The Ontario government has released its annual summary of activity of the province’s ongoing infrastructure investments in community-based infrastructure projects.
The province continues to support its municipalities and other eligible public-sector partners in their work to improve the quality of life in their communities by providing affordable, long-term financing for infrastructure development and renewal. Infrastructure Ontario’s (IO) Loan Program has committed to more than $550 million in loans, supporting 159 local infrastructure projects over the past year.
“The IO loan program continues to provide affordable long-term financing to help complete a wide range of infrastructure projects across the province,” said Laurie Scott, Ontario’s Minister of Infrastructure. “Our goal is to provide support where it is needed to ensure our communities are protected and positioned for recovery.”
IO committed to financing 159 local projects last year, including:
- 43 road and bridge projects – almost $70 million in loans, including road/sidewalk rehabilitation projects in the City of Thunder Bay
- 25 water/wastewater projects – nearly $80 million in loans, including a plant expansion in the City of Quinte West
- More than 30 vehicle acquisitions – $12 million in loans, including a fire pumper for the Township of Norwich
- Five recreation projects – $9 million in loans, including arena upgrades in the Town of Lincoln
- Four housing projects – $7.8 million in loans, including expanded housing for Kingston and Frontenac Housing Corporation
- Four long-term care projects creating hundreds of new beds – $184 million in loans, including the Golden Plough long-term care home in Northumberland County
Affordable loans have helped modernize and renew infrastructure in all parts of Ontario, including:
- 29 projects in Northern Ontario – $46.4 million in loans
- 63 projects in Eastern Ontario – $294.5 million in loans
- 64 projects in Southwestern Ontario – $159.5 million in loans
- Three projects in Central Ontario – $54.3 million in loans
The loan program continues to evolve in order to better meet client needs. Whether through the loan deferral program to assist municipalities and not-for-profit housing and long-term care providers during the pandemic, the introduction of new products, or process improvements, IO is continually looking for ways to build and enhance the program to support communities.
Learn more through IO’s Loan Program video: