Village Canadien Housing Co-op in Winnipeg has secured a $9.3 million mortgage with Assiniboine Credit Union, allowing the co-op to repair and retrofit 150 homes for low and moderate income Manitobans that were originally built in 1976.
The new financing structure will allow the co-op to pay off an existing high interest loan with Canada Mortgage and Housing Corporation (CMHC). Under a a new federal program the co-op was able to repay it mortgage without penalty saving the organization nearly $4 million.
The refinancing required the approval of CMHC and Manitoba Housing.
“After paying off the balance of our existing mortgage, we will have the $5.5 million needed to restore and improve energy efficiency and comfort of our aging homes, with new roofs, windows and building envelope,” said Village Canadien president Linda Ferguson.
-News4 Staff-
