moved for leave to introduce Bill C-549, An Act to amend the National Housing Act (Canada Mortgage and Housing Corporation's retained earnings).
Mr. Speaker, I am pleased to introduce a bill that would harness CMHC's $2 billion annual surplus to the goal of sheltering Canadians, a goal from which CMHC has strayed over the years.
This bill would amend section 21 of the National Housing Act, requiring CMHC's unappropriated retained earnings to be transferred to provinces to provide housing for low income households. It would pose no financial risk to CMHC, which maintains twice the level of capital reserves recommended by OSFI, but it would guide it in fulfilling its mandate to help Canadians in need access affordable, sound and suitable housing.
Finally, it would help all of us attain the right to housing that the Government of Canada pledged to uphold when it ratified the International Covenant on Economic, Social and Cultural Rights more than three decades ago.
(Motions deemed adopted, bill read the first time and printed)