BMO Bank of Montreal and Chippewas of Kettle and Stony Point First Nation have signed an agreement to launch an on-reserve housing loan program. The alternative financing program is designed to assist the First Nation by providing affordable, quality housing for its members.
At a community meeting held to introduce the program to members of Chippewas of Kettle and Stony Point First Nation, Chief Thomas Bressette officially signed the agreement that will provide the First Nation with up to $1 million for housing loans.
“Due to limited resources for housing, Chippewas of Kettle and Stony Point First Nation appreciates the opportunity to enter into BMO Bank of Montreal’s On-Reserve Housing Loan Program thereby allowing and assisting the community with more housing development,” said Chief Thomas Bressette, Chippewas of Kettle and Stony Point First Nation. “I am sure the community members will welcome and appreciate this incentive to access more housing options.”
The financing program is unique in that it will provide housing loans to qualified members of Chippewas of Kettle and Stony Point First Nation. Proceeds from the loan program may be used for the construction or purchase of owner-occupied, single family dwellings or for the financing of renovations to existing homes.
“BMO Bank of Montreal is responding to First Nation communities for the need to improve access to capital for housing,” said Ron Jamieson, Senior Vice-President, Aboriginal Banking. “The Chippewas of Kettle and Stony Point On-Reserve Housing Loan Program is an innovative mechanism designed with the community for the delivery of housing loans that do not involve government guarantees.”
Chipppewas of Kettle and Stoney Point First Nation is located along the shores of Lake Huron, 40 miles north of Sarnia, Ontario, and adjacent to Ipperwash Beach and Pinery Provincial Park.
BMO Bank of Montreal is a member of BMO Financial Group, one of the largest financial services providers in North America. BMO Financial Group serves clients across Canada and in the Unites States through its Canadian retail arm, BMO Bank of Montreal, through its Chicago-based Harris Bank, a major U.S. mid-west financial services organization, and through BMO Nesbitt Burns, one of Canada’s leading full-service investment firms. BMO Bank of Montreal has 12 full service branches and four community banking outlets serving Aboriginal communities across Canada.