My question concerns the discrepancy between the approved budget that you're authorized to spend and the money that's actually spent. I'm asking this question because we're seeing, from the perspective of those on the ground, that delays in responses result not only in additional costs and delays for developers, but also that all the pressure falls on a non-profit organization. A project approved by CMHC in 2025 was supposed to receive final approval so that work could begin in April or May, but the final approval never came. On the other hand, the letter from CMHC stating that it would intervene if construction had not begun by June did arrive. Why wouldn't construction begin before June? It's because CMHC did not provide the authorizations on time.
So why is CMHC taking so long to meet its deadlines, and why isn't it spending all the money it's allowed to spend on projects?