Leaky Condo Loan Program Discontinued
The provincial government is discontinuing its Reconstruction Loan Program for owners of leaky condominiums built before July 1, 1999. The last day applications for loans were accepted was July 31, 2009. Building permits for eligible repair projects will have to be obtained by January 31, 2010.
Administered through the Homeowner Protection Office (HPO), the program was originally designed as a 10-year, $250-million project to respond to the leaky condo crisis in the 1990s.
The program has provided to date:
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$670 million in no-interest loans to more than 16,000 households to repair their leaky condominiums; and
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$23 million in Provincial Sales Tax rebates on repairs.
The program has been funded through a $750 fee charged on builders of new multi-unit residential construction. The slowdown in residential development has meant a significant drop in funding to the point where the program could no longer be sustained.This fee will remain in place to continue to fund the reconstruction projects that have been approved.
For more information visit the HPO’s web site at www.hpo.bc.ca .