Yes, Mr. Chairman. I am pleased to present the 2002-2003 budget for the Northwest Territories Housing Corporation. We have requested a total contribution of $48,981,000 from the Government of the Northwest Territories, including other revenue sources of $46,429,000. The corporation will spend over $95 million on housing in the Northwest Territories this year. This figure includes contributions from Canada Mortgage and Housing Corporation.

With the funding identified in this budget, the corporation will continue to deliver programs and projects to assist low and moderate income residents to obtain healthy and safe housing so they can fully participate in the opportunities offered in this Territory.

Mr. Chairman, this government's recent budget address clearly recognized the critical role housing plays as part of the Territory's social safety net. Mr. Chairman, the Housing Corporation's current analysis of critical issues and environmental trends clearly demonstrates that the Northwest Territories is going through a cycle of economic expansion. The Housing Corporation recognizes that increased employment in mining and oil and gas sectors, as well as the future potential for the construction of a gas pipeline, will have a substantial impact on the overall housing demand.

The need for an adequate supply of private rental market units has never been greater. In response, the Housing Corporation has developed specific goals and initiatives to assist with the supply of private rental housing units across the Northwest Territories. Mr. Chairman, under the recently announced affordable housing agreement signed with the federal government, approximately $7.5 million in funding has been allocated over the next four years to the Northwest Territories for the creation of new, affordable housing options. When added to the current budget allocation, this funding will have a significant impact on developing housing solutions.

Mr. Chairman, the government is working together with aboriginal governments, non-government organizations and other stakeholders to develop a social agenda for the Northwest Territories, creating solutions to the many housing issues that face our residents will no doubt help improve the quality of life for our citizens. Thank you, Mr. Chairman. This concludes my opening remarks.