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11 Mar 2010, Comments Off

Collingwood Celebrates New Affordable Housing

Author: admin

The Government of Canada, the Government of Ontario, the County of Simcoe and the Town of Collingwood today celebrated the opening of 18 new affordable rental units. This project, located at 145 High Street, is supported by more than $1.2 million in funding through the Canada – Ontario Affordable Housing Program.

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; and Aileen Carroll, Member of Provincial Parliament for Barrie, on behalf of the Honourable Jim Bradley, Minister of Municipal Affairs and Housing; Cal Patterson, Warden of Simcoe County; Chris Carrier, Mayor of Collingwood, and John Fogolin, President of Mirten Collingwood Ltd attended the ceremony.

“This renovation project is a good way to get the local economy moving because it puts construction workers and trades people to work quickly,” said Minister Guergis. “The federal government is stimulating the economy and creating jobs to help Canadians recover from the economic downturn.”

“These 18 units will have an important impact on its residents’ lives and the community,” said MPP Carroll. “I would like to congratulate the developer and community groups for making this project a reality.”

Today’s announcement recognized the opening of a 30-unit housing facility that provides 18 affordable housing units for low to moderate income single people and families and individuals with special needs. The federal and provincial allocations to the project were complemented by over $620,000 in municipal grants.

“The County of Simcoe is proud to partner with other levels of government and with our member municipalities to provide affordable housing options for our residents,” stated County Warden Cal Patterson. “These 18 new units give those in need in Collingwood access to supportive units as well as affordable housing.”

“Collingwood is home to many families with a wide range of needs and one of the particular needs is for quality, affordable, housing stock. A good place to call home. This project is a great example of cooperation between the Province of Ontario, the County of Simcoe and the Town of Collingwood meeting the need to provide a choice that for the last many years has not been available in our community,” stated Mayor Chris Carrier, for the Town of Collingwood. “The private developer, President of Mirten Collingwood Ltd, Mr. John Fogolin, made this project an easy sell to our community due to the beautiful design of the building and affordable rent.”

“I must say that because of the extremely hard work, by all the various stakeholders, this unique project happened,” said the President of Mirten Collingwood Ltd., John Fogolin. “I am also very encouraged by how successful the project is and hope that it helps to address the need in this community for Affordable Housing.”

The Canada – Ontario Affordable Housing Program Agreement comprises a commitment of $301 million from each of the two senior levels of government. In total, the federal, provincial and municipal governments will invest at least $734 million in the program, which will provide affordable housing for up to 20,000 households in Ontario.

In 2008, the Government of Canada committed more than $1.9 billion over the next five years to improve and build new affordable housing and to help the homeless. Canada’s Economic Action Plan builds on this with an additional one-time investment of more than $2 billion over two years in new and existing social housing and lending of up to another $2 billion to municipalities for housing-related infrastructure. Combined for Ontario, this means a further $1.2-billion joint investment under the amended Canada – Ontario Affordable Housing Program Agreement. The federal and provincial governments are contributing equally to this overall investment.

17 Jul 2009, Comments Off

Been There, Done That…

Author: admin

As the hotel investment world in 2009 painfully deals with a slumping market and problem loans, we recall that in 1993, Bruce Baltin, Senior Vice President and Consulting Practice leader in Los Angeles, wrote about solutions for his clients then and they are still appropriate today. Evaluating Performance

‘Evaluating performance – or lack thereof – for commercial properties will continue to occupy a significant portion of lender effort as the decade wears on. Distinguishing among the hopeless dogs, the chronic underachievers, and the potential comeback kids will require the careful scrutiny and judgment of the property on a case-by-case basis, and nowhere will this judgment be more critical than the area of hotel loans. Fortunately, for both the diligent borrower and lender who find themselves in a down market, a workout can be a win / win relationship…’

Lenders have three choices when faced with a non-performing loan:

• Loan restructuring – the workout solution.

• Negotiate a ‘deed in lieu’ of foreclosure or other method of transferring title, or

• Instigate title contest through local courts or, potentially, the federal bankruptcy court.

‘If the lender believes that the borrower in place can optimize cash flow to the lender, he will be far more motivated to restructure the debt. On the other hand, if the lender perceives operational or managerial weaknesses on the part of the borrower, he will be induced to push for control of the asset…

…The weaker the lender’s position relative to collateral and the weaker the asset itself, the more costly will be the process of taking possession versus restructuring the debt.’

http://www.htrends.com/article39979.html

r e v i e w e d  b y  Moishe Alexander, CFC  Canadian Funding Corp CEO