An Act to promote the construction of new houses, the repair and modernization of existing houses, and the improvement of housing and living conditionsNational Housing ActNational Housing201106
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N-11SHORT TITLEShort titleThis Act may be cited as the National Housing Act.
R.S., c. N-10, s. 1.
INTERPRETATIONDefinitionsIn this Act,approved instalment credit agency[Repealed, R.S., 1985, c. 25 (4th Supp.), s. 1]approved lenderprêteur agrééapproved lender means a person designated as an approved lender by the Corporation under section 5;approved loan[Repealed, 1999, c. 27, s. 1]bank[Repealed, R.S., 1985, c. 25 (4th Supp.), s. 1]borrowers' charges[Repealed, R.S., 1985, c. 25 (4th Supp.), s. 1]builderconstructeurbuilder means a person who builds houses for sale or for rent;condominium unit[Repealed, 1999, c. 27, s. 1]cooperative housing project[Repealed, 1999, c. 27, s. 1]CorporationSociétéCorporation means the Canada Mortgage and Housing Corporation established by the Canada Mortgage and Housing Corporation Act;cost of constructioncoût de constructioncost of construction means the aggregate ofthe cost or appraised value of the land, whichever is the lesser, or, in the case of land acquired by gift or devise, the appraised value of the land,actual expenditure for building,the architectural, legal and other expenses and carrying charges necessary to complete the house or housing project,where work is done by the owner, such amount as the Corporation may fix as the value of the work, andland development costs and carrying charges;cost of construction of a family housing unit[Repealed, 1999, c. 27, s. 1]cost of conversion[Repealed, 1999, c. 27, s. 1]designated area[Repealed, 1999, c. 27, s. 1]family housing unitlogement familialfamily housing unit means a unit providing therein living, sleeping, eating, food preparation and sanitary facilities for one family, with or without other essential facilities shared with other family housing units;family of low incomefamille à faible revenufamily of low income means a family that receives a total family income that, in the opinion of the Corporation, is insufficient to permit it to rent housing accommodation adequate for its needs at the current rental market in the area in which the family lives;farm[Repealed, 1999, c. 27, s. 1]guaranteed home improvement loan[Repealed, R.S., 1985, c. 25 (4th Supp.), s. 1]home improvement loan[Repealed, R.S., 1985, c. 25 (4th Supp.), s. 1]housemaisonhouse means a building or movable structure, or any part thereof, that is intended for human habitation and contains not more than two family housing units, together with any interest in land appurtenant to the building, movable structure or part thereof;housing projectensemble d’habitationhousing project meansany building or movable structure, or any part thereof, that is intended for human habitation,any property that is intended to be improved, converted or developed to provide housing accommodation or services in support of housing accommodation, orany property that is associated with housing accommodation, including, without limiting the generality of the foregoing, land, buildings and movable structures, and public, recreational, commercial, institutional and parking facilities;Indian[Repealed, 1999, c. 27, s. 1]Indian band[Repealed, 1999, c. 27, s. 1]insured loanprêt assuréinsured loan means a loan that is insured by the Corporation under Part I;lender[Repealed, 1999, c. 27, s. 1]lending value[Repealed, 1999, c. 27, s. 1]limited-dividend housing companysociété immobilière à dividendes limitéslimited-dividend housing company means a company incorporated to construct, hold and manage a low-rental housing project, the dividends payable by which are limited by the terms of its charter or instrument of incorporation to five per cent per annum or less;low-rental housing projectensemble d’habitation HLM ou HLMlow-rental housing project means a housing project undertaken to provide decent, safe and sanitary housing accommodation, complying with standards approved by the Corporation, to be leased to families of low income or to such other persons as the Corporation,in its discretion, in the case of a housing project owned by it, orunder agreement with the owner, in the case of a housing project not owned by it,designates, having regard to the existence of a condition of shortage, overcrowding or congestion of housing;metropolitan areacommunauté urbainemetropolitan area means a city together with one or more adjacent municipalities in close economic relationship with the city;MinisterministreMinister means such member of the Queen’s Privy Council for Canada as is designated by the Governor in Council as the Minister for the purposes of this Act;mortgage[Repealed, 1999, c. 27, s. 1]multiple-family dwelling[Repealed, 1999, c. 27, s. 1]municipalitymunicipalitémunicipality means an incorporated city, metropolitan area, town, village, county, township, district, rural municipality or other municipality;non-profit corporationassociation personnaliséenon-profit corporation means a corporation, no part of the income of which is payable to or is otherwise available for the personal benefit of any proprietor, member or shareholder thereof;official community planplan d’urbanismeofficial community plan means a master plan of community development and land utilization prepared by a local planning authority and legally adopted by or on behalf of a municipality;one-family dwelling[Repealed, R.S., 1985, c. 25 (4th Supp.), s. 1]owner[Repealed, 1999, c. 27, s. 1]personpersonneperson includes a group of persons, an organization, a municipality or a department or agency of the government of Canada or of a province;regulationrèglementregulation means a regulation made by the Governor in Council;rent reduction fund[Repealed, 1999, c. 27, s. 1]rental housing projectensemble d’habitation locatifrental housing project means a housing project occupied or intended to be occupied primarily by a person other than the owner.reserve[Repealed, 1999, c. 27, s. 1]semi-detached dwelling[Repealed, R.S., 1985, c. 25 (4th Supp.), s. 1]title[Repealed, R.S., 1985, c. 25 (4th Supp.), s. 1]
R.S., 1985, c. N-11, s. 2;
R.S., 1985, c. 20 (2nd Supp.), s. 7, c. 25 (4th Supp.), s. 1;
1992, c. 1, s. 142, c. 32, s. 5;
1994, c. 35, s. 38;
1999, c. 27, s. 1.
