Bill C-549 (Historical)
An Act to amend the National Housing Act (Canada Mortgage and Housing Corporation's retained earnings)
This bill was last introduced in the 40th Parliament, 3rd Session, which ended in March 2011.
Denise Savoie NDP
Introduced as a private member’s bill. (These don’t often become law.)
Introduced, as of June 17, 2010
(This bill did not become law.)
This is from the published bill. The Library of Parliament often publishes better independent summaries.
This enactment amends the National Housing Act to provide that CMHC’s retained earnings from the mortgage insurance business that are not credited to funds established for claims, losses, expenditures and costs are capitalized up to a maximum of 150% of the Minimum Capital Test or are transferred to the provinces for the purpose of providing housing for families of low income.
National Housing Act
June 17th, 2010 / 10:10 a.m.
Denise Savoie Victoria, BC
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)