More Funds For Leaky Condo Repairs

PROVINCE INCREASES FUNDING
FOR LEAKY CONDO OWNERS

The Province is providing close to $9 million in additional funding to the Homeowner Protection Office (HPO) Reconstruction Program, providing owners of water-damaged homes with support to help with the cost of repairs.

The HPO now has the borrowing capacity to resume dispersing funds for approved loans.

Due to the recent economic downturn, residential construction has slowed, and the levy that funds the reconstruction program has likewise shrunk. The HPO reached its annual borrowing limit for 2009; subsequently, an increase has been approved, and the office can now resume lending.

The Province established the Homeowner Protection Office 10 years ago, during the height of the leaky condo issue, to support home owners and to put in place strong protection for new home buyers.

Through the Reconstruction Program, the Province has approved more than $670 million in no-interest loans to help more than 16,000 households with repairs to leaky homes. The Province has also provided $23 million in Provincial Sales Tax rebates on repairs.