Thank you, Mr. Chair.
My question is for the officials from CMHC. I think Mr. Mason is likely the best one to answer it.
I have some not-for-profit organizations that are overseeing affordable housing builds in my riding, but they're running into issues. Some of that is tied to high inflation. There are supply chain issues tied to the pandemic. They're getting delays, and now, also, there are the increased interest rates.
These organizations have mortgages that must be approved by CMHC. However, because their previously negotiated approvals are no longer available or meeting the interest rates now that they're going up, they're being told they can't negotiate directly with CMHC but must go through their lender, and they must buy down the interest rates to 3.5% at a cost of hundreds of thousands of dollars.
I'm asking about what options are available to these not-for-profit groups to actually carry on with these projects. When they can't negotiate and they don't have the money, what options are available to them?