Thanks, Mr. Collins.
I'll start by sharing that my frustration here today is based on the number of people experiencing homelessness in my community. It's tripled in the last three years to over 1,000 people. While that's not solely CMHC's fault, I have several local non-profit housing providers in my community telling me that CMHC is the single-largest challenge for them in getting more units built.
They're letting me know that funding is not being provided at agreed-upon levels, that loan insurance for mortgages is three times as long as industry standards, and that the process to engage is far too long and expensive.
Your website—and as we've heard today—says, “We are driven by one goal: housing affordability for all.” In my community, that is not what non-profit providers are experiencing.
I'm very disappointed that your answer to Mr. Collins with respect to real estate investment trusts was not simply zero dollars. The fact that real estate investment trusts are receiving funds ahead of non-profit builders....
If I can get in two questions, the first is this: Why is any real estate investment trust receiving any money from CMHC ahead of a non-profit provider?
You have 15 seconds.