Thank you, Mr. Chair and members of the committee.
I am pleased to appear before the committee to talk about the role of Canada Mortgage and Housing in support of Canada's economic action plan.
To begin, I will introduce my colleague, Doug Stewart, who is the vice-president of policy and planning for CMHC.
In Canada, the housing needs of 80% of Canadians are met through the marketplace. For those Canadians who need some help to find housing they can afford, the Government of Canada, through CMHC, provides $1.7 billion each year in support of some 630,000 existing social housing households.
In September of 2008, the government committed more than $1.9 billion over five years to improve and build new affordable housing and to help the homeless. Building on this, Canada's economic action plan will invest a further $2 billion over two years to build new social housing and repair and energy-retrofit existing social housing.
These investments will improve the quality of life for low-income households, Aboriginal Canadians, seniors, persons with disabilities and people living in the North.
The measures announced in Canada's economic action plan include a one-time investment of $1 billion to renovate existing older social housing projects and upgrade them to meet modern energy efficiency and accessibility standards. Provinces and territories will be requested to cost-share this funding on a fifty-fifty basis.
Because safe and affordable housing is also critical for seniors and persons with disabilities, $475 million is being invested for new social housing for low-income seniors and people with disabilities. This will assist Canadians on fixed incomes to live with independence and dignity, and remain in their communities close to family and friends. It will also provide persons with disabilities with housing that is accessible and meets their needs.
Canada's economic action plan also provides $600 million to build new social housing and to repair and modernize existing social housing in first nation communities and in Canada's far north. This funding includes $400 million for housing on reserve and $200 million for the three territories. The Yukon and the Northwest Territories will receive $50 million each, while the remaining $100 million will be allocated to Nunavut, where the need for social housing is greatest.
CMHC and Indian and Northern Affairs Canada will work with first nations to move forward on these important initiatives. Funding will be delivered through existing delivery mechanisms to ensure a quick start to construction and renovation work.
We know that housing builds strong communities, and these communities need strong infrastructure to survive. Canada's economic action plan provides up to $2 billion in direct low-cost loans to municipalities over two years through CMHC for housing-related infrastructure projects in towns and cities across the country.
There will be a focus on funding projects that are shovel-ready, as this is a targeted, short-term, temporary measure intended to create jobs quickly. The types of eligible projects include sewers, water lines and neighbourhood regeneration projects.
Canada's action plan also includes measures that support home ownership and the housing sector. Through the insured mortgage purchase program, CMHC will take further steps to ensure there is stable long-term funding to lenders, allowing them to continue lending to Canadian consumers and businesses.
Merci, monsieur le président.
I would welcome your questions.