Thank you, Mr. Nelson. Final question, Mr. Picco.
Debates of June 3rd, 1997
Topics
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Edward Picco Iqaluit
Thank you, Madam Chair. Madam Chair, the regulations that the official mentions of $10 million, is that an internal regulation of the Housing Corporation itself, a policy? Because I can see that we are actually exempting the guarantees from the Financial Administration Act, which would have looked at that. For exempting 86 and 87 of the section of the Financial Administration Act, but in the meantime, replacing it with regulations from the Housing Corporation seems to be defeating the purpose. I wonder what regulations are you looking at when you are talking about the $10 million reserve?
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Goo Arlooktoo Baffin South
Madam Chair, the regulations that Mr. Nelson referred to will be as per the normal government wide regulations that we have that deal with different acts that are signed off by the commissioner.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Seamus Henry Yellowknife South
Thank you, Madam Chair. I would like the Minister to advise as to what provisions the program has in place for communities that have an active real estate market. I know it really ties into it, but what provisions are in place to ensure that this program does not disrupt that market? I think, particularly of my own community, which is rather fragile at the present time in the real estate market. Thank you.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Goo Arlooktoo Baffin South
Thank you, Madam Chair. The guarantees that we refer to are for loans that we would guarantee on band land only and not in communities like Yellowknife proper. As people may know, banks will not loan out for building of houses on band land because of the situation with the ownership of land.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Seamus Henry Yellowknife South
Thank you, Madam Chair. I have just a little bit of a concern on a comment that the Minister made and I just want him to reassure us that as the Minister responsible for the Housing Corporation, that he indeed intends that everyone make their payment. I think the Minister referred to banks who traditionally like people to make payments on time and I am sure the Minister was not inferring that it was okay not to make your payments on time, so I would like that confirmed. Thank you.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Goo Arlooktoo Baffin South
Thank you, Madam Chair. What I was referring to was the Member for Iqaluit's question on what kind of provisions we have in making sure that the Housing Corporation was protected and I indicated that we would be protected as per the usual system that the bank has in getting people to pay their loan on time.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Seamus Henry Yellowknife South
Thank you, Madam Chair. Thank you, Minister. CMHC is already in the business of guaranteeing residential mortgages and I understand that there is certainly a number of situations in the territories as a whole that CMHC could not and probably chose not to operate in, so I certainly understand the government introducing a program such as this. But, can the Minister advise me if there are any other jurisdictions that they have checked with that, also were they provincial or territorial government, provide similar guarantees as required by this initiative. Thank you.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Goo Arlooktoo Baffin South
Madam Chair, I am not aware, and neither are my officials aware of any other situation in Canada that this type of practice occurs. This is a unique and fairly drastic effort on our part to try to deal with the severe housing crisis that we have in the north and in a small way try to alleviate some of that. One, that we are aware of, I am told, is that the Department of Indian and Northern Affairs through its Minister can make guarantees on loans on reserves.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Seamus Henry Yellowknife South
Thank you, Madam Chair. One of the clauses in the Act talks about not exceeding the prescribed maximum. My final question is, what is the prescribed maximum, or is there one? Thank you, Madam Chair.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Goo Arlooktoo Baffin South
Thank you, Madam Chair. It is $10 million.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair Jane Groenewegen
Thank you. Any further general comments. If there are no further general comments, is the committee agreed that we will proceed to a clause-by-clause review of the Bill? Bill 16, An Act to Amend
the Northwest Territories Housing Corporation Act. Tab 16 in your binders. Clause 1.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Some Hon. Members
Agreed.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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Some Hon. Members
Agreed.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
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