Tags: Canada

11 Mar 2010, Comments Off

New Affordable Housing in Angus, Ontario

Author: admin

Funding of more than $3.4 million for 30 new affordable housing rental units for seniors living on low income was announced today in Angus.

The Honourable Helena Guergis, Minister of State (Status of Women) and Member of Parliament for Simcoe – Grey, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC); and Aileen Carroll, Member of Provincial Parliament for Barrie, on behalf of the Honourable Jim Bradley, Minister of Municipal Affairs and Housing; along with Cal Patterson, Warden of the County of Simcoe, and David Guergis, Mayor of Essa Township, made the announcement.

“Our government is dedicated to helping low-income seniors in Angus through these tough economic times,” said Minister Helena Guergis. “Through projects like these, our government is providing quality, affordable housing to many residents in our community while creating jobs and stimulating our economy.”

“New housing initiatives add significant support to the McGuinty government’s Poverty Reduction Strategy,” said MPP Aileen Carroll. “We will continue to work with our municipal partners to ensure more units are built during the life of this program.”

“The County of Simcoe is committed to providing affordable housing for residents throughout Simcoe County,” stated County Warden Cal Patterson. “These new units will support seniors in Essa Township, allowing residents to remain in their communities. This project is an outstanding example of the great work that a strong partnership with other levels of government and with our municipalities leads to.”

“The Township of Essa is happy to be a partner in this project along with the Federal Government, Provincial Government and the County of Simcoe,” added Mayor David Guergis.

The Government of Canada wants to ensure that Canadians on fixed incomes can live with independence and dignity and remain in their communities, close to family and friends. Canada’s Economic Action Plan provides $400 million, over two years, to build new rental housing for low-income seniors. Overall, the Economic Action Plan includes $2 billion for new and existing social housing, plus up to $2 billion in loans to municipalities for housing-related infrastructure.

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. Today’s announcement celebrates the funding for 30 new affordable rental units at 40 Margaret Street in Angus, Ontario.

11 Mar 2010, Comments Off

Social Housing in Halifax Under Renovation

Author: admin

Ed Holder, Member of Parliament for London West, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), today announced mortgage loan insurance policies to facilitate the financing of student housing in Canada.

“Our government is dedicated to meeting the increased demand for student housing across the country” said Ed Holder, Member of Parliament for London West. “We’re helping developers and borrowers access competitive interest rates for the life of the mortgage, benefit from greater financing choices and lower renewal risk. Our government is supporting students and creating jobs in university and college communities across the country.”

The Government of Canada will help finance loans of up to 85 per cent of the lending value for the construction, purchase or refinancing of housing purposely built for students on or off campus through CMHC’s Mortgage Loan Insurance for multi-unit student housing. This initiative supports the housing needs of Canadian publicly funded educational institutions, including universities and colleges.

The demand for student housing is anticipated to continue to increase for an extended period as a result of changing demographics, forecasted enrolment figures and continued growth in international students.

“Today’s announcement is good news and will help developers in Canada respond to the housing needs of students,” said Ray Stanton, President of London Property Corporation.

The Government of Canada has taken additional measures to help Canadian families. As of August 1, 2009, new federal student financial assistance measures — the Canada Student Grants Program and the Repayment Assistance Plan — are helping students and families access postsecondary education and better manage their student loan debt. To find out more about how the Government of Canada is helping students achieve their educational goals, visit CanLearn.ca.

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.

16 Jul 2009, Comments Off

CANADIAN ALTERNATIVE FINANCING

Author: admin

Setting up shop in Canada comes with its own set of obstacles and benefits. Statistics Canada reports that 75% of job creation is through small businesses. Getting a conventional loan is one of the biggest challenges. Canada’s major banks have big profits yet are not supportive of small businesses. Venture capital is scarce.

Working Ventures, sponsored by the Canadian Federation of Labor, is the first national, labor-sponsored investment fund in the world. Its goal is long-term capital appreciation for shareholders, providing risk capital (between $250,000 and $10 million) to high-growth and medium-sized Canadian businesses. All Canadians who invest in Working Fund receive tax credits.

Therefore, in Canada, alternative funding is easier to obtain. From customers and suppliers to corporate lenders and government programs, customer financing has minimal paperwork.

Human Resources Development Canada offers self-employment assistance to employment insurance recipients who want to start their own businesses. There are even Community Loan Associations in each province.

Canadian Alternative Investment Co-operative in Toronto, Ontario, was formed in the early 1980’s by a number of religious communities pooling resources to make investments towards positive social change. CAIC offers loans, mortgages, and equity investments for community-based projects.

BRIDGE LOANS

Bridge loans are loans that are generally very short term, easier to acquire and with quick approval times. Their main advantage is speed and the ability to quickly close, save property from foreclosure or other situations which generally come on short notice and require fast money. Bridge loans are extremely convenient and useful when you absolutely can’t wait for a standard loan. Other names for bridge loans include “interim financing,” “gap financing,” and “swing loans.”

“If you owe the bank $100 that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.”

—Paul Getty

As the terms “interim financing” and “gap financing” imply, bridge loans are also used to fill in the gaps during cash-flow shortages or to finance businesses or business operations in the interim between larger loans. They also come in handy between business startup financing and more permanent financing. Bridge loans are often used on short notice for real estate purposes. The range can stretch from two weeks to three years, and the amount of the loan and interest rates are only really limited by the customer’s credit. However, the amount of the loan generally won’t be as high as long-term loans would be, and interest rates generally run several percentage points higher.

Ilya Bodner
Small Business Owner

http://www.fastcompany.com/blog/ilya-bodner/true-business-credit-card/canadian-alternative-financing

reviewed by Moishe Alexander, CFC Canadian Funding Corp CEO

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