Debts treated as loansFor the purposes of this Act, a transaction by which a person becomes indebted to a creditor is to be treated as the making of a loan from the creditor to the person.Persons treated as ownerIf the Corporation is of the opinion that the circumstances so warrant, a lessee, a purchaser under an agreement or an occupant may be treated as an owner for the purposes of this Act.
1999, c. 27, s. 2.
PURPOSEPurposeThe purpose of this Act, in relation to financing for housing, is to promote housing affordability and choice, to facilitate access to, and competition and efficiency in the provision of, housing finance, to protect the availability of adequate funding for housing at low cost, and generally to contribute to the well-being of the housing sector in the national economy.
R.S., 1985, c. N-11, s. 3;
1992, c. 32, s. 6;
1999, c. 27, s. 2.
RIGHTS AND OBLIGATIONS OF THE CORPORATIONHer Majesty has rights and obligations of the CorporationEvery right or obligation acquired or incurred by the Corporation under this Act, whether in its name or in the name of Her Majesty, is a right or obligation of Her Majesty.
R.S., c. N-10, s. 4.
[Repealed, 1999, c. 27, s. 3]APPROVED LENDERSDesignationThe Corporation may designate any person as an approved lender for the purposes of this Act.Term of designationThe designation of an approved lender and any renewal of that designation are in force for any period that the Corporation may specify.Conditions and restrictionsThe Corporation may, at any time, establish conditions and restrictions applicable to an approved lender.SuspensionThe Corporation may, at any time, suspend or cancel the designation of an approved lender.FeesThe Corporation may establish schedules of fees payable by approved lenders in relation to their designation and supervision.
R.S., 1985, c. N-11, s. 5;
R.S., 1985, c. 25 (4th Supp.), s. 2;
1999, c. 27, s. 3.
Powers of approved lendersSubject to subsection (2), an approved lender who is subject to the jurisdiction of Parliament may, notwithstanding any restrictions on the power of the lender contained in any other statute or law,make loans on such terms and conditions as are provided for by or under this Act;acquire from the Corporation any secured obligation in favour of the Corporation that is to be insured or guaranteed by the Corporation after it is acquired;dispose of or acquire insured loans together with the security taken in respect of those loans;pledge an insured loan with the Corporation or an approved lender to secure the repayment of money borrowed, and borrow money from the Corporation or an approved lender on the security of an insured loan;administer an insured loan for and on behalf of the holder of the loan; andon such terms and conditions as are specified by the Corporation, act as agent for the Corporation in the exercise of any of the Corporation’s powers and functions under Part I and in the making or administering of loans that the Corporation is authorized to make.Restriction of powersThe Corporation may restrict the powers that an approved lender may exercise under subsection (1).
R.S., 1985, c. N-11, s. 6;
1999, c. 27, s. 3.
HOUSING LOAN INSURANCE, GUARANTEE AND PROTECTIONDefinition of "housing loan"In this Part, “housing loan” means a loan thatrelates to a housing project;is secured at least in part by security on or affecting a housing project or by an agreement relating to the use, occupancy or disposal of a housing project;is made for the purpose of acquiring a financial interest in a person who, directly or indirectly, owns, leases or operates a housing project; oris made for the purpose of refinancing a debt that the Corporation is of the opinion relates to a housing project or to a financial interest referred to in paragraph (c).
R.S., 1985, c. N-11, s. 7;
R.S., 1985, c. 25 (4th Supp.), s. 3;
1992, c. 32, s. 8(F);
1999, c. 27, s. 3.
Insurance of loansThe Corporation may provide insurance against risks relating to housing loans.For whose benefitFor lenders, the purpose of insuring housing loans is to indemnify lenders in the event of default by borrowers. The obligations of borrowers or other persons are not released or discharged by that insurance or indemnification.
R.S., 1985, c. N-11, s. 8;
R.S., 1985, c. 25 (4th Supp.), s. 4;
1999, c. 27, s. 3.
