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COLCO NEWS RELEASE

COLCO: COALITION OF LEAKY CONDO OWNERS www.myleakycondo.com
COLCO - http://www.myleakycondo.com

Ref:  49760

Dr. James Balderson
Coalition of Leaky Condo Owners (COLCO)
VIA FACSIMILE: (604) 739-4109

Dear Dr. Balderson:

Thank you for your facsimile of September 15, 2000, regarding alternatives  to compensation for owners of leaky condos and other dwellings.  I apologize for the delay in replying, but understand that Kaye Melliship, Assistant Deputy Minister of the Housing Development Division, met with you in mid-October to discuss your proposal.

I appreciate the time you and COLCO have taken to ensure that your views are considered as we work towards developing solutions.  While a general compensation package is not being considered at this time, ministry staff
will analyze the financial ramifications of the proposal put forward in your letter.

The Minister has urged the federal government to come forward in a meaningful way to assist owners of leaky condos.  They have recently agreed to contribute up to $27.7 million in non-repayable funding toward the Homeowner's Reconstruction Loan Program.  The province determined that this cash contribution would better serve owners of leaky condos than the $75 million loan initially proposed by the federal government.  The funding will be used to enhance our existing Program by offering recipients of Reconstruction Loans a payment-free period of up to three years, based on financial need.

I appreciate your taking the time to write and I assure you that careful consideration will be given to your views, as we consider more options to deal with this devastating problem.

Yours truly,
 

Mike Corbeil
Deputy Minister

pc: Honourable Ujjal Dosanjh
 Premier

 Honourable Mike Farnworth
Minister of Social Development and Economic Security

Kaye Melliship

bpc:  Correspondence Unit
 Housing Policy Branch

Updated Nov 20, 2000
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