July 31, 2009
Cancelation of the No Interest Loan Program for Owners of Leaky Condos
The BC Provincial Government today announced that they would be ending the no interest loan program for condo owners who where faced with large special assessments for major building repairs. The program was started to make sure that those who needed financial aid to cover the cost of repairs, were able have the cost paid down over a longer period of time. The program was open to condos built before July 1st 1999, and was funded through a $750 levy on new residential construction units. The program is now seen as unsustainable due to the slow down in new construction. More that $670 million dollars has been loaned throught the program, far more that the $250 million that was initially expected.