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Volume 51, No. 13

B.C. Reg. 160/2008

The British Columbia Gazette,

Part II

July 1, 2008

B.C. Reg. 160/2008 , deposited June 26, 2008, pursuant to the MINISTRY OF LANDS, PARKS AND HOUSING ACT [Section 10]. Order in Council 436/2008, approved and ordered June 26, 2008.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the British Columbia Housing Management Commission Regulation, B.C. Reg. 490/79, is amended as set out in the Schedule.

— R. COLEMAN, Minister of Forests and Range and Minister Responsible for Housing; G. CAMPBELL, Presiding Member of the Executive Council.

Schedule

Section 3 (f.1) of the British Columbia Housing Management Commission Regulation, B.C. Reg. 490/79, is amended by striking out "borrow from" and substituting "borrow money from".

Section 3 (f.2) is amended by striking out "make loans and grants to societies," and substituting "make loans and grants of money to societies,".

Section 3 is amended by adding the following paragraph:

(f.3) make a loan of money to a person, other than a person referred to in paragraph (f.2), for the purpose of facilitating a project, or a portion of a project, that is dedicated exclusively to building or repairing housing intended for sale or rent to low or moderate income households on the conditions that

(

i) it is a term of the loan that the money be used only for that project or portion, and

(ii) a mortgage securing the amount of the loan

(

A) is registered in the land title office as a charge against the title to the land on which the housing is or will be located, and

(

B) has a priority equal to or greater than the registered interest of any other lender to the project, .

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