Sun
Canada Mortgage and Housing Corporation (CMHC), Canada‘s national housing agency, is a Gold Sponsor of the Urban Development Institute’s Awards for Excellence, Innovations in Community Building.
CMHC is committed to helping Canadians access a wide choice of quality, environmentally sustainable homes – homes that will continue to create vibrant and healthy communities and cities across the country.
One of the ways that CMHC helps Canadians in all parts of the country to access a wide range of innovative and affordable financing choices is through the provision of mortgage loan insurance. Mortgage loan insurance helps consumers buy a home with little or no money down and enjoy the competitive interest rates normally reserved for home buyers who make a larger down payment.
Since CMHC introduced Canadians to mortgage loan insurance in 1954, it has facilitated the financing of more than nine million homes – helping generations of Canadians achieve their dream of homeownership.
CMHC also helps to ensure a steady supply of low-cost funds for residential mortgages by guaranteeing timely payment on a range of mortgage-based securities; and by being Canada‘s only provider of mortgage loan insurance for multi-family properties, including rental accommodation and nursing and retirement homes.
Through CMHC’s Research and Information Transfer activities, CMHC also plays an important role in promoting housing affordability and sustainability by offering workshops and forums to share information on best building practices. For example, the Workshop for Sustainable Planning and Development for Small Communities is designed specifically for municipal decision makers and offers practical approaches and decision-making tools to help participants engage in successful sustainable development.
The Affordable Housing Ideas Tool, available on the website, provides information on a variety of strategies to promote housing affordability. Affordable Housing Web Forums allow participants from across Canada to share affordable housing solutions and help affordable housing providers learn about the successes and challenges faced by others.
CMHC works with provincial, territorial, nongovernmental partners and the private sector to deliver the federal government’s housing agenda by encouraging the design, development, provision and operation of affordable housing for all Canadians.
CMHC helps thousands of low- and moderate-income Canadians by continuing to contribute to maintaining the existing social housing stock in good condition. The Federal Government, through CMHC, spends approximately $239.9 million in support of some 74,150 lower-income households across B.C. through existing social housing programs. In addition, CMHC, through bilateral housing agreements signed with the Province of B.C., is also contributing approximately $130 million for new affordable housing initiatives in B.C. that will benefit low-income individuals, seniors and families.
As well, CMHC provides funding for renovations, emergency repairs and home adaptations to preserve the supply of low-cost housing, such as rooming houses and shelters, and helps low-income Canadians make needed repairs to improve the health, safety and accessibility of their home.
And, finally, CMHC’s Partnerships Centre works with clients from the non-profit and private sectors, municipalities and others to help create affordable housing that does not require ongoing government subsidy. Since it was first established in 1991, the CMHC Partnership Centre has facilitated the creation of more than 40,000 affordable housing units across Canada.
© The Vancouver Sun 2007
