Thank you, Mr. Speaker. It has always been my belief that partnership between our communities, the Government of the Northwest Territories, and other levels of government is the key to increase affordable housing in the Northwest Territories. Through the National Housing Co-Investment Fund, we have an opportunity to make this a reality.
The co-investment fund has the potential to bring significant investments into communities across the Northwest Territories, working in partnership with all levels of governments, private market investors, and non-governmental organizations.
Working with the federal government to improve the programs in the Northwest Territories is ongoing. Although, we have had a number of successes, including the dedicated "carve off" of $60 million under the fund, in the Northwest Territories. There is still more work that needs to be done to ensure that this funding works for the Northwest Territories. We have heard that applications can take a long time to process. The applicants are in favour of northern applications. In both 2019 and 2020, the Northwest Territories Housing Corporation met and worked with the federal government to discuss identified problems with the National Housing Co-investment Fund and to seek clarity around easing the restrictions and the process of making applications more accessible under the fund.
Mr. Speaker, achieving the goals of the national housing strategy will only be realized once applicants can successfully access these funds. The number of applicants coming into the Canada Mortgage and Housing Corporation is increasing, and we are hearing more and more interest from community partners.
The Northwest Territories Housing Corporation is continuing to support and implement these federal programs throughout the Northwest Territories. We are conducting joint presentations with CMHC at the community level. The NWTHC and community housing corporation have formed a joint review committee for the program, which will work to ensure applications are handled in a timely manner. The Housing Corporation also assists the CMHC by taking a "no wrong door approach" that field introductory questions by stakeholders, providing an overview of the process, and funneling proponents to Canada Mortgage and Housing Corporation specialists.
Additionally, we recognize that the proposal and application approach of the National Housing Co-investment Fund is a barrier for smaller communities, that they face challenges due to limited proposal development capacity. As such, as creating community engagement advisor positions to promote and market the program, assisting developers with applications, and help communities to be clear and develop project ideas.
The territorial government, through the Housing Corporation has the potential to be a primary partner in the co-investment fund projects with the CMHC, and other housing stakeholders. This could include partnership in co-investment projects through access to NWTHC's Community Housing Support Initiative.
However, the Housing Corporation is not required by CMHC to commit upfront 25 percent of the project costs without first having an opportunity to review and develop a business case and a resourcing plan that has fully vetted all possible sources of funding. For example, a proponent's application could have them accessing up to 95 percent of federal financial assistance through a combination of both low-cost financing and grant or additional partner contributions. Maximizing federal partnership and other partners' contributions is critical to ensure that GNWT funds can be leveraged across numerous projects.
Mr. Speaker, we are also making progress in the community housing plans. As we get further into the completion of those plans, we will be identifying other opportunities of investment. This will help with the creation of the business plans and needs assessments that will assist in the selection of projects under the co-investment fund.
This is the future of suitability, adequacy, and affordability for affordable housing in the Northwest Territories. With our limited resources, we cannot do this alone. The National Housing Co-investment Fund will allow the community-led responses to housing development that will need to meet the needs of Northerners. I encourage all the interested partners to reach out to the NWTHC and CMHC, and I look forward to seeing all the new applications come in. Thank you, Mr. Speaker.