Yänonhchia’ offers an opportunity to diversify the housing offerings that first nations have. Currently, most first nations wait for our funding allocation from CMHC and ISC. We move forward and develop housing plans. Yänonhchia’ takes the burden from the band council of having to be responsible for guaranteeing and managing every single loan.
You know, in the non-indigenous world, people are granted mortgages based on their credit strength. That doesn't exist in first nations communities. We have many members who have great credit and credit strength but struggle to secure a mortgage on reserve. It can be because the band does not have the financial capacities to guarantee the level of loans required. There are limited options, and we need a full spectrum of options.
Yänonhchia’ allows for that individual to be recognized on his credit strength. That relationship is between the financial institution and the individual. The band council plays a minor role in terms of ensuring that in the event of default—in Quebec, we have had none in all the years of delivering the program—there is a remedy in place.
So yes, I agree that the world is risk-averse, but I think the biggest risk we face is that we continue to do the same thing over and over. In five, 10 or 15 years, the Auditor General comes back and reports that the same outcomes are occurring.
The biggest risk is the risk of not doing anything at all.