Help on the way for leaky condo owners in B.C.

British Columbia's cash-strapped Homeowner Protection Office is getting a financial transfusion.

The Crown corporation was established following the leaky condo crisis of the 1990s to provide owners with interest-free loans to repair their damaged units. Last month, CBC News broke the story that the HPO had stopped processing loan applications because it was broke.  

Housing Minister Rich Coleman said Thursday the government has agreed to increase the HPO's line of credit.

"They asked for an increase, and some of that increase has been given to them, so a number of the applications that were ready to go will be shortly going out," Coleman said. "They have the clearance to do that."

But exactly when "clearance" will translate into cash remains up in the air. Coleman couldn't offer a timeline, and there's evidence some condo owners could still be facing a wait. 

In an email obtained by CBC News, HPO's chief operating officer said last week that owners can expect more information "within the next couple of months."

Coleman said the HPO is looking for ways to prevent financial problems like this from happening again.

"The program is 10 years old — I've asked them to look at how the program can be refreshed."

The HPO blames its money problems on the economic downturn. It is funded by a fee on new construction, and housing starts are down in B.C.