I am here to present the 2023-2024 Main Estimates for Housing NWT. Overall, the corporation's estimates propose an increase of $12.97 million over the 2022-2023 Main Estimates. These estimates support the mandate objectives for Housing NWT while continuing to meet the GNWT's fiscal objectives to prioritize responsible and strategic spending.

Highlights of these proposed main estimates include the following:

• $4 million on-going allocation from the Government of the Northwest Territories to increase funding for Housing NWT's homeownership programs for private households and provide incremental operating funding to support the delivery of 100 new public housing units for the territory;
• $121,000 of on-going forced growth funding from the Government of the Northwest Territories. This includes a $82,000 increase in funding for inflationary increases on contributions with local housing organizations and a $39,000 increase in funding for inflationary increases on contributions with third-party affordable housing providers being funded under the social housing agreement;
• $3.1 million one-time internally funded allocation for forced growth requirements related to utility rate increases;
• $3 million one-time initiative funding allocation for priority minor repairs for public housing units and replacement of public housing fuel tanks with federal funding support;
• $1.25 million of one-time initiative funding for additional investment in the community housing support initiative program with federal funding support;
• $500,000 of one-time Initiative funding to deliver additional maintenance management and accounting systems training for local housing organizations with federal funding support; and,
• An additional $900,000 increase to the annual amortization expense budget to recognize additional new housing assets being brought into service.

These estimates continue to support the priority of the 19th Legislative Assembly and a vision of Budget 2023 by:

• • Fostering strategic partnership, including those with federal and Indigenous governments, to increase the number of affordable homes and reduce core housing needs, especially for seniors and vulnerable persons;
  • Reduce the cost of power by investing in energy efficient solutions for both new construction and repairs; and,
  • Delivering increased opportunities for homeownership.

This concludes my opening remarks, Madam Chair. Mahsi.