Residents of a Victoria condo building approved -- then subsequently denied -- funding from the province's Homeowner Protection Office could still receive money to fix their leaky condos, Housing Minister Rich Coleman said yesterday.
Eight owners from the Swans building on Fern Street were approved for funding last fall, but learned last week -- after signing a contract for the construction work to begin -- that provincial government funds have dried up.
Coleman said help for the residents could be around the corner.
"I asked someone to personally look at the status of the applications because that one sounds like they're further advanced than others," he said. "They may be OK in a week or two."
That would be welcome news to Steve Adams.
The Victoria man has owned a ground-floor apartment in the Swans for four years.
He said he was approved for about $71,000 in funding. Without the money, the optician said he may have to take out a second mortgage.
"It's potentially financially ruinous," he said.
Coleman explained the Housing Protection Office reached its borrowing limit of $75 million early in the fiscal year and has asked for more money.
"We've requested additional borrowing power for the HPO so we can process the outstanding loans," he said.
NDP Leader Carole James raised the plight of homeowners like Adams at a press conference yesterday on the sidewalk adjacent to his building.
She called on the province to restore funds to the program or come up with another solution.
"The minister has to step up to the plate," she said.
Earlier this month, the government announced it had no more money to finance loans.
Established in 1998, the Homeowner Protection Office offers interest-free loans to owners of leaky condos to do repairs. The money comes from a $750 levy charged on all new residential construction units in the province.
Jeff Taylor said he needs to come up with his share of money for the construction costs or the strata corporation -- of which he is president -- could be forced to put a lien on his property.
