36 - Wednesday, July 10, 1985 - North Shore News

35-YEAR LOAN
indian River housing
co-operative now open

INDIAN RIVER Housing
Co-operative held an official
opening ceremony sunday.

The full capital cost of the
project, $2.3 million, is being
met with a 35-year loan from
the Co-operative Trust Com-
pany of Canada. This loan
has been guaranteed under
the National Housing Act by
Canada Mortgage and Hous-
ing Corporation (CMHC),
Canada's Housing Agency.

Assistance will be provided
in the form of a maximum
annual subsidy of approx-
imately $219,000 to reduce
the mortgage interest rate to
as low as two per cent.

This assistance is extended

to meet the needs of families
and individuals who will
reside in the project. The
total contribution to this pro-
ject, under the present con-
tract terms, could amount to
$7.6 million.

Indian River Housing Co-
operative is located at 3956
Brockton Crescent in North
Vancouver. {tis part of a new
residential sub-division
located at the entrance to
Mount Seymour Provin: ial
Park.

The development consists
of four one-bedroom, 12
two-bedrcom and 10 three-
bedroom townhouse units. A
small meeting room and a

children's playground have
also been included in the
design of the project.

For furthe: information
Please contact CMHC, at —
731-5733.

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