[Repealed, 1999, c. 27, s. 3]Payments by Corporation for completionIf the Corporation has insured a loan that has been provided to finance the completion of work relating to, or the supply of materials for, a housing project and the work has not been completed, the materials have not all been supplied or the work or materials have not been fully paid for, the Corporation may make loans or payments for the completion of the work or the supply of the materials or for the satisfaction of claims in respect of the project.
R.S., 1985, c. N-11, s. 9;
R.S., 1985, c. 25 (4th Supp.), s. 6;
1999, c. 27, s. 3.
Avoiding or curing defaultsThe Corporation may make payments to approved lenders or to holders of insured loans, and may make loans or payments to borrowers or their assignees, for the purpose of avoiding or curing, in whole or in part, default under insured loans or facilitating variation of the terms of payment of insured loans, or for any other purposes that the Corporation considers appropriate to protect its interest as an insurer.SubrogationIf the Corporation makes a payment to an approved lender or holder of an insured loan under subsection (1), the Corporation is subrogated, to the extent of the amount of the payment, to all the rights and interests of the lender or holder in respect of that amount, and may maintain an action in respect of those rights and interests in the name of the lender or holder or in the name of the Corporation. Any money recovered by the lender or holder must first be applied against money owing to the lender or holder on account of the insured loan.WaiverThe Corporation may waive the right of subrogation referred to in subsection (2).
R.S., 1985, c. N-11, s. 10;
R.S., 1985, c. 20 (2nd Supp.), s. 8, c. 25 (4th Supp.), s. 7;
1999, c. 27, s. 3.
Maximum totalNotwithstanding anything in this Act, the total of the outstanding insured amounts of all insured loans may not exceed the sum ofone hundred and fifty billion dollars, andany additional amounts authorized by Parliament under an appropriation Act or other Act of Parliament on or after April 1, 1997.
R.S., 1985, c. N-11, s. 11;
1992, c. 32, s. 9;
1999, c. 27, s. 3.
[Repealed, 1999, c. 27, s. 3]Administration of housing loansThe Corporation may administer a housing loan by agreement with the holder of the loan.
R.S., 1985, c. N-11, s. 12;
R.S., 1985, c. 25 (4th Supp.), s. 9;
1992, c. 32, s. 11;
1999, c. 27, s. 3.
Corporation may lendThe Corporation may make a housing loan in any of the following circumstances:where the loan would otherwise not be available to the borrower;where the Corporation intends tomake a contribution to the borrower,make another loan, or advances on another loan, to the borrower, orforgive any indebtedness of the borrower to the Corporation; orwhere the Corporation is a party to an agreement respecting the operation of the housing project to which the loan relates.
R.S., 1985, c. N-11, s. 13;
R.S., 1985, c. 25 (4th Supp.), s. 9;
1992, c. 32, s. 12;
1999, c. 27, s. 3.
GuaranteeThe Corporation may guarantee payment of any or all principal or interest, or both, in respect of securities issued on the basis of housing loans.
R.S., 1985, c. N-11, s. 14;
R.S., 1985, c. 25 (4th Supp.), s. 9;
1992, c. 32, s. 13;
1999, c. 27, s. 3.
[Repealed, 1999, c. 27, s. 3]Maximum totalNotwithstanding anything in this Act, the total of the outstanding guaranteed amounts of principal, for all issues of securities in respect of which guarantees that have been given under section 14 are in force, may not exceed the maximum total amount provided for in section 11.
R.S., 1985, c. N-11, s. 15;
1999, c. 27, s. 3.
[Repealed, 1999, c. 27, s. 3]Interest rate protectionThe Corporation may provide protection against the effects of changes in interest rates for housing loans.
R.S., 1985, c. N-11, s. 16;
R.S., 1985, c. 25 (4th Supp.), s. 11;
1992, c. 32, s. 19;
1999, c. 27, s. 3.
Dealing in obligations by CorporationThe Corporation mayacquire housing loans or interests in housing loans;make loans to the holders of housing loans;sell any obligation held by the Corporation and may, under an agreement made with the purchaser, continue to administer the obligation; andissue securities based on housing loans.
R.S., 1985, c. N-11, s. 17;
R.S., 1985, c. 25 (4th Supp.), s. 12;
1992, c. 32, s. 20;
1999, c. 27, s. 3.
Mortgage insuranceThe Corporation may provide the liquidator of a company, society or foreign company within the meaning of subsection 2(1) of the Insurance Companies Act with services in relation to the company’s, society’s or foreign company’s mortgage insurance business, and it may acquire some or all of the company’s, society’s or foreign company’s mortgage insurance policies or reinsure some or all of its mortgage insurance policies.
2007, c. 6, s. 440.
ReinsuranceThe Corporation may obtain reinsurance with respect to the risk covered by the Corporation in respect of any insurance, guarantee or other protection provided by the Corporation under this Part.Payment to Receiver GeneralThe Corporation may pay to the Receiver General amounts determined in accordance with the Corporation’s corporate plan approved under section 122 of the Financial Administration Act to compensate Her Majesty for Her exposure to the risks covered under this Part by Her agent the Corporation. Those amounts are, for the Corporation, expenses of carrying on business under this Part.
