Infrastructure Stimulus Fund
Through Canada's Economic Action Plan, the federal government has established a new $4 billion Infrastructure Stimulus Fund that provides funding to provincial, territorial and municipal construction-ready infrastructure rehabilitation projects. Funding is available for two years for projects that will be built during the 2009 and 2010 construction seasons.
About the Program
The Infrastructure Stimulus Fund 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, and trails.
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 are being announced in each province and territory as they are available. 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 provincial and territorial assets and not-for-profit private sector assets, 33 percent for municipal 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.
Municipalities under 100,000 people also have access to the $136 million in funding available under the Communities Component of Building Canada. Budget 2009 also committed an additional $500 million nationally for the Communities Component. Applications are currently being accepted until April 24, 2009 in British Columbia.
Stimulus Fund at Work in British Columbia
The Stimulus Fund is already at work in British Columbia. On March 13, 2009, Canada and British Columbia announced a joint investment of up to $48 million for up to 161 community infrastructure projects that will create jobs and help build stronger communities. Projects being supported under the Towns for Tomorrow and LocalMotion programs include cycling and pedestrian infrastructure and projects that improve water quality and address other important needs for smaller communities.
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