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Saugeen Shores gets low-cost loan |
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(L) Huron Bruce MP Ben Lobb, Saugeen Shores Vice-Deputy Mayor, Doug Gowanlock and MarkSalerno of Canada Mortgage and Housing Corporation (CMHC)
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MP Ben Lobb Ben Lobb, MP for Huron-Bruce, was in Saugeen Shores Thursday to announcement that almost $5.3 million in low-cost loans in infrastructure lending has been approved. The money is part of the up to $2 billion direct low-cost loans to municipalities through 'Canada's Economic Action Plan' over the next two years through Canada Mortgage and Housing Corporation's (CMHC) Municipal Infrastructure Lending Program (MILP) Under the program, municipal infrastructure projects that eligible are: water, wastewater and solid waste services, power generation, local transportation infrastructure such as roads, bridges and tunnels and residential sidewalks, lighting, pathways, landscaping and green space. The plan is designed to provide the low-cost loans for housing-related infrastructure projects and can also be used by municipalities to fund their contribution for cost-shared federal infrastructure programming. Just as with the Stimulus Funding Program, the focus is on funding projects that are shovel-ready as the program is designed to be a short-term, temporary measure to create jobs. The $5.3 million will be used to fund the municipality's share for the expansion of the water treatment facilities including the 10th Concession new sewage pumping station and the Inlet Works Building and new septage receiving station. "This will give the municipality the ability to finance this work over a 15-year term at a fixed rate of interest guarantees a stable repayment plan that can be built into the municipal sewer rate," said Lobb.
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According to Lobb, Saugeen Shores is one of the best-run municipalities in Huron Bruce due to its professional staff and council. "Last year," he added, "Saugeen Shores was at the top of the list for the number of projects and amount of funding dollars." Vice-deputy Mayor, Doug Gowanlock, representing Council said that funding is always an issue for municipalities and, for infrastructure projects, partnerships are vital. "We want to thank CMHC and the Federal government for making this program available to that we can access funds at a low interest rate," he added, "and we have to continue to look at the kinds of help we will need through partnerships when it comes to considering long-term solutions." |
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