Welcome to the Municipal Finance Authority of BC
New “Status of Loans” report replaces “Status of Issues” report
We have replaced the “Status of Issues” report with a new more comprehensive Status of Loans report. This revised report format will provide pertinent information on member’s loans and can be used in conjunction with MFA issued yearend reports (Debt Position Reports) for financial disclosure.
A legend has been provided to assist in reading this report and as well comments on the Capital Financing Process have been included to highlight key issues associated with borrowing long-term through the MFA. Also attached is a “reference sheet” for interpreting the Amortization Schedules (repayment schedules) that accompany each member’s loan request.
If you have any comments on this new Status of Loan report please contact Graham Egan; Director of Finance at graham@mfa.bc.ca.
Status of Loans >>>
Spring 2010
Spring Issue Deadlines >>>
If you have any questions regarding the Fall Issue, please contact Shelley.
MFA FINANCIAL FORUM & AGM 2010
The 2010 MFA Financial Forum and Annual General Meeting of the Members will be held on Wednesday, March 24th and Thursday, March 25th respectively, at the Hotel Grand Pacific 463 Belleville Street, Victoria.
More information >>>
CMHC-Municipal Infrastructure Lending Program
Canada’s Economic Action Plan provides up to $2 billion in low-cost loans to municipalities over two years through Canada Mortgage and Housing Corporation (CMHC) for housing-related infrastructure projects in towns and cities across the country.
In keeping with borrowing practices in British Columbia, the Municipal Finance Authority (MFA) will act as the intermediary, entering into borrowing agreements with CMHC for approved projects and loaning the funds to local governments. Properly adopted loan authorization and security issuing bylaws are still required in order to participate in this program.
Municipal infrastructure loans are available to any municipality within Canada and will provide a new source of funds for municipalities to invest in housing-related infrastructure projects. Only infrastructure projects serving new or existing residential areas may be considered.
Eligible municipal infrastructure projects must directly relate to housing, contributing to the efficient functioning of residential areas. Projects would include, for example, infrastructure related to the provision of required housing services such as water, wastewater and solid waste services, power generation; local transportation infrastructure within or into residential areas such as roads, bridges and tunnels; residential sidewalks, lighting, pathways, landscaping and green space.
Infrastructure projects not directly related to housing such as social infrastructure projects, including community centres, skating rinks, playground equipment and libraries are not eligible under this program.
There will be a focus on funding projects that are shovel-ready, as this is a targeted, short-term, temporary measure intended to create jobs. Local Governments that already have Loan Authorization Bylaws in place but had not yet broken ground before January 27, 2009 is still eligible to apply for funding. Having this part of the approval process in place already will speed up the process.
These low-cost loans will significantly decrease the cost of borrowing for municipalities, and can be used by them to fund their contribution for cost-shared federal infrastructure programming.
Eligible loans will be approved largely on a first come, first served basis provided the proposal meets eligibility requirements. However, CMHC will also seek to facilitate equitable access to the program and will work to encourage applications from urban and rural municipalities across Canada.
For more information or to make an application, municipalities can visit CMHC’s website at www.cmhc.ca/housingactionplan.
Municipalities can also reach CMHC by phone at 1-800-668-2642
CMHC Process for BC Local Government.pdf
Adjustment of Actuarial Rates: Issues #70, #71, #72 & #73
On the respective refinancing dates of Issues 70, & 72 (Jun 1, 2009) and 71 & 73 (Dec 1, 2009) the actuarial rate will be adjusted to 4.50%. This adjustment will be on a prospective basis and will affect all principal payments one year after the refinancing date.
Actuarial Notice (pdf)
MFA Tax Levy Rates 2009
MFA Tax Levy Rates 2009 (pdf)
MFA Program Dividends
Each year MFA pays a dividend to the participants in its Pooled
Investment Fund portfolio, allocated based on investment balances
over the calendar year. As well, Interim Financing and Leasing users recieve a users dividend.
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