Ontario Construction News staff writer
The Ontario government recently announced that Infrastructure Ontario has entered into new commitments to provide financing through its Loan Program to four eligible communities; they are:
- Township of Chatsworth, for a compactor and grader – $693,958 loan
- City of Temiskaming Shores, for fleet replacement, water projects, firefighting equipment, culvert, medical centre upgrades and recreation projects – $4,678,135 loan
- Township of Harley, for a bridge – $1,200,000 loan
- Municipality of Whitestone, for road resurfacing – $270,000
With more than 440 community-based partners, the loan program has helped finance various types of infrastructure projects such as the construction of roads, bridges, arena complexes and long-term care homes, and the acquisition and installation of capital assets like fire trucks and energy-efficient lighting.
IO’s Loan Program is an alternative financing approach that provides affordable, long-term loans to renew and build public infrastructure. Since 2003, more than $11 billion in loans have been approved in support of more than 3,200 community infrastructure projects across the province.
Loans can be used to finance a broad range of capital expenditures including construction and expansions, energy-efficiency projects, and equipment purchases. Municipalities, municipal corporations, and housing providers make up almost 90 per cent of the loan volume (by value).