Future CMHC funding in question

Funding could dry up for national program

Vince Jandirsch, owner of the former Post and Lantern which he’s hoping to convert into affordable housing with a $928,000 loan from the Canada Mortgage and Housing Corporation (CMHC), said he’s heard rumours of funding troubles.

Jandirsch said his CMHC contacts have assured him his funding is secure, but they are overdue for their annual federal funding for new projects and he was told if the current proposal doesn’t go through there won’t likely be any more money available at another time.

Re-elected MP James Lunney said that while they did tighten up the requirements for home owners to avoid people who can’t afford homes from getting them, which led to the U.S. meltdown, they do still support CMHC.

He said the Conservative government has put a lot into CMHC. Nobody at CMHC would comment.

 

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