Marginal note:Loans for new communities

• 85. (1) The Corporation may, on the application of a province, and with the approval of the Governor in Council, make a loan to the province, or an agency or a corporation designated by the province, to be used for the purpose of

  • (a) acquiring lands for a new community, including land to be used for transportation corridors linking the community to other communities or for public open space in or around the new community or separating it from any other community;

  • (b) planning the new community; and

  • (c) designing and installing utilities and other services that are required for the development of the community and normally publicly owned.

• Marginal note:Prerequisites for making loan

  (2) No loan shall be made under this section unless

  • (a) the province applying for the loan

    • (i) designates the agency or corporation that will be responsible for the planning and development of the new community, if the loan is to be made to the province and not to that agency or corporation,

    • (ii) indicates the measures to be taken to ensure that the public will receive any economic benefits that may be obtained from the lands and services in respect of which loans are made under this section, and

    • (iii) indicates its plans for urban growth, including the location, size and order of development of other new communities; and

  • (b) those measures and plans are satisfactory to the Corporation.

• (3) [Repealed, 1999, c. 27, s. 15]

Marginal note:Reduction of indebtedness by forgiving payment

86. Where the Corporation is satisfied that part of a loan made under section 85 has been used for the purpose of

• (a) planning a new community, or

• (b) acquiring land used for recreational or other community social facilities,

the Corporation may forgive payment by the borrower of an amount not exceeding fifty per cent of the part of the loan that was used for that purpose.

Marginal note:Definition of "charitable corporation"

87. In this Part, “charitable corporation” means a corporation constituted exclusively for charitable purposes no part of the income of which is payable to, or is otherwise available for the personal benefit of, any proprietor, member or shareholder of the corporation.

Marginal note:Loans, etc., for student housing projects

• 88. (1) Subject to subsection (2), the Corporation may make loans and contributions to provinces or agencies thereof, municipalities or agencies thereof, hospitals, school boards, universities, colleges, cooperative associations or charitable corporations in respect of housing projects for students and their families, and may forgive amounts owing on those loans.

• Marginal note:Provincial approval

  (2) Loans or contributions may be made and amounts owing on those loans may be forgiven under this section only with the approval of the government of the province where the corresponding rental housing project is, or will be, located.

• Marginal note:Exception

  (3) Subsection (2) does not apply to loans and contributions to a province or the forgiving of amounts owing on those loans.

• Marginal note:Terms and conditions

  (4) The Corporation may determine the terms and conditions on which it makes a loan or contribution or forgives an amount under subsection (1).