Thank you. I am pleased to be here today to present the 2024-2025 Main Estimates for Housing NWT.
Overall, the corporation's estimates propose an operating budget of over $120 million, representing a decrease of $12.76 million from the 2023-2024 Main Estimates.
This decline in annual funding is primarily related to the sunset of short-term funding from the federal government and funding for short-term initiatives from the GNWT to assist Housing NWT in developing partnerships with others delivering on housing projects in the Northwest Territories by cost sharing on approved housing projects under Canada Mortgage and Housing Corporation's Co-Investment and Rapid Housing Programs. A smaller portion of this decline relates to adjustments that were made to support our government's fiscal sustainability initiative.
Housing NWT's 2024-2025 Main Estimates also includes the following incremental funding allocations from the GNWT:
- A $1 million initiatives contribution from the Government of the Northwest Territories to assist Housing NWT in cost sharing the continued delivery of the Canada Housing Benefit, supporting access to affordable private rental options; and,
- A $567,000 allocation received under a new gender-based violence funding agreement with the Department of Executive and Indigenous Affairs to enhance the Northern Pathways to Housing Program.
In addition to this $120 million operating budget for 2024-2025, it is also important to note that, with financial support from both the federal government and Government of the Northwest Territories, Housing NWT is currently constructing 150 housing units and advancing over 390 renovation projects throughout the territory, valued at over $107 million.
This delivery, comprised of current projects and carryover projects from the prior years of $93 million, includes much needed new public housing units, the replacement of aged public housing stock, transitional housing projects, and numerous modernization and improvement repair projects across the territory and various biomass alternative energy investments.
In addition to supporting responsible spending, these estimates align with the priorities of the 20th Legislative Assembly by:
- Directly investing in areas that support the suitability, accessibility, and affordability of housing in our territory;
- Improving housing outcomes by contributing to a strong economic foundation for the Northwest Territories;
- Supporting healing from trauma and positive outcomes through a planned transitional housing partnership with the Department of Health and Social Services; and,
- Investing in initiatives to mitigate and adapt to the increasing risks of climate change, to name a few.
Recognizing that no single government or organization can improve housing outcomes and address the core need alone, I look forward to continued conversations with Canada, Indigenous governments, community governments, non-governmental organizations, industry, and other housing delivery agents towards developing housing solutions appropriate for the Northwest Territories. Important to these conversations will be completing the housing needs assessment to get a clearer picture of the total amount and types of housing required along the housing continuum. That information will anchor future funding conversations with our partners in the federal government, as well as working with Indigenous governments about long-term sustainable financial solutions for housing.
In closing, the 2024-2025 Main Estimates allow Housing Northwest Territories to continue to implement its capital plan and invest available resources in our current stock. We will then in turn focus significant efforts towards this strategic approach to addressing core housing needs in the Northwest Territories with all of our partners.
This concludes my opening remarks. Quyananni.