This is page numbers 607 - 658 of the Hansard for the 19th Assembly, 2nd Session. The original version can be accessed on the Legislative Assembly's website or by contacting the Legislative Assembly Library. The word of the day was housing.

Topics

Consideration Of Committee Of The Whole Of Bills And Other Matters
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The Chair

The Chair Lesa Semmler

Thank you, Minister. Mr. Carpenter.

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Carpenter

Thank you, Madam Chair. Yes, we did sign our bilateral agreement with Canada in November 2018. Part of the requirements of all the bilaterals across Canada is that provinces or territories are obligated to develop three-year action plans throughout the duration. We have been working on that since then. All of the provinces and territories have been. We are pleased to announce that we just got ours approved and signed off recently. We plan to table that during this session so the Members can see that action plan. That action plan includes priorities related to maintaining our existing social housing stock, repairing and replacing where possible, and there is some money in there for home ownership repairs, as well. Thank you, Madam Chair.

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The Chair

The Chair Lesa Semmler

Thank you, Mr. Carpenter. Member for Frame Lake.

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Kevin O'Reilly

Kevin O'Reilly Frame Lake

Thanks, Madam Chair. Is there any money in there for new housing to be built and added to the stock? Thanks, Madam Chair.

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The Chair

The Chair Lesa Semmler

Thank you, Member for Frame Lake. Minister responsible for NWT Housing Corporation.

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Paulie Chinna

Paulie Chinna Sahtu

Thank you, Madam Chair. I will have Mr. Martin elaborate on the question. Thank you.

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The Chair

The Chair Lesa Semmler

Thank you, Minister. Mr. Martin.

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Martin

Thank you, Madam Chair. Yes. As Mr. Carpenter alluded to, in the action plan, there are a number of areas that we are planning to invest in. One of them is the repair and replacement of existing housing stock. That would be an example of where we would be constructing new public housing, for example. Thank you, Madam Chair.

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The Chair

The Chair Lesa Semmler

Thank you, Mr. Martin. Member for Frame Lake.

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Kevin O'Reilly

Kevin O'Reilly Frame Lake

Thanks, Madam Chair. I am kind of anxious to see this plan. I wish that it had been shared even in draft form with Regular MLAs before it had been signed off on. That is more of a comment than anything else. I would encourage the Minister to do that in the future. Thanks, Madam Chair.

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The Chair

The Chair Lesa Semmler

Thank you, Member for Frame Lake. Are there any further questions under the NWT Housing Corporation, executive? Seeing none, Northwest Territories Housing Corporation, executive, operations expenditure summary, 2020-2021 Main Estimates, $2,528,000. Does committee agree?

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Some Hon. Members

Agreed.

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The Chair

The Chair Lesa Semmler

Thank you, committee. We will now move on to finance and infrastructure services, beginning on page 368, with information items on 370 and 71. Questions. Member for Kam Lake.

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Caitlin Cleveland

Caitlin Cleveland Kam Lake

Thank you very much, Madam Chair. I am wondering if the Minister can explain the first item on page 369, debt repayment, which has grown substantially since the 2018-2019 actuals. Thank you.

Consideration Of Committee Of The Whole Of Bills And Other Matters
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The Chair

The Chair Lesa Semmler

Thank you, Member for Kam Lake. Minister responsible for NWT Housing Corporation.

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Paulie Chinna

Paulie Chinna Sahtu

Thank you, Madam Chair. I will have Mr. Martin elaborate on it. Thank you.

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The Chair

The Chair Lesa Semmler

Thank you, Minister. Mr. Martin.

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Martin

Thank you, Madam Chair. The debt repayment component represents the annual debt payments that the Housing Corporation makes under the Social Housing Agreement. The components in there are both an interest component, which is approximately $370,000, as well as we do budget for the principal portion. That is the balance of the $955. The previous year actuals, that represents a net amount of the debt payments. You can see that the actual payments in the previous year, under mortgage payments, social housing agreement, you'll see that that is $463,000. That represents the interest portion.

From an audit standpoint, you report your expenditure for interest, but the principle portion would have been charged against the debt obligation. What you are seeing here is just the interest portion. However, the Housing Corporation does budget for both because we do need the cash set aside in our fiscal framework to accommodate both payments.

The combination of the "mortgage payments - social housing agreement" $463,000 in the previous actuals, 2018-2019, are netted with the valuation allowance of $350,000. You will see that as a credit. Those two net together to give you the hundred. The hundred, the valuation adjustment, just to explain that as well, the valuation adjustment represents an adjustment that was made on the mortgage receivable portfolio. This past year, the Housing Corporation's mortgage valuation improved, so it ended up being an offset to the expenditure. Lots of details, but that does explain the change. Thank you, Madam Chair.

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The Chair

The Chair Lesa Semmler

Thank you, Mr. Martin. Member for Kam Lake.

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Caitlin Cleveland

Caitlin Cleveland Kam Lake

Thank you very much, Madam Chair. The next line item is finance and administration, and then the third is financial planning, which was broken away from finance and administration. I'm wondering if you can explain what is encompassed in that line item, please?

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The Chair

The Chair Lesa Semmler

Thank you, Member for Kam Lake. Minister responsible for NWT Housing Corporation.

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Paulie Chinna

Paulie Chinna Sahtu

Thank you, Madam Chair. I will have Jim elaborate on the response. Thank you.

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The Chair

The Chair Lesa Semmler

Thank you, Minister. Mr. Martin.

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Martin

Thank you, Madam Chair. Yes, the financial planning section, we have two staff who are in that area. Their primary focus is to support the Housing Corporation and the development of our main estimates, supporting with the annual business planning process as well as our capital planning process. It's a focused shop, basically, in those areas. Thank you, Madam Chair.

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The Chair

The Chair Lesa Semmler

Thank you, Mr. Martin. Member for Kam Lake.