Hon. Ron Basford (Minister of State for Urban Affairs):
Central Mortgage and Housing Corporation has entered into an agreement with the City of Toronto to provide loans on a sliding interest scale for the rehabilitation of existing housing and, where necessary, upgrading them to meet city standards, (a) The aggregate amount for lending under this agreement is $1.5 million, (b) While no loans have been approved as of May 15th, 1972, there are 40 applications in various stages of processing which will likely result in approvals, (c) The interest rate on these loans will be on a sliding scale geared to income, from 0 per cent for incomes under $3,000 per year up to 7 7/8 per cent for incomes of $7,000 a year and over. The cost of the interest subsidy will be shared between the city and CMHC. (d) These loans are available to property owners who rent their properties, providing the owner agrees to maintain the low rental scale of the dwelling and not to raise rents without first proving to the city that increases in such costs as taxes, maintenance and financing make higher rents necessary.
Subtopic: TORONTO-REHABILITATION OF EXISTING SUBSTANDARD HOUSING