Hi All,
I've received a number of emails from you in the past hour asking questions about the plan. I don't have answers to all of the questions just yet. A number of you have emailed asking how it would work if your landlord doesn't have a mortgage. Here is the information that MP Dabrusin's office has sent:
The details clearly aren't all there yet (our understanding was that the agreements in principle just came together yesterday) but there is a note in the Ontario news release relating to landlords without a mortgage:
If a property owner does not have a mortgage secured by a commercial rental property, the property owner should contact CMHC to discuss program options, which may include applying funds against other forms of debt facilities or fixed cost payment obligations (e.g. utilities).
So - at least those without a mortgage are not excluded. It appears that the loan needs to be directed to pay something related to the property (i.e. hydro, line of credit, some other kind of tied debt).
We'll keep asking, hope to know more soon
If a property owner does not have a mortgage secured by a commercial rental property, the property owner should contact CMHC to discuss program options, which may include applying funds against other forms of debt facilities or fixed cost payment obligations (e.g. utilities).
So - at least those without a mortgage are not excluded. It appears that the loan needs to be directed to pay something related to the property (i.e. hydro, line of credit, some other kind of tied debt).
We'll keep asking, hope to know more soon
Thanks,
Susan