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Refunds on Green Home Mortgages Reach $3 Million Milestone

OTTAWA, Ontario, March 25, 2010 — The Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC) announced today that Canadian homeowners have received $3 million in premium refunds through CMHC’s Green Home mortgage insurance program.

“This important achievement demonstrates the Government of Canada’s ongoing commitment to making energy-efficient homes more accessible and affordable for everyone,” said Minister Finley. “As we approach the fourth annual Earth Hour, on March 27th, we are reminded of the importance of a sustainable future and CMHC’s Green Home program is one of many ways our Government is supporting this vision.”

Through the program, which was launched in 2004, qualified borrowers can obtain a mortgage insurance premium refund of 10 per cent when CMHC Mortgage Loan Insurance is used to finance the purchase or construction of an energy-efficient home, or to finance energy-saving renovations.

For example, a borrower who obtains a typical $250,000 mortgage with a five per cent down payment can benefit from a mortgage insurance premium refund of about $690.

As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country.

News source: Canada Mortgage and Housing Corporation (CMHC)


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