Thank you, Madam Speaker. Madam Speaker, I am making this statement on behalf of the Honourable Don Morin, in his capacity as the Minister responsible for the NWT Housing Corporation.
Madam Speaker, we are pleased to announce today that the NWT Housing Corporation has successfully negotiated refinancing of the $93 million in outstanding loans with Canada Mortgage and Housing Corporation.
The NWT Housing Corporation, as Members know, owes CMHC about $93 million, for public housing built across the NWT between 1974 and 1984. Madam Speaker, the Housing Corporation has been paying interest at a rate of 13.3 per cent on the outstanding balance of these loans. Madam Speaker, I am pleased to inform this House that the interest rate on these loans has been renegotiated down to 6.97 per cent, which will save the corporation and this government $2.9 million a year.
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Madam Speaker, Members will recall that Minister Morin met with the federal Minister responsible for CMHC, the Honourable David Dingwall, on November 23, of this year. At that meeting, Minister Dingwall made a commitment to consider refinancing of our outstanding loans. We appreciate the Minister making good on his commitment so promptly, and with such positive results.
Minister Morin is travelling to Ottawa today, to continue lobbying the new Liberal government to reinstate funding for housing in the Northwest Territories. The willingness of the federal government to renegotiate our outstanding loans is an encouraging first step. Thank you, Madam Speaker.
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