Thank you very much, Mr. Butt.
Just to refer back to the aboriginal issue we began to talk about, we're going to start building houses this spring in four communities that want to take on that new model that I referred to. They're going to build their own houses, they're going to own them, they're going to make mortgages to themselves, and we're setting up the financial infrastructure in those communities so as to be able to manage responsibly a mortgage fund. That's a $2-million fund we put together. As we did so we discovered that there is a federal first nations mortgage guarantee fund valued at $300 million, which has built a total of 65 houses in five years.
The point is, when we get a proven model we want to be able to take it to scale and we need governments to work with us to identify those opportunities.
Municipally, we're currently looking at a couple of projects. One is here in Montreal around low-income housing, co-investing with some other foundations. We're invested in a Vancouver initiative called the new market fund that is going to be building across Canada. This is a great area for social finance to participate in.
I think you're touching on something—one of the key, easy, early wins for this sector—which is to invest in low-income housing.