My apologies, Mr. Speaker. I am trying to recognize the time on the clock. Thank you. Through its support of the private housing industry, the affordable housing strategy also facilitated the construction of private rental market units.
The Housing Corporation's mandate of improving housing conditions throughout the Northwest Territories has allowed it to assist not only those in core need, but to assist working families who need help dealing with our high cost of living. The fuel rebate initiative delivered in 2000 provided assistance to help households cope with the increased cost of heating fuel. On behalf of the GNWT, the corporation assisted 3349 families, with a total payment of $922,000.
The Housing Corporation remains committed to increasing the impact of the housing industry on employment and business development. One aspect of the corporation's commitment to industry is the corporate loan guarantee program. This program provides interim financing to lending institutions, helping to stimulate the development of private market housing. As of March 31, 2003, guarantees totaling $13.1 million were in place on projects valued at a total of $26 million.
Mr. Speaker, one of the most significant achievements of the Housing Corporation over the past four years is the development of a strategy to tackle the issue of homelessness in the Northwest Territories. The Housing Corporation has long recognized the plight of the homeless, and programs such as the affordable housing strategy, the singles housing initiative, and various hard to house initiatives have all made important contributions to the fight against homelessness. Under my direction, an interdepartmental working group was created, and the working group produced the homelessness strategy paper. This paper pulls together the important programs being offered by the corporation, along with programs offered by the departments of Justice, Health and Social Services, and Education, Culture and Employment. It offers important recommendations that will help us make a significant impact on the problem. Through cooperation with community partners, the corporation is creating an environment of support to help homeless people.
Mr. Speaker, the Northwest Territories Housing Corporation remains committed to improving housing conditions in the Northwest Territories. By examining creative solutions and working closely with our partners, we can make meaningful change to the residents of the NWT. My recent meeting with my federal counterpart, the Honourable Steven Mahoney, Secretary of State for Selected Crown Corporations, as well as the Honourable Ethel Blondin-Andrew summarizes the spirit of this success. The meeting was held in Yellowknife and included senior officials of the Canada Mortgage and Housing Corporation as well as our own NWT Housing Corporation.
The meeting provided an excellent opportunity for both groups to identify common issues, shared challenges and discuss new ways that each organization could help to provide support to the other. Mr. Speaker, we also used this opportunity to identify important housing issues facing NWT residents and sought assistance and support from our federal counterparts to assist with identifying solutions.
Some of the key discussions included obtaining support from our partners in CMHC to assist the NWT to look at a new funding formula. It is clear that a simple per capita funding model cannot and will not solve the complex housing problems that the NWT faces. We were encouraged by our federal partners, as Secretary of State Mahoney clearly recognized the substantial contribution that GNWT has made to housing of $48.5 million, compared to the CMHYC contribution under the affordable housing agreement of $7.5 million over five years. This meeting facilitated an opportunity for the NWT Housing Corporation to inform CMHC of the progress it has been making under the affordable housing strategy as well as clearly outline the need for increased federal commitment.
Finally, Mr. Speaker, the meeting was an excellent opportunity for both organizations to discuss new ideas and possible solutions to housing problems. It is clear that the Canada Mortgage and Housing Corporation and the NWT Housing Corporation can share resources and ideas to work together to help resolve housing challenges for all residents of the NWT. Thank you, Mr. Speaker.