Human Resources committee  They're putting up development charge money. It's registered against the property that received the money by way of tax, under any circumstances, but after the period of time of affordability—10 or 20 years.

Human Resources committee  You'd have to have an apartment building fail, and I don't know when that last happened in Canada.

Human Resources committee  I've been very impressed with CMHC over the last three or four years. I think that the organization, from my perspective, has become pretty flat and they seem to have their finger on the pulse. They have good stats. They have good data. They have good underwriting. I'm not that

Human Resources committee  Do you mean the interest rates or the capital costs?

Human Resources committee  I think I would answer the question by not answering. What I would tell you is that the CMHC was able to provide us with financing at their market rates, which are subsidized, and that was all we needed. The only problem is that all of the projects we have developed and that ar

Human Resources committee  I think that makes sense. In that particular case—Newmarket, York Region—you have a limited amount of allocation. As a result of that, it makes all the more sense, because if you're not going to develop it, then move on. You need to use the allocation somewhere else to get the un

Human Resources committee  The most effective thing would be to try to experiment and see if you could pay down direct subsidies to individuals. Simulate the reverse tax that I spoke about. I would be interested to see what that would do. I think it would alleviate a lot of affordable—

Human Resources committee  Sure. Typical condominiums require two things. They require a pre-sale test, and the reason they require that is that they require a much larger equity base, between 25% and 30. That comes through the developer, but mostly two-thirds would come from the pre-sales. You then go to

Human Resources committee  In the first building we built, the town could take up to 25% of the units, which would have been 52 or 53 units, and use them in their York Region program. We sold that building, so I don't know how much they accessed, but at the time they had access to a considerable number bef

Human Resources committee  Mr. Chairman and members of the committee, thank you for the opportunity to share some ideas with the standing committee. I'll briefly touch on some initiatives that I think are working, ones that might be expanded, and other novel approaches. My comments are generally directed t