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The provincial government said Friday it has put the brakes on leaky-condo repair loans because the revenue stream from new construction used to finance the loans has dried up.
Housing Minister Rich Coleman`s office confirmed that the home-building slowdown and the resulting drop in revenue have "limited" the government`s ability to make repair loans, but gave no details.
The confirmation came after some owners of leaky condos said they are being shut out by a provincial program set up specifically to help them, and that they`re having to resort to extraordinary means to finance expensive repairs.
The Homeowner Protection Office (HPO), which was established in the late 1990s following two public inquiries, offers interest-free loans to owners of leaky condos to do repairs, and on Friday, the government said it has approved more than $670 million in loans since it was formed.
Read the full article here.
Housing Minister Rich Coleman`s office confirmed that the home-building slowdown and the resulting drop in revenue have "limited" the government`s ability to make repair loans, but gave no details.
The confirmation came after some owners of leaky condos said they are being shut out by a provincial program set up specifically to help them, and that they`re having to resort to extraordinary means to finance expensive repairs.
The Homeowner Protection Office (HPO), which was established in the late 1990s following two public inquiries, offers interest-free loans to owners of leaky condos to do repairs, and on Friday, the government said it has approved more than $670 million in loans since it was formed.
Read the full article here.