Thank you, Mr. Chairman. Mr. Chairman, it is presently in draft form. We haven't completed the wording of it. It is looking at the overall operation of the Housing Corporation in light of the social funding aspect, the $30 million decline, and also looking at housing in general. What our role will be in regard to a new, revised Housing Corporation. You have to realize it has been 30 years since this corporation has been established and I think a lot has changed in the last 30 years. I think we have to develop ourselves so we can deal with the housing challenges we're facing, but also deal with the economics of what's happening in the Northwest Territories by way of building capacity in the communities and developing our corporation so it's more of a well-tuned organization. Especially where we're talking about our human resource development or taking advantage of our big developments, the pipelines, or looking at how we can look in light of ourselves to be more involved in the business side of housing. Not just in regard to providing public housing, but contracting or joint venturing or looking at pilot projects for different communities to deal with some of these housing needs. I think the big one for us is just to try and deal with the housing situation we find ourselves in through the surveys we have done. We have some big challenges such as in a lot of our small communities.
The idea of going forward is that we have to change the way the Housing Corporation presently does business while also realizing we have to prepare ourselves for these challenges that are ahead of us in regard to the developments that are out there. One of the sides of our business that a lot of people don't realize is that we spend a lot of money offered to businesses to provide houses through loan guarantees or look at CMHC funding. There are a lot of federal dollars out there that we have to develop ourselves to access.
Again, it is in a draft right now and it will have to go to Cabinet to be reviewed. From there we will be moving forward to looking at how we look at the continuance of housing. I think we hear a lot of homelessness and we talk a lot in regard to transitional housing, youth facilities and whatnot. I think we have to start looking at housing in a holistic approach. Where do people go who are homeless? How does a homeless person get into a shelter? Where do they go once they get into a shelter? There's a transitional process. Also, new people from public housing or social housing into home ownership. We have to start taking down some of those barriers and in order to do that we have to change our mandate, change our programs or policies and procedures to do that. So that's what we're doing in regard to the review of the mandate. Thank you.