal Infrastructure Lending Program (MILP) for the reconstruction of Braemar Drive, Brunswick Drive and Paul Harris Street.

“Our Government understands the importance of infrastructure in maintaining strong and prosperous communities,” said MP Weston. “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 Saint John, but also for New Brunswick.”

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.

“Renewing our infrastructure is a priority for this Council,” said City of Saint John Mayor Ivan Court. “Programs such as Canada’s Economic Action Plan are helping us to achieve this goal.”

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.

More information on this and other measures in Canada’s Economic Action Plan, the federal government’s plan to stimulate the economy and protect those hit hardest by the global recession, can be found at: www.actionplan.gc.ca.

To find out more about how the Government of Canada and CMHC are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642 or visit www.cmhc.ca/housingactionplan.

Media inquiries:

Michelle Bakos
Office of the Honourable Diane Finley
Minister of Human Resources and Skills Development Canada
819-994-2482

Patricia Montreuil
CMHC Atlantic
506-851-2229

Charles Sauriol
CMHC
National Office
Media Relations
613-748-2799

News source: Canada Mortgage and Housing Corporation (CMHC)

 

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