R.S., 1985, c. N-11, s. 18;
R.S., 1985, c. 25 (4th Supp.), s. 12;
1992, c. 32, s. 21;
1999, c. 27, s. 3.
Terms and conditionsThe Corporation mayset the terms and conditions on which it exercises any powers or functions under this Part, including terms and conditions relating to the payment of claims in respect of any insurance, guarantee or other protection provided by the Corporation under this Part; andestablish schedules of premiums, fees and charges for anything done in the exercise of any powers or functions of the Corporation under this Part.
R.S., 1985, c. N-11, s. 19;
R.S., 1985, c. 25 (4th Supp.), s. 13;
1992, c. 32, s. 22;
1999, c. 27, s. 3.
AgentsThe Corporation may authorize an approved lender to act as agent for the Corporation in the exercise of any of its powers or functions under this Part, including in a situation involving a loan made or administered by the lender.
R.S., 1985, c. N-11, s. 20;
R.S., 1985, c. 25 (4th Supp.), s. 14;
1999, c. 27, s. 3.
[Repealed, 1999, c. 27, s. 3]Establishment of fundsThe Corporation must establish and maintain funds to provide for claims, losses, expenditures and costs relating to the conduct of its business under this Part.Corporate planThe Corporation’s corporate plan required under section 122 of the Financial Administration Act must contain a proposal that the Corporation’s profits from the conduct of its business under this Part that are not credited to a fund established under subsection (1) be used for one or more of the following purposes:the capitalization of the Corporation’s business under this Part;the payment of a dividend to the Consolidated Revenue Fund;the purposes of this Act or the Canada Mortgage and Housing Corporation Act or any other purpose authorized by Parliament relating to housing; andretention.Implementation of proposalThe Corporation is authorized to implement a proposal referred to in subsection (2) after the proposal is approved under section 122 of the Financial Administration Act as part of the Corporation’s corporate plan.Non-applicationSection 29 of the Canada Mortgage and Housing Corporation Act does not apply to profits from the conduct of the Corporation’s business under this Part.
R.S., 1985, c. N-11, s. 21;
R.S., 1985, c. 25 (4th Supp.), s. 16;
1992, c. 32, s. 25;
1995, c. 47, s. 1;
1999, c. 27, s. 3.
[Repealed, 1999, c. 27, s. 3]HOUSING FOR RENTAL PURPOSESContractual guarantee of return from rental housing projectThe Corporation may enter into contracts with builders of rental housing projects to guarantee in each contract a financial return from a rental housing project after its completion in an amount to be determined by the Corporation for a total period of not more than thirty years.Undertaking to enter into contractThe Corporation may give to a builder an undertaking that the Corporation will enter into a contract with the builder under subsection (1) if the builder builds a rental housing project.Terms and conditionsThe Corporation may determine the terms and conditions on which it enters into a contract in respect of a rental housing project under subsection (1), including, without limiting the generality of the foregoing,fees with respect to any guarantee referred to in subsection (1);conditions with respect to the operation or occupancy of the project;restrictions on the disposal, leasing or charging of the project or any part of it or interest in it;limits on the amount of the financial return that may be made from the project; andprovisions giving the Corporation the right to direct the use of any amount received in excess of any limits referred to in paragraph (d).Consent to assignA contract referred to in subsection (1) is personal to the builder of the rental housing project to which the contract relates and may be assigned to a subsequent owner of the rental housing project only with the written consent of the Corporation.
R.S., 1985, c. N-11, s. 22;
1992, c. 32, s. 29;
1999, c. 27, s. 4.
Loans for rental housing projectsAny approved lender who is subject to the jurisdiction of Parliament may, notwithstanding any restrictions on the power of the lender to lend or invest money contained in any other statute or law,make loans for rental housing projects in respect of which an undertaking has been given by the Corporation under subsection 22(2) or the financial return has been guaranteed by the Corporation under section 22; anddispose of or acquire loans made for rental housing projects in respect of which the financial return has been guaranteed by the Corporation under section 22, together with any security taken in respect of the guarantee.Terms and conditionsA loan may be made under paragraph (1)(a) only with the approval of the Corporation and on such terms and conditions as may be determined by the Corporation.Restriction of powersThe Corporation may restrict the powers that an approved lender may exercise under subsection (1).
R.S., 1985, c. N-11, s. 23;
1992, c. 32, s. 30;
1999, c. 27, s. 4.
Corporation may lendIf, in the opinion of the Corporation, a person is unable to obtain a loan described in paragraph 23(1)(a), the Corporation may make a loan to that person on such terms and conditions as may be determined by the Corporation.
R.S., 1985, c. N-11, s. 24;
1999, c. 27, s. 4.
[Repealed, 1999, c. 27, s. 4]Loans, etc., with respect to rental housing projectsThe Corporation may make loans and contributions with respect to rental housing projects, make loans to refinance debt that, in the opinion of the Corporation, relates to rental housing projects and forgive amounts owing on those loans.Terms and conditionsThe Corporation may determine the terms and conditions on which it makes a loan or contribution or forgives an amount under subsection (1), including, without limiting the generality of the foregoing,conditions with respect to the operation or occupancy of a rental housing project;restrictions on the disposal, leasing or charging of the project or any part of it or interest in it;limits on the amount of the financial return that may be made from the project; andprovisions giving the Corporation the right to direct the use of any amount received in excess of any limits referred to in paragraph (c).
R.S., 1985, c. N-11, s. 25;
R.S., 1985, c. 25 (4th Supp.), s. 21;
1991, c. 47, s. 738;
1999, c. 27, s. 4.
[Repealed, 1999, c. 27, s. 4]Life insurance companies investmentAny life insurance company subject to the jurisdiction of Parliament may, notwithstanding any restriction on the power of the company to lend or invest money contained in any other statute or law,subject to the conditions set out in subsection (2), invest its funds, to an aggregate amount not exceeding five per cent of its total assets in Canada, as shown in its most recent annual return filed under section 665 of the Insurance Companies Act, in the purchase of land and the construction thereon of a low cost or moderate cost rental housing project, including such buildings or such accommodation for retail stores, shops, offices and other community services, but not including hotels, as the company may deem proper and suitable for the convenience of the tenants of that rental housing project; andafter investing its funds pursuant to paragraph (a), hold, maintain, repair, alter, demolish, reconstruct, manage, collect or receive income from, sell or convey, in whole or in part, land acquired by means of the investment and the improvements on the land.Conditions of investment under subsection (1)The conditions under which an investment referred to in subsection (1) may be made are as follows:the project shall, in the discretion of the Corporation, be constructed in accordance or in harmony with an official community plan satisfactory to it;the project shall be designed to provide housing accommodation for families of low income or moderate income and the Corporation may prescribe a maximum average cost per room or per family housing unit provided thereby, or per person to be accommodated;the company shall submit to the Corporation an application in a form to be prescribed by it and accompanied by the following:a map showing the location of the land and any structures thereon, the purchase of which is deemed by the company to be necessary to the project,a plan and specifications prepared by an architect showing the buildings or improvements to be constructed thereon pursuant to the project,an estimate of the cost of the entire project prepared by an architect or engineer and approved by the company,an estimate of such rentals of the family housing units and the other facilities to be provided as are necessary to assure a minimum return of six per cent per annum on the cost of the entire project after payment of all taxes, insurance, costs of operation and maintenance and an annual amount sufficient to amortize the cost of construction of the project, less the cost of the land, within a period representing the estimated useful life of the project but not in any case exceeding fifty years after the date of completion of the project, andsuch other information or material as the Corporation may require; andthe investment is approved by the Corporation.Guarantee to life insurance companyWhere a life insurance company agrees with the Corporationto maintain, in relation to a rental housing project in which the company invests under this section, separate books and records satisfactory to the Corporation and open to its inspection at any time,to establish, on account of the project, a reserve comprising all net earnings in any year after completion of the project that are in excess of seven per cent per annum on the cost of the project, andto repay out of the reserve any advances made by the Corporation under the guarantee given pursuant to this subsection,the Corporation shall guarantee to the company, for as long as it retains ownership of the whole or any part of the project, a net return in any year after the completion of the project of three per cent per annum of the cost of the project for a period not exceeding the estimated useful life of the project and in any case not exceeding fifty years.Definition of "net return in any year"In this section, “net return in any year” means an amount equal to annual net earnings derived from the project computed by deducting from the total annual revenues therefrom all expenses of the year in respect thereof, including provision for taxes, insurance, repairs and maintenance, interest and an amount sufficient to amortize the cost of construction of the project, including the cost of the land, over the estimated useful life of the project.Two or more companiesTwo or more life insurance companies may join in the development, ownership and management of a rental housing project under this section.Power of Governor in Council to designate approved lendersThe Governor in Council may, for the purposes of this section, designatean approved lender subject to the jurisdiction of Parliament, to which lender, if designated under this paragraph, subsections (1) to (5) apply, with such modifications as the circumstances require, but the amount of its funds that may be invested shall not exceed five per cent of its assets in Canada or such amount as is approved by the Governor in Council for the purposes of this subsection; andan approved lender that is not subject to the jurisdiction of Parliament but is empowered to make investments referred to in this section, to which lender, if designated under this paragraph, subsections (2) to (5) apply, with such modifications as the circumstances require, but the amount of investments in respect of which guarantees may be given under this section shall not exceed five per cent of its assets in Canada or such amount as is approved by the Governor in Council for the purposes of this subsection.
R.S., 1985, c. N-11, s. 32;
R.S., 1985, c. 18 (3rd Supp.), s. 37;
1991, c. 47, s. 739;
1999, c. 27, s. 5.
Power of Corporation to determine administrative mattersThe Corporation mayprescribe the manner in which the cost of a rental housing project shall be calculated for the purposes of section 32;adjust the cost of a rental housing project in the event of the sale of a portion thereof or an addition thereto;prescribe the manner in which the net earnings shall be calculated for the purposes of section 32; andtake such other measures as the Corporation may deem necessary or desirable to give effect to the purposes or provisions of this section and section 32 and to safeguard the interests of the Corporation.Power of insurance company to acquire landPrior to the approval of an investment pursuant to paragraph 32(2)(d), a life insurance company subject to the jurisdiction of Parliament may, notwithstanding any restriction on its power to invest money contained in any other statute or law, with the approval of the Corporation, purchase land for the purpose of making an investment under subsections 32(1) and (2) and may hold and manage the land on such terms and conditions as the Corporation may specify.
R.S., c. N-10, s. 18.
[Repealed, 1999, c. 27, s. 6][Repealed, 1992, c. 32, s. 34]LAND ASSEMBLYDefinition of "investment"In this Part, “investment” includes the purchase price of land, moneys expended on the installation of services, the laying out and construction of streets, sidewalks and lanes and the development of park areas, public space and facilities appropriate to a residential housing development, and such carrying charges and other expenses incurred by the company in respect of the land as may be approved by the Corporation, including taxes, insurance, repairs and maintenance.
R.S., c. N-10, s. 20.
Company may invest funds in purchase of land for housing developmentAny life insurance, trust or loan company subject to the jurisdiction of Parliament (in this Part called "company") may, notwithstanding any restriction on the power of the company to lend or invest money contained in any other statute or law,subject to the conditions set out in subsection (2), invest its funds in the purchase and improvement of land to be used for a residential housing development to an aggregate amount that, when added to the aggregate amount invested by the company under section 32, does not exceed the limitation on the investment imposed by or pursuant to section 32 or 33; andsubject to this Part, hold, maintain, repair, alter, demolish, improve, manage, collect or receive income from, sell or convey, in whole or in part, land acquired by means of investment pursuant to paragraph (a) and the improvements on the land.Conditions of investmentThe conditions under which an investment referred to in subsection (1) may be made are as follows:the land shall, in the opinion of the Corporation, be suitable for a residential housing development;the purchase price of the land shall be satisfactory to the Corporation;the improvements to be effected and the cost thereof shall be satisfactory to the Corporation;the company shall submit to the Corporation an application in a form satisfactory to the Corporation containing such information and accompanied by such material as the Corporation may prescribe;the investment shall first be approved in writing by the Corporation; andthe company shall enter into an agreement with the Corporation in accordance with subsection (3).In case of agreement Corporation to guarantee return and interestWhere a company agrees with the Corporationto acquire land and effect improvements thereon in accordance with this Part,to maintain, in relation to the land, the expenses incurred in respect thereof, the improvements made thereon and sales made thereof, separate books and records satisfactory to the Corporation and open to its inspection at any time, andto sell the land at such price as the Corporation may determine and on such terms and conditions as are satisfactory to the Corporation or as may be set out in the agreement,the Corporation shall guarantee to the company for as long as it retains ownership of the whole or any part of the land in which an investment is made pursuant to this Part but not longer than the time specified in the agreement, which shall not exceed five years after the date of acquisition of the land by the company, the return of an amount equal to the company’s investment in the land, together with interest thereon at a rate specified in the agreement but not in excess of three per cent per annum compounded annually.Further provisions of agreementThe agreement referred to in subsection (3) may also providethat the company shall plan the development of the land in a manner satisfactory to the Corporation and, as a condition of the sale of the land, shall receive an undertaking from the purchaser that any structures erected on the land shall conform to the plan of the area and shall comply with standards of construction prescribed by the Corporation under this Act; andfor such other measures to be taken by the Corporation and the company as the Corporation may deem necessary or desirable to give effect to the purposes or provisions of this Part and to safeguard the interests of the Corporation.
R.S., c. N-10, s. 20.
Corporation to determine amount of investment and interest and amount recoveredAt the end of the time specified in the agreement referred to in subsection 39(3), or when all the land has been sold by the company, whichever is the earlier, the Corporation shalldetermine the aggregate amount of the investment by the company in the land and the interest thereon at the rate specified in the agreement compounded annually; anddetermine the amount recovered by the company out of the land from sales thereof or otherwise.When Corporation to pay excessIf the aggregate amount determined pursuant to paragraph (1)(a) is in excess of the amount determined pursuant to paragraph (1)(b), the Corporation shall pay to the company the amount of the excess and the company shall transfer and convey to the Corporation all the unsold portion of the land.When company to pay excessIf the amount determined pursuant to paragraph (1)(b) is in excess of the amount determined pursuant to paragraph (1)(a), the company shall pay the amount of the excess to the Corporation.Companies may join in purchaseTwo or more companies may join in the purchase and improvement of land for a residential housing development under this Part.
R.S., c. N-10, s. 20.
Governor in Council may designate lenders as companiesThe Governor in Council may designate as a company, for the purposes of this Part,an approved lender subject to the jurisdiction of Parliament, to which lender, if designated pursuant to this paragraph, sections 38 to 40 apply, with such modifications as the circumstances require, but the amount of its funds that may be invested shall not exceed five per cent of its assets in Canada or such amount as is approved by the Governor in Council for the purposes of this Part; andan approved lender that is not subject to the jurisdiction of Parliament, but is empowered to make investments referred to in this Part, to which lender, if designated pursuant to this paragraph, sections 38 to 40 apply, with such modifications as the circumstances require, but the amount of investments in respect of which guarantees may be given under this Part shall not exceed five per cent of its assets in Canada or such amount as is approved by the Governor in Council for the purposes of this Part.RegulationsThe Governor in Council may make regulations to provide for any matters concerning which the Governor in Council deems regulations are necessary or desirable to carry out the purposes or provisions of this Part.Corporation may take necessary measuresThe Corporation may take such measures as it deems necessary or desirable to give effect to the purposes or provisions of this Part and to safeguard the interests of the Corporation.
R.S., c. N-10, s. 20.
LAND ACQUISITION AND LEASINGLand acquisitions of CorporationThe Corporation may, for the purpose of leasing land at low rentals to non-profit corporations,acquire land by way of purchase, lease or otherwise; andinstall services in, and effect improvements to or in respect of, land acquired by it and develop and lay out the land for housing purposes.Lease of land by CorporationThe Corporation may lease land acquired under subsection (1) to non-profit corporations but the rentals charged thereon by the Corporation shall not be less than such amounts as are determined in such manner as may be prescribed by regulation.[Repealed, 1992, c. 32, s. 35]
R.S., 1985, c. N-11, s. 42;
1992, c. 32, s. 35.
PART V[Repealed, R.S., 1985, c. 25 (4th Supp.), s. 23]REPAIR, REHABILITATION, IMPROVEMENT AND CONVERSION OF BUILDINGSAssistance for repair, etc.The Corporation may make loans and contributions for the purposes of the repair, rehabilitation, modification, improvement and conversion of housing projects, and may forgive amounts owing on those loans.Terms and conditionsThe Corporation may determine the terms and conditions on which it makes a loan or contribution or forgives an amount under subsection (1), including, without limiting the generality of the foregoing,conditions with respect to the operation or occupancy of a housing project;restrictions on the disposal, leasing or charging of the project or any part of it or interest in it;limits on the amount of the financial return that may be made from the project; andprovisions giving the Corporation the right to direct the use of any amount received in excess of any limits referred to in paragraph (c).
R.S., 1985, c. N-11, s. 51;
R.S., 1985, c. 20 (2nd Supp.), s. 9;
1992, c. 32, s. 36;
1999, c. 27, s. 7.
[Repealed, 1999, c. 27, s. 7][Repealed, 1992, c. 32, s. 39]FACILITATION OF HOME OWNERSHIP AND OCCUPANCYOwner-occupier loans, etc.The Corporation may make loans and contributions in respect of housing projects occupied or intended to be occupied by the owner of the project, make loans to refinance debt that, in the opinion of the Corporation, relates to such a housing project, and forgive amounts owing on those loans.Terms and conditionsThe Corporation may determine the terms and conditions on which it makes a loan or contribution or forgives an amount under subsection (1).
R.S., 1985, c. N-11, s. 57;
1999, c. 27, s. 8.
Loans, etc., for housing expensesThe Corporation may make loans and contributions for the purpose of assisting in the payment of, or providing allowances for, expenses that, in the opinion of the Corporation, are related to housing accommodation, and may forgive amounts owing on those loans.Terms and conditionsThe Corporation may determine the terms and conditions on which it makes a loan or contribution or forgives an amount under subsection (1).
R.S., 1985, c. N-11, s. 58;
1991, c. 47, s. 740;
1999, c. 27, s. 8.
[Repealed, 1999, c. 27, s. 8]Loans, etc., to cooperative associationsThe Corporation may make loans and contributions to cooperative associations and to their members in respect of housing projects, make loans to cooperative associations and their members to refinance debt that, in the opinion of the Corporation, relates to a housing project, and forgive amounts owing on those loans.Terms and conditionsThe Corporation may determine the terms and conditions on which it makes a loan or contribution or forgives an amount under subsection (1), including, without limiting the generality of the foregoing,conditions with respect to the operation or occupancy of the housing project; andrestrictions on the disposal, leasing or charging of the project or any part of it or interest in it.
R.S., 1985, c. N-11, s. 61;
1999, c. 27, s. 9.
[Repealed, 1999, c. 27, s. 9]HOUSING RESEARCH, COMMUNITY PLANNING AND INTERNATIONAL SUPPORTHousing investigations and distribution of informationIt is the responsibility of the Corporation to cause investigations to be made into housing conditions and the adequacy of existing housing accommodation in Canada or in any part of Canada and to cause steps to be taken for the distribution of information leading to the construction or provision of more adequate and improved housing accommodation and the understanding and adoption of community plans in Canada.
R.S., c. N-10, s. 35.
General and special powers of CorporationFor the purpose of carrying out its responsibility under this Part, the Corporation may causeinvestigations to be made into housing conditions and the adequacy of existing housing accommodation in Canada or in any part of Canada and into measures that may be taken for the improvement thereof;studies to be made of investigations into housing conditions and housing accommodation made elsewhere than in Canada and into measures and plans or proposals taken or adopted or proposed elsewhere than in Canada for the improvement thereof;investigations to be made into the factors affecting the cost of construction of housing accommodation and measures that may be taken to secure economies and increased efficiency in such construction;plans and designs to be prepared for houses that have a low cost of construction and, in the opinion of the Corporation, will provide suitable accommodation, and arrangements to be made for the sale or distribution of the plans and designs in such manner as the Corporation sees fit;information to be prepared and distributed and public lectures to be delivered to promote an understanding of the advisability of, and the principles underlying, land, community and regional planning;studies to be made of land utilization and community planning and arrangements to be made for the furnishing of information and advice with regard to the establishment of community planning agencies, and the planning of regional areas, communities and subdivisions, in cooperation with any local or other authority having jurisdiction over community planning and land subdivisions or otherwise with a view to promoting coordination between local community planning and the development of public services; andgenerally such steps to be taken as it may deem necessary or advisable to encourage the development of better housing and sound community planning and to promote construction of housing accommodation that, in its opinion, is sound and economical.
R.S., c. N-10, s. 36.
Technical research and investigation, etc.Subject to subsection (2), the Corporation maycause to be prepared and undertaken, directly or in cooperation with other departments or agencies of the Government of Canada or the government of any province or with any municipality, university, educational institution or person, programs of technical research and investigation into the improvement and development of methods of construction, standards, materials, equipment, fabrication, planning, designing and other factors involved in the construction or provision of improved housing accommodation in Canada and coordinate those programs or measures referred to in section 74 with other similar programs or measures undertaken in Canada;enter into contracts for the production or development of materials, equipment or component parts for houses through the pilot-plant stage of production or development and for the testing of such materials, equipment or component parts;undertake publication, and the distribution of publications, coordinating the results of the technical research, investigations and programs referred to in paragraph (a), and the testing referred to in paragraph (b), in such forms as may be most useful to the public or to the building industry;conduct competitions to secure plans, designs and specifications suitable, in its opinion, for housing to be constructed at low cost and purchase the plans or otherwise compensate persons taking part in the competitions;make available or cause to be made available, in such manner as it deems advisable or in cooperation with any other department or agency of the Government of Canada, with the government of any province or with any university, educational institution or person, any training program or educational facility that, in its opinion, will assist in the construction or designing of family housing units, in land planning or community planning, in the management or operation of housing projects or in the formulation and implementation of housing policy;enter into a contract with a manufacturer of plumbing or heating equipment or other component parts of houses for the experimental production of the equipment or component parts in accordance with standardized designs that, in the opinion of the Corporation, may be manufactured or produced at low cost;construct housing units for experimental purposes on land owned or to be acquired by the Corporation for the purpose;make arrangements with a province or a municipality, with the approval of the government of the province in which that municipality is situated, to conduct special studies relating to the condition of urban areas, to means of improving housing or to the need for additional housing or urban redevelopment;undertake or cause to be undertaken projects of an experimental or developmental nature that may assist the Corporation in the formulation and implementation of a housing policy designed to meet the needs of the various communities in Canada; andcarry out research and planning and provide services and information that relate to the financing of housing, housing affordability and choice, living environments or community planning, or that are intended to contribute to the well-being of the housing sector in the national economy.Approval requiredThe powers of the Corporation under paragraphs (1)(g) and (i) may be exercised only with the approval of the Governor in Council.Underwriting salesThe Corporation may, with the approval of the Governor in Council, enter into a contract with a manufacturer referred to in paragraph (1)(f) to underwrite the sale, at such price as may be agreed on and specified in the contract, of the equipment or component parts referred to in that paragraph, manufactured or produced for installation or use in homes, if the manufacturer manufactures or produces the equipment or component parts in such volume as may be agreed on and specified in the contract.Contracts for sale and distributionThe Corporation may, with the approval of the Governor in Council, enter into contracts with the manufacturer referred to in subsection (3) or any other person for the sale or distribution, in such manner as it may deem advisable, of the equipment or component parts referred to in that subsection.LimitationThe maximum contingent liability of the Corporation under contracts entered into under subsection (3) shall not at any time exceed ten million dollars, and any amounts required to be paid by the terms of those contracts may be paid under section 29 of the Financial Administration Act.
R.S., 1985, c. N-11, s. 75;
1