Ontario Launches $1 Billion Loan Program for Municipal Water Projects
The Ontario government has announced a new initiative to provide up to $1 billion in loans to municipalities. This funding is intended to support the development of water infrastructure projects that are necessary for building new homes. The program, known as the Housing-Enabling Water Infrastructure (HEWI) lending stream, is part of Infrastructure Ontario's Loan Program. It aims to assist municipalities in constructing, expanding, and rehabilitating drinking water, wastewater, and stormwater infrastructure.
Applications for this loan program will be accepted starting December 2, 2024. The initiative is designed to offer flexible financing options, allowing municipalities to defer interest payments during the construction phase and choose longer repayment terms of up to 40 years. This is expected to help municipalities, including those in small, rural, and northern areas, manage the costs associated with essential infrastructure projects.
The HEWI lending stream complements existing provincial programs such as the Housing-Enabling Water Systems Fund. This initiative is part of the government's broader strategy to address housing needs and support infrastructure development across Ontario. The government has also committed nearly $2 billion through various funds to support housing-enabling infrastructure projects, including roads, bridges, and water facilities.
According to Michael Lindsay, President and CEO of Infrastructure Ontario, the program will support the modernization and renewal of public infrastructure in 335 municipalities across the province. The government claims that these efforts will enable the construction of more homes to meet the needs of Ontario's growing population.
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