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Harmony House EQuilibrium Project Starts in Burnaby

Friday, August 7th, 2009

Canadian Funding Corp Reviews Sustainability, August, 2009 – The Government of Canada today marked the start of construction of the Harmony House demonstration project, an energy-efficient and environmentally-friendly home to be built in Burnaby.

The home will be designed by Habitat Design + Consulting Ltd. and constructed by Insightful Healthy Homes Inc. as part of Canada Mortgage and Housing Corporation’s (CMHC’s) EQuilibrium™ Sustainable Housing Demonstration Initiative, which encourages designers, builders and developers to design and build the next generation of sustainable housing in Canada.

Senator Yonah Martin, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for CMHC, was joined today by Chris Mattock, President, Habitat Design + Consulting Ltd. and Arthur Lo, President, Insightful Healthy Homes Inc., along with sponsors and supporters in the ground-breaking of one of two EQuilibrium™ demonstration homes to be constructed in British Columbia.

“The Government of Canada is pleased to work with the private sector to develop such innovative homes. We congratulate Habitat Design + Consulting Ltd. and Insightful Healthy Homes Inc. on their winning design/concept and commitment to environmental responsibility,” said Senator Martin. “Harmony House is another example in British Columbia of how beautiful and healthy homes can also conserve energy and resources, and reduce pollutant emissions.”

The Harmony House team will integrate optimal solar orientation, energy efficiency and renewable energy systems into the design and construction of the home, in addition to using natural materials with low levels of pollutants. Photovoltaic panels will supply all the electrical energy needs of the home on an annual basis. Excess electrical energy produced during the day will be fed into the power grid. A “green switch” will turn off all unnecessary circuits at night and when the occupants are out. To reduce water use, landscaping will incorporate indigenous plants which will be irrigated with captured rainwater.

“We are very pleased to collaborate with CMHC and are extremely excited about how this project has come together,” said Mr. Lo. “Thanks to our dedicated team of experts and materials suppliers in fields such as solar energy, ventilation and indoor air quality, we are showcasing not just leading-edge design and construction, but what we believe is the future of healthy living.”

”Having the owners on board from the design stage has really helped shape this project,” said Mr. Mattock. “We have designed a live/work space for increased density living that will enable the owners to operate a complementary health care practice from a separate office space, cutting down on commuting and energy costs.”

Harmony House is one of 15 projects that have won CMHC’s national EQuilibrium™ sustainable housing competitions since the initiative was launched in 2006. All EQuilibrium™ projects will be open to both the general public and professional audiences for tours, and then monitored for performance by CMHC for one year, once occupied.

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Posted in British Columbia, Residential Development, Sustainability | Comments Off

Green Dream Home EQuilibrium™ Demonstration Project Starts Construction in Kamloops

Friday, August 7th, 2009

Canadian Funding Corp Reviews Sustainability, August, 2009 – The Government of Canada today marked the start of construction of the Green Dream Home demonstration project, an energy-efficient and environmentally friendly home to be built in Kamloops.

The home will be constructed by the Canadian Home Builders’ Association Central Interior (CHBA CI), in partnership with Thompson Rivers University (TRU), as part of Canada Mortgage and Housing Corporation’s (CMHC’s) EQuilibrium™ Sustainable Housing Demonstration Initiative, which encourages builders and developers to build the next generation of sustainable housing in Canada.

Cathy McLeod, Member of Parliament for Kamloops – Thompson – Cariboo, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for CMHC, was joined today by Darryl Caunt, President, CHBA CI, and Dr. Ulrich Scheck, Provost and Vice-President Academic, TRU, along with sponsors and supporters in the ground-breaking of the first demonstration home of its kind in British Columbia.

“The Government of Canada is pleased to work with the private sector to develop such innovative homes. We congratulate CHBA CI and TRU on their winning design/concept and commitment to environmental responsibility,” said MP McLeod. “The Kamloops Green Dream Home gives people in this region an opportunity to see first-hand how we can create beautiful, healthy homes, conserve energy and resources, and reduce pollutant emissions.”

The Kamloops Green Dream Home will integrate optimal solar orientation, energy efficiency and renewable energy systems into its design and construction, in addition to using natural materials with low levels of pollutants. To reduce water use, rainwater will be captured and drought-resistant native plants will be used on the site. The Green Dream Home will be built primarily by TRU students as part of their training program.   Once completed, the home will be open for public tours and then raffled off to raise funds for a local charity.

“We are proud that this project will showcase leading innovations in home energy efficiency and environmental responsibility for our local community, and serve as an example for similar projects across the country,” said Darryl Caunt.

“The Green Dream Home is an amazing opportunity for Thompson Rivers University students and faculty to be involved in a project that integrates all the elements that define TRU as the university of choice for environmental sustainability, career success and student engagement,” said Dr. Scheck. “The practical experience gained by participating in this initiative will enable our graduates to pursue careers as future leaders who will help Canadians develop and live in sustainable communities.”

The Green Dream Home is one of 15 projects that won CMHC’s national EQuilibrium™ sustainable housing competitions since the initiative was launched in 2006. All EQuilibrium™ projects will be open to both the general public and professional audiences for tours, and then monitored for performance by CMHC for one year, once occupied.

