Canadian Funding Corporation Housing Affordability News» part

Canada Delivers Housing-Related Infrastructure Loan to Minto

admin — Tue, 15 Jun 2010 14:57:30 +0000

Presented by Moishe Alexander and Canadian Funding Corp. – The Government of Canada announced today that the Town of Minto has been approved for an infrastructure loan as part of Canada’s Economic Action Plan.

The announcement was made by Gary Schellenberger, Member of Parliament for Perth – Wellington, on behalf of 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 MP Schellenberger. “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 Minto, and in all corners of the country.”

Moishe Alexander comments that the approval for this loan for Minto to upgrade treatment systems is essential. Canadian Funding Corp is very happy to report on this. Mr. Alexander is studying the increased capacity which will aid Minto citizens.

The Town of Minto has been approved for more than $2.3 million in a low-cost loan from CMHC’s Municipal Infrastructure Lending Program (MILP), to upgrade its wastewater treatment systems. These funds will increase the capacity of the collection system and reduce the risk of sewer backups for residents of Minto.

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.

“The Town of Minto greatly appreciates the funds made available through CMHC’s Municipal Infrastructure Lending Program,” said Mayor David Anderson. “The funds made available through this program allows the Town of Minto to better prepare for future growth and prosperity.”

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.

Minto video – Moishe Alexander

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.

LEASED HEATING EQUIPMENT: CHATTEL OR FIXTURE?

admin — Fri, 17 Jul 2009 20:59:28 +0000

The Ontario Court of Appeal recently quoted with approval a decision of the House of Lords (Melluish). In this case, a company leased plant and machinery (including central heating equipment) to a housing authority for installation in its subsidized townhouses which were then leased to tenants.
The Court of Appeal considered this case when making its decision in the City of Mississauga v. GTAA.
The equipment leases between the company and the owner/landlord provided that the leased equipment would remain personal or moveable property that the company would continue to own it, notwithstanding that the equipment might have become affixed to any land or building. Apparently, the purpose of this specific statement was to ensure that the company could depreciate the equipment for tax purposes and could repossess the equipment, if required.
The House of Lords confirmed that the equipment had indeed become a fixture, and that the taxpayer company could not claim depreciation, because the equipment had become attached to the land and was therefore, in law, owned by the housing authority, notwithstanding any agreement between the parties to the contrary.
Lord Browne-Wilkinson held as follows:
• The equipment in these cases was attached to the land in such a manner that, to all outward appearance, it formed part of the land and was intended to do so.
• Such fixtures are, in law, owned by the owner of the land. It was suggested in argument that this result did not follow if it could be demonstrated that, as between the owner of the land and the person fixing the chattel to it, there was a common intention that the chattel should not belong to the owner of the land.
It was said that clause 3.10 of the master lease disclosed such an intention in the present cases…
• ….. the intention of the parties as to the ownership of the chattels fixed to the land is only material so far as such intention can be presumed from the degree and object of annexation.
• The terms expressly or implicitly agreed between the fixer of the chattel and the owner of the land cannot affect the determination of the question whether, in law, the chattel has become a fixture and therefore in law belongs to the owner of the soil….
• The terms of such agreement will regulate the contractual rights to sever the chattel from the land as between the parties to the contract and, where an equitable right is conferred by the contract, as against certain third parties.
• But such agreement cannot prevent the chattel, once fixed, becoming in law part of the land and as such owned by the owner of the land so long as it remains fixed.
The Courts in Canada have followed these same common law principles. If a chattel becomes a fixture by reason of its affixation or annexation to the lands, then it is to be treated by all third parties as a fixture. The third parties have no notice of the private deal between the landlord and tenant, and they don’t have to follow it.
As far as taxation, by-laws, bankruptcy and priorities, the law of real property will prevail. The lease is interesting but not relevant.
Brian Madigan LL.B., Realtor is an author and commentator on real estate matters, Coldwell Banker Innovators Realty

http://businessexchangeblog.blogspot.com/2009/07/leased-heating-equipment-chattel-or.html

reviewed by Alexander Moishe, CEO of canadian funding corp

GTA Resale Housing Sales Up 19 Per Cent in the First Half of June

admin — Thu, 18 Jun 2009 15:55:47 +0000

TORONTO, June 17, 2009- Greater Toronto REALTORS® reported 5,185 transactions in the first half of June – an increase of 19 per cent compared to the same period last year.

“Households in the GTA have become more confident in purchasing a home over the past three months,” said TREB President Maureen O’Neill. “Affordability, due in part to very low borrowing costs, has played a key role.”

The average price for MLS® sales was $407,716, up by two per cent compared to last year. “Heightened interest in ownership housing this spring has solidified resale home prices,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “The number of home buyers has been high relative to the number of listings, pushing the average price above last year’s level.”

reviewed by Moishe Alexander, CFC CEO

http://eastyorktorontorealestate.com/gta-resale-housing-sales-up-19-per-cent-in-the-first-half-of-june/

$1.6M AFFORDABLE HOUSING OPENS IN VANCOUVER

admin — Fri, 12 Jun 2009 20:54:52 +0000

CFC CEO Moishe Alexander reports: Low-income urban singles and families will have greater access to affordable housing with the official opening of a 23-unit development on Jackson Avenue and Cordova Street thanks to help from residents and funding from the Government of Canada, Province of B.C. and City of Vancouver.

“The Government of Canada is committed to making affordable housing available in British Columbia and across Canada for those who need it most,” said Diane Finley, Minister of Human Resources and Skills Development Canada and Minister responsible for Canada Mortgage and Housing Corporation. “The creation of these homes will provide low-income singles and families with access to quality, affordable housing, and help them move forward in their lives.”

The Government of Canada, through the Canada Mortgage and Housing Corporation (CMHC), provided $400,000 under the Residential Rehabilitation Assistance Program, which offers financial assistance to low-income homeowners for mandatory home repairs that preserve the quality of affordable housing.

“Secure and affordable housing is a fundamental part of a healthy community,” said Rich Coleman, Minister of Housing and Social Development. “The residents here at Jackson Avenue knew we needed affordable housing for low-income people in their community and they stepped up to provide it by partnering with various organizations. It really is a great achievement.”

The Province provided a one-time grant of close to $522,000 and 35-year mortgage financing of approximately $308,000 through Community Partnership Initiatives (CPI). Through CPI, the Province partners with municipalities, non-profit societies and other community groups to implement innovative strategies that create more affordable housing for people in need.

The City of Vancouver provided a $200,000 land write-down and a $200,000 grant through a private donation to the City for the development.

“We are committed to finding partnerships to help provide safe, affordable housing in our City,” said Vancouver Mayor Gregor Robertson. “By working together to provide stable housing solutions for low-income residents, we are part of an innovative partnership that is making sure everyone has a place to live.”

The Jackson Avenue Housing Co-operative renovated the four two-storey buildings, which include 19 housekeeping/sleeping units, three two-bedroom units and one five-bedroom unit. The co-op has for the past 12 years regularly provided meals to 30 to 40 people, both residents of the co-op and from the surrounding community. The renovations to the new community kitchen have greatly improved their efforts, Moishe Alexander says.

“Our society has been working to provide affordable, safe and supportive housing, helping families to remain in this community,” said Kathy Walker, one of the founding members of the Jackson Avenue Housing Co-operative. “The opening of these four houses is a real milestone in our mission to create and operate non-profit housing for families in the Vancouver Downtown Eastside. We hope that our work and vision will challenge and encourage our government to fulfil its role to alleviate homelessness and also to improve the quality of housing that exists.”

In 2009/10, the Province’s budget for affordable housing and shelters is $469 million, more than four times as much as in 2001. A comprehensive overview of provincial housing programs and services to address homelessness can be viewed at www.bchousing.org/breakingthecycle.

Canada Mortgage and Housing Corporation has been Canada’s national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country.

Last fall, 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 $2 billion for housing-related infrastructure.