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Infrastructure Stimulus Fund
New in Canada’s Economic Action Plan
Through Canada’s Economic Action Plan, the federal government has established a new $4 billion Infrastructure Stimulus Fund (ISF) that provides funding to provincial, territorial and municipal construction-ready infrastructure rehabilitation projects. Funding is available for two years for projects that begin during the 2009 and 2010 construction seasons and can be completed before March 31, 2011.
About the Program
The ISF complements existing federal infrastructure funding by focusing on short-term objectives for economic stimulus. To further this goal of rapid economic stimulus, the ISF will focus on construction–readiness as important project selection criteria. The full $4 billion will be distributed in fiscal years 2009-2010 and 2010-2011. Projects will focus largely on the rehabilitation of existing assets such as water, wastewater, public transit, highways, roads, culture, parks, trails and municipal buildings.
How it Works
Projects must satisfy program criteria and be confirmed in a funding agreement. Provincial and territorial projects will be identified through discussions with provincial and territorial governments. Proposals from municipal and non-governmental organizations will be considered through different selection processes in consultation with each province and territory. Details will be communicated shortly in each province and territory. All project proponents will have to attest that the project will be complete within the next two years and that the project would not have proceeded without federal funding. This is to ensure that the program provides economic stimulus quickly.
The program provides up to 50 percent of funding for eligible costs related to provincial and territorial assets, 33 percent for eligible costs related to municipal assets and not-for-profit private sector assets, and 25 percent of eligible costs for for-profit sector assets.
Who is Eligible?
Eligible recipients include provinces, territories, local regional governments and public sector, not-for-profit organizations and, in limited cases, private companies. Projects receiving funding under the ISF program must complete construction by March 31, 2011.
March 26, 2009
