Since our Spring Newsletter update a number of items have transpired, perhaps the most newsworthy would be the recent approval of Louise Houle obtaining a housing loan through the Bank Of Montreal to build a new home. Louise is the first community member to obtain a loan through the BMO on reserve loan program, the Chief, Council, Housing Authority and housing dept. are quite proud of Louise taking the initiative to seek alternative financing to address her family’s housing needs.
For more information regarding Bank of Montreal’s housing loan program please contact their Commercial Account Manager, Robin Armstrong at 7803498690 or Trevor Labocaun at 7808692412.
The Housing Dept. has received an invitation to attend and share our modest housing successes to date at a Housing Symposium this October in Quebec, the theme of the event is "running housing like as a business " in which innovative communities such as Peerless Trout create their own housing loan programs.
Whereas the PTFN housing program has shown success in various areas we still have approx. 7 housing loan recipients who have not made even one loan repayment since that received their loans over one year ago in spite of receiving numerous letters and calls requesting they honour their commitments to repay their loans. It’s important that all community members recognize that our housing loan program will only continue to exist and provide greatly needed housing loans if our members continue to make regular and prompt payments which will replenish the Fund.
The loan recipients who have chosen to ignore their contractual legal obligations to make any repayments will soon be notified that Court ordered judgments against them are forthcoming, once the Court awards a "judgment for default" those loan recipients are automatically reported to the Credit Bureau by the Courts, this will result in those individuals being declined credit, loans and in some instances employment when some employers ask for credit checks to determine an individual’s character.
In addition court ordered garnishees of wages of the aforementioned individuals who are employed and collections agency for others are also in the process, it should be noted that most employers treat garnishees as a serious reflection of one’s character.
For those community members who are making regular loan and rental payments you are contributing to the success and growth of our community and starting October 1 all members who make their payments on time will have their names entered into a monthly draw for a $200 dollar gift certificate.