Canada’s Economic Action Plan Delivers Housing-Related Infrastructure Loan to Coquitlam
COQUITLAM — The Government of Canada announced today that the City of Coquitlam has been approved for an infrastructure loan as part of
Canada’s Economic Action Plan.
The announcement was made by the Honourable James Moore, Minister of Canadian Heritage and Official Languages and Member of Parliament for Port Moody – Westwood – Port Coquitlam on behalf the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC).
“Our Government understands the importance of infrastructure in maintaining strong and prosperous communities,” said Minister Moore. “This program is opening the door for municipalities to meet their housing-related infrastructure needs. Canada’s Economic Action Plan will continue to create jobs and stimulate the local economy here in Coquitlam, and in all corners of the country.”
The City of Coquitlam has been approved for a $3 million low-cost loan from CMHC’s Municipal Infrastructure Lending Program (MILP). These funds will facilitate road improvements along the Coast Meridian Road, a part of the City that is experiencing rapid growth.
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.
“We greatly appreciate CMHC’s support and willingness to provide low-interest funding for one of Coquitlam’s major infrastructure projects,” said Mayor Richard Stewart. “The widening of Coast Meridian Road will provide a significant transportation improvement for the quickly growing northeast area of our City and our neighbours.”
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.
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.
More information on this and other measures in Canada’s Economic Action Plan, a plan to stimulate the economy and protect those hit hardest by the global recession, can be found at:
www.actionplan.gc.ca.
More information, including applications forms, for municipalities wishing to apply for loans can be found at:
www.cmhc.ca/housingactionplan.
