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Town of Blind River makes another dent in CMHC loan

After the town received its second balloon loan pre-payment from North Shore Power Group, it passed that along to put on the balance of its loan with Canada Mortgage and Housing Corporation
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Blind River has made another payment toward its multi-million-dollar Canada Mortgage and Housing loan, council was informed by treasurer Sue Dent at its Monday evening meeting.

“On Nov. 16, 2023 the town received the second balloon loan pre-payment for this year from North Shore Power Group (NSPG),” Dent said in her report. “This payment was $1.8 million. These funds were transferred to CMHC on Nov. 17, 2023.

The town also made a payment in mid-August of $1,043,103 and reported a balance of $13,211,734 on the balance of the loan at that time.

“Once CMHC has calculated the value to be applied to the balloon payment, a report will be provided that includes the new balance outstanding,” Dent said.



About the Author: Kris Svela

Kris Svela has worked in community newspapers for the past 36 years covering politics, human interest, courts, municipal councils, and the wide range of other topics of community interest
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