CMHC’s EQuilibrium™ Sustainable Housing Demonstration Initiative provides a new approach to housing in Canada, representing a fundamental change in the way Canadians think about their homes. It strives to balance our housing needs with environmental concerns. It brings together — under one roof — the principles of occupant health and comfort, energy efficiency, renewable energy production, resource and water conservation, and reduced environmental impact.

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Posted in British Columbia, Canada Mortgage and Housing Corporation, Residential Development, Sustainability, Youtube, canadian funding corp | Comments Off

Pledging Commercial Real Estate as Pension Contributions?

Friday, July 17th, 2009
From CalPERS’ lawsuit against credit agencies, we go to another more interesting lawsuit. The WSJ reports that Delphi retirees are suing over a plan to end pensions:

A group of retirees of Delphi Corp. (DPHIQ) filed suit Thursday, saying it needs an independent administrator to help stop the bankrupt auto supplier from terminating its pension plan for salaried employees and transferring the obligation to the Pension Benefit Guaranty Corp.

In a federal lawsuit filed in Michigan, the Delphi Salaried Retiree Association asked the court to replace its current trustees, who are Delphi executives, and appoint a new plan administrator “loyal only to us.”

The suit also seeks an immediate injunction prohibiting the current plan administrator from negotiating a termination with the PBGC until this suit is concluded.

“We have serious concerns about whether Delphi executives can protect our pension rights while at the same time serving Delphi’s shareholders and creditors,” the retiree group said.

The group said it was not notified before Delphi announced its PBGC plan June 1.

Separately, the association filed an objection in the Delphi bankruptcy case to a provision stating the pension plan, by agreement, shall be terminated and transferred to the PBGC.

On Monday, General Motors Co. moved closer to buying its former parts unit Delphi when a bankruptcy judge said GM could move forward with a plan that will allow the auto maker to team up with a private-equity firm to buy Delphi and take it out of bankruptcy.

The deal, approved by Judge Robert Gerber of the U.S. Bankruptcy Court in Manhattan, is designed to ensure GM a steady supply of parts and allow Delphi to exit bankruptcy after nearly four years in Chapter 11.

But another New York bankruptcy judge, who is overseeing Delphi’s bankruptcy case, also needs to sign off on the agreement. That hearing is scheduled for next week.

Meanwhile, Delphi’s lenders said Thursday that they will bid for the auto-parts supplier this week and try to defeat the sale to GM and the private-equity firm.

One condition of the GM agreement is Delphi will not be on the hook for unfunded pensions for its hourly workers, an amount that totals about $3.2 billion. GM, Delphi and the government’s pension watchdog are negotiating an agreement by which GM would assume some or all of those pension costs, court document show.

Delphi, which was spun off from GM in 1999 and filed for bankruptcy in 2005, has seen its value plunge amid falling auto sales and has struggled for more than a year to pull together the financing it needs to exit bankruptcy.

Delphi officials were not immediately available for comment.

It is worth watching developments out of this Delphi lawsuit very carefully. I have to agree with the Delphi Salaried Retiree Association that they need to find a new plan administrator “loyal to them”, but they are going to have a tough battle proving this in court.
In another interesting development, CoStar Group reports about a deal where commercial real estate was pledged in lieu of cash for pension contributions:

YRC Worldwide Inc., the financially troubled Overland Park, KS, trucking company, completed a pension contribution deferral agreement with the Teamsters Union to defer the payment of $94 million of contributions due last month.

In exchange, YRC has pledged real property so that the union has first priority security interest in the property. The real estate is located throughout the United States and Mexico.

YRC Inc., USF Holland Inc., USF Reddaway Inc. and New Penn Motor Express, Inc., made the deal with the Central States, Southeast and Southwest Areas Pension Fund with Wilmington Trust Co., as agent. The Central States Pension Fund is the largest of the Company’s International Brotherhood of Teamsters (“IBT”) multiemployer defined benefit pension funds, representing approximately 58% of the company’s pension funding obligations.

The initial agreement covered $83 million in pension contributions. Since the initial agreement, seven additional union funds have joined as participants in the same agreement for a deferral of an additional $11 million.

If YRC were to default on cash contributions, the union funds would have the right to foreclosure on the pledged properties.

Unions better be careful accepting pledges of commercial real estate in lieu of cash as pension contributions. Forbes recently interviewed the world’s best real estate investor, Tom Barrack of Colony Capital, who said he expects a refinancing crunch over the next few years to cause misery:
I quote the following from Mr. Barrack (but read the entire article):

“It’s bad and it’s getting worse at the moment. The $700 billion commercial mortgage-backed securities (CMBS) market still has no new money for buyers or refinancing. About a third of that is due at the end of 2010 and 2011 and the majority between 2010 and 2012. So you have $750 billion in refinancing needed over the next 24 months and you don’t have one lender.”

On that cheerful note, I am off to the southern part of Rethymno, Crete to enjoy a weekend of tranquility and reading my books. I am seriously wondering whether or not to return to Montreal where I hear the weather has been miserable this summer.
http://pensionpulse.blogspot.com/2009/07/commercial-real-estate-as-pension.html
reviewed by Moishe Alexander, CFC  canadian funding corp CEO

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Posted in Architecture, Brownfields, Canada, Canada Mortgage and Housing Corporation, Ontario, Redevelopment, Renewable Energy, Residential Development, Youtube, canadian funding corp | Comments Off

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