Mr. Speaker, this government recognizes that owning your own home leads to physical security as well as emotional and financial security. Our goal, our mandate, is to increase the number of affordable homes and reduce the core housing need across the territory. Throughout my time being responsible for the Northwest Territories Housing Corporation, I have made it my priority to listen to community members and look for resolutions to the barriers that have been identified.
The NWT Housing Corporation has been working diligently, and in partnership with Indigenous groups, community governments, and the private sector, to meet this commitments through a variety of programs and initiatives including the Home Ownership Initiative.
This initiative targets current Housing Corporation rental clients who have the ability to manage and succeed as homeowners. Part of that means the financial resources to pay for the shelter costs and utilities involved in being a homeowner. Another part involves taking care of the maintenance issues each year to ensure greater longevity of their homes.
Mr. Speaker, the NWT Housing Corporation recognizes that we must also support these households in their transition. Moving from renter to homeownership brings on more responsibilities, and people need to be prepared. To ensure this, tenants will be provided with the tools to become successful homeowners such as additional counselling, as well as maintenance and repair courses, and courses on developing financial skills.
Mr. Speaker, under the initiative, rental clients enter into a forgivable loan agreement with the Housing Corporation that facilitates the transition to homeownership. Forgivable loan agreements are for a period of three years or five years depending on the value of the home. Approved program participants are also eligible for $20,000 in financial assistance for desired upgrades to their home. I strongly encourage anyone who may be interested in this program to reach out to the Housing districts or check the Northwest Territories Housing Corporation website for more information on this program. Communication is also going out directly to the tenants, as well informing them of the initiative.
Mr. Speaker, the homeownership initiative provides a great opportunity to add more homeowners to the Northwest Territories. Being a homeowner is something that many of us ourselves and our families need. I am pleased that this program will be able to help make this ambition a reality for many residents. I also want to thanks the Housing Corporation staff who have worked diligently to find solutions, expressing ideas, programs to meet the needs of our future homeownership clients. Mahsi, Mr. Speaker.