Posted by Moishe Alexander
The Government of Canada announced today that the City of Prince Albert has been approved for an infrastructure loan as part of Canada’s Economic Action Plan.
The announcement was made by Randy Hoback, Member of Parliament for Prince Albert 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) and His Worship Jim Scarrow, Mayor of Prince Albert.
Prince Albert has been approved for an $8,000,000 low-cost loan from CMHC’s Municipal Infrastructure Lending Program (MILP), to cover its share of a $24 million dollar infrastructure upgrade to its Water Treatment Plant. The Federal and Provincial government will cost share the remaining $16 million as part of the Federal Government’s Building Canada Fund.
“Our Government understands the importance of infrastructure in maintaining strong and prosperous communities,” said Mr. Hoback “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 Prince Albert, but also for Saskatchewan.”
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. These low cost loans can also be used by municipalities to fund their contribution for cost-shared federal infrastructure programming.
“By providing a low cost loan, CMHC and the federal government will enable the City of Prince Albert to realize a savings of approximately $1.5 million,” said Mayor Jim Scarrow. ”This is obviously good news as it will allow the City to use those funds to benefit Prince Albert residents.”
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.