Thank you, Madam Chair and members of the committee.
I am pleased to be here on behalf of Canada Mortgage and Housing Corporation to review our spending plans for fiscal year 2010-11. As Canada's national housing agency, a core part of CMHC's public policy mandate is to support affordable housing for low-income Canadians and in first nations communities. We do this through a number of programs funded by appropriations included in the main estimates. For low-income Canadians who need help finding housing they can afford, the government invests about $1.7 billion annually in support of almost 625,000 households living in existing social housing.
Additionally, in September 2008 the government announced funding of more than $1.9 billion over five years to improve and build new affordable housing and to help the homeless. As part of this investment, both the affordable housing initiative and the CMHC's renovation programs were renewed at current funding levels until March 2011.
As a result of this extension, these main estimates include funding for the affordable housing initiative for 2010-2011. This spending supports projects such as Building for Independence, an apartment building in Dartmouth for people with long-term mental illness. Thanks in part to this funding, these individuals are able to live on their own in affordable rental units.
Also included in the main estimates is funding for the extension of the federal renovation programs, including the RAP. With funding from this program, Potter's Hands, a project in Red Deer, purchased an old hotel and renovated it into affordable housing units. As a result, 40 people now have their own place to live.
As the committee is aware, CMHC has also been given a major role in implementing Canada's economic action plan, which includes more than $2 billion in funding over two years to build new and repair existing social housing. To ensure that the social housing funds flow quickly, the majority of this investment--more than $1.5 billion over the two-year period--is being delivered by provinces and territories through amendments to existing housing agreements. CMHC is directly delivering the remaining funding for the renovation of federally administered social housing and for the construction and repair of housing on reserve.
As reported in the fifth report to Canadians on Canada's economic action plan, more than 3,500 projects are already under way to improve social housing, including first nations housing, across the country. For example, first nations communities across Canada are able to build needed new social housing and make needed repairs to existing social housing as a result of this federal investment. The Musqueam First Nation in Vancouver was the first to receive federal funding through the economic action plan for new housing construction on reserve. As a result, a number of band members are now able to live in their own homes again.
Continuing to work with our provincial and territorial partners to deliver the social housing investments under Canada's economic action plan will clearly be a priority for CMHC in the coming fiscal year. The 2010-11 main estimates include funding for year two of the stimulus measures.
In addition to these social housing investments, CMHC is also administering up to $2 billion in low-cost loans to municipalities for housing-related infrastructure. Whether we are talking about investing in the existing social housing stock, the affordable housing initiative, CMHC's renovation programs, or Canada's economic action plan, these investments in social housing are creating jobs and helping to ensure that Canadians have access to safe, affordable, and suitable housing that meets their needs.
Thank you again for the opportunity this afternoon to meet with the committee, and I would be pleased to answer any questions.