Single family homes officially open at First Nations reserve

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Twenty-one single family homes built on the Cold Lake First Nations Reserve with federal government assistance were officially opened here February 27th.

During a ribbon-cutting ceremony that included presentation of a Canadian flag and a flag marking the occasion, Chief Francis Scanie was handed a cheque for $20,024. It is the first of regular payments to be made as housing subsidies.

The cheque was presented by John McWilliams, Edmonton Manager of Program Operations for the federal Canadian Mortgage & Housing Corporation.

The homes were built on the three divisions of the Cold Lake reserve. One home is specially-designed to be handi-capped accessible and another accommodates senior citizens. The Band Housing department officer, Sam Minoose, is responsible for day-to-day administration of the project.

The total capital cost of the project was $1.34 million.

Cold Lake First Nations received approximately $45,800 from the Department of Indian Affairs & Northern Development. The band in turn, contributed $23,750 in equity. The remaining capital cost of $1.28 million was met with three 5-year loans from the Grand Centre Canadian Imperial Bank of Commerce.

Assistance form the federal government is provided in the form of three maximum annual subsidies which total approximately $103,000. These subsidies will reduce the mortgage interest rates to as low as two percent. The purpose of the subsidies is to keep occupancy charges as low as possible for the members of the reserve.

Monthly mortgage payments are scaled to equal between twenty-five percent of the homeowners income at all times.

The project was constructed in three flights and completed by November of last year. Contractors were FJC Construction of Grand Centre and Crawford Homes, located in Aldersyde, fifteen miles south of Calgary.