Bill C-550 (Historical)

An Act to amend the National Housing Act (payment to provinces)

This bill was last introduced in the 41st Parliament, 2nd Session, which ended in August 2015.

Sponsor

Jean-François Fortin  Bloc

Introduced as a private member’s bill. (These don’t often become law.)

Status

Outside the Order of Precedence (a private member's bill that hasn't yet won the draw that determines which private member's bills can be debated), as of Nov. 7, 2013
(This bill did not become law.)

Summary

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 part of the Canada Mortgage and Housing Corporation’s retained earnings from its housing loan insurance business be transferred to the provinces to be used for the purposes of affordable social housing.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.

National Housing ActRoutine Proceedings

November 7th, 2013 / 10:05 a.m.


See context

Bloc

Jean-François Fortin Bloc Haute-Gaspésie—La Mitis—Matane—Matapédia, QC

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)