This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Community Infrastructure Projects Key To Building Healthy, Prosperous Aboriginal Communities: RBC Report

RBC releases fifth annual Aboriginal Partnership Report ahead of National Aboriginal Day on June 21

TORONTO, June 11, 2013 /CNW/ - As the youngest and fastest growing segment of Canadian population, Aboriginal peoples are poised to build strong and sustainable economies through the development of housing and community infrastructure projects. With the right resources, they can overcome financial obstacles and focus on creating prosperous and healthy communities, according to A Chosen Journey: RBC Aboriginal Partnership Report released today.

" Housing remains a critical infrastructure issue for many First Nations communities," said Chinyere Eni, national director, Aboriginal Markets, RBC. "With conventional residential mortgages unavailable to First Nation members living on reserves, it was important to create a loan program to address this issue and provide the growing number of Aboriginal families with the opportunity to enjoy the long-term benefits of home ownership."

In 1999, RBC was the first financial institution to create an On-Reserve Housing Loan Program. This unique mortgage program doesn't require a federal government guarantee and works directly with First Nation governments to determine the terms and conditions of the program and eligibility requirements. RBC administers the program that allows community members to purchase, build or renovate a home - a program that has grown almost 40 per cent in the last five years and has extended a total of $121 million of authorized credit to 77 First Nation communities.

In addition to increasing home ownership on reserves, some First Nation communities have seen a need to provide affordable housing to its band members who live off-reserve and are pursuing post-secondary education, training and job opportunities in urban centres.

Siksika First Nation is just one example of an Aboriginal community that created an off-reserve housing project in Calgary. Funded by Siksika Nation Chief and Council and the provincial government to purchase buildings, additional funding from RBC allowed the First Nation to cover the costs of upgrades and repairs to several of its units.

"Supporting the development of community infrastructure projects is key to creating income earning opportunities for the growing Aboriginal population," adds Eni. "These projects will not only generate revenue and employment opportunities today, they will also have a positive impact on the community's well being well into the future."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,493.37 -69.93 -0.42%
S&P 500 1,925.15 -5.52 -0.29%
NASDAQ 4,352.6390 -17.1340 -0.39%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs