COLCO’s reaction to the Federal Government's $75 million in interest-free loans.

COLCO’s reaction to the June 16th news that the Federal Government has come up with $75 million for interest-free loans for leaky condo owners in British Columbia is:

We are very grateful for any help offered leaky condo owners.

Having said that, we would like to reiterate that you take a loan for something you want, something for which you have planned and budgeted. None of the above applies to leaky condo owners. We need GRANTS, not loans. This is yet another band aid solution that will do nothing to restore confidence in the building industry.  Prospective buyers want to be reassured that if they should suffer the same fate, there will be financial backing for them.  A loan, in addition to a mortgage, just will not cut it. Loans will do nothing for leaky condo owners who cannot afford to repay them and must declare bankruptcy. 

The positive side to all of this is that at least we now know that the Federal Government is aware of our existence here in B.C. and that we are faced with a problem.  It is now up to every leaky condo owner to keep reminding them of the extent of the DISASTER and our expectations of a solution.

We did not cause this disaster and we should not be expected to pay for it, which is essentially what a loan means.

COLCO wants 100% Compensation. We will not give up until we get it!
 

Sandra La Couvee – 604-594-4318; fax 684-3125
James Balderson: 604-739-4190; fax 739-4109
Maureen Rhodes: 604-520-1488
John Grasty: 604-720-8684
http://www.myleakycondo.com
email: info@myleakycondo.com