B.C. government's leaky condo program killed
Via: The Vancouver Sun
The provincial government announced today it has stopped accepting new applications for the reconstruction loan program for leaky condos, and that the program will be ended in the next few months.
Minister of Housing and Social Development Rich Coleman announced that the reconstruction loan program has stopped accepting new applications, effective today, and that the program will end with legislation expected in the coming months.
The province said the program’s financial viability has severely declined and can no longer be sustained.
The reconstruction loan program provides financial support to help with the cost of repairing homes damaged by water, which were built before July 1, 1999. The program is funded though a $750-levy charged on new residential construction. A recent slowdown in residential construction has resulted in less money collected to fund the program, causing the Homeowner Protection Office to reach its annual borrowing limit for 2009.
The program was launched 11 years ago to run for 10 years, and was expected to give out approximately $250 million in interest-free loans.
To date, the province has approved more than $670 million in no-interest loans through the reconstruction loan program, helping more than 16,000 households repair leaky homes.
The province has also provided an additional $23 million in provincial sales tax rebates on repairs.
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