moved for leave to introduce Bill C-550.
Mr. Speaker, the proposed enactment amends the National Housing Act to provide that part of the Canada Mortgage and Housing Corporation’s retained earnings from its housing loan insurance business be transferred to the provinces, to meet their urgent needs for affordable social housing.
The bill will limit the potential equity of the CMHC to about 1% of its loan portfolio, in accordance with the guidelines issued by the Office of the Superintendent of Financial Institutions.
These measures would ensure that anything in excess of the amounts provided for in the reserve fund and equity would be returned to Quebec and the provinces, so that they could invest the money to meet their needs.
This new money from the CMHC could be added to the program already in place and would enable Quebec and the provinces to maintain current funding levels and to develop and reinvest in the construction, renovation and conversion of affordable housing.
(Motions deemed adopted, bill read the first time and printed)