Yes, Madam Chair, I would like to respond. We do already provide loan guarantees. We have a history of providing loan guarantees for people to access their own homes. We have, to date, provided 44 loan guarantees to people across the North and we have so far had only four defaults. I think that's a good success rate. We have provided a number of corporate loan guarantees and we've had no defaults at all so far. That program is working quite well. We've done 525 EDAP units and out of 525, we've had 18 defaults. So that's not as bleak as the picture the Member is painting. For people to purchase their own units, we need to look at the aspect of homeownership more seriously. The decline of social housing dollars is becoming a real serious factor. The year 2006 will see us really struggling to replace social housing units. We have to decrease our stock. We also have to renew a number of units and we have to look at ways we can do that. With the potential to have no social housing by 2038, I think we will have serious problems. Thank you.
Michael McLeod on Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
In the Legislative Assembly on March 25th, 2004. See this statement in context.
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
March 25th, 2004
Page 337
See context to find out what was said next.