Thank you, Mr. Chairman. I am pleased to present the 2003-2004 budget for the NWT Housing Corporation. Mr. Chairman, as this will be the last budget of the 14th Legislative Assembly, I would like to take this opportunity to look at some of our accomplishments as well as the plans to ensure we continue to address the housing needs of our residents.

Mr. Chairman, we have requested a total contribution of $52.971 million, which represents an increase of eight percent over the corporation's 2002-2003 allocation. Including other revenue sources of $47.263 million, the corporation will spend over $100 million on housing in the NWT this year. This figure includes contributions from our federal funding partner, the Canada Mortgage and Housing Corporation.

The contributions outlined in these estimates will allow the Housing Corporation to work towards fulfilling the affordable housing strategy, which provides for suitable, adequate and affordable housing for all NWT residents. The Housing Corporations' affordable housing strategy aims to create approximately 780 new homes for low to moderate income families across the NWT over the next five years. Mr. Chairman, this year alone the Housing Corporation has completed 652 projects of which 205 were projects that put families into new homes, and 447 repair projects. In addition, we have completed 243 service maintenance calls to low income seniors and disabled families to ensure their homes are operating safely and efficiently. The corporation also provides stronger supports to private market developers to assist with the development of additional market rental and homeownership homes. These steps will provide much needed support to build housing infrastructure to keep pace with the current cycle of economic expansion.

Mr. Chairman, the Housing Corporation has developed specific goals and strategies to assist with the expansion of private housing by working with the private sector to establish an environment that encourages the construction of new private housing. An example of this includes recent changes to our guarantee on interim financing program that now provides guarantees to lending institutions for developers that have a 10 percent equity position for new home construction and 15 percent on new rental unit construction. Mr. Chairman, this is a substantial reduction from the previous 25 percent equity requirement and the corporation has also reduced its fee for this service from 1.5 percent to only half a percent.

Mr. Chairman, the NWT Housing Corporation has taken the lead on the issue of homelessness. The corporation led a GNWT interdepartmental working group to address homelessness and completed a comprehensive strategy, which I am now reviewing with my Cabinet colleagues. It is important to note that the Housing Corporation has set aside $500,000 for the funding to address this serious issue in the upcoming year.

The estimates also include new funding to address disparities amongst what the corporation has identified as the critical six communities. What this means is that six communities have been identified as substantially further behind in their housing development and overall housing need than other NWT communities. They include the communities of Lutselk'e, Hay River Reserve, Fort Providence, Fort Liard, Wha Ti and Fort Good Hope. Mr. Chairman, it is hoped that by focusing the much needed $1.7 million to catch up funding towards these communities, we will be able to make a real difference in addressing housing needs to similar levels as other communities across the NWT.

Finally, Mr. Chairman, I am pleased to report that the NWT Housing Corporation continues to forge new partnerships and joint projects with community and aboriginal development corporations. The Housing Corporation is completing the final stages of its universal partnership agreement that provides for substantially greater decision-making authority at the community level. Mr. Chairman, both the joint ventures and the new universal partnership agreement will go a long way to give our communities and aboriginal groups the tools they need to help solve their housing problems in the community and by the community.

Mr. Chairman, I would like to conclude by saying that funding provided to the NWT Housing Corporation will be well spent, creating solutions to the housing issues that our territory and our residents face in the upcoming year. Thank you, Mr. Chairman. This concludes my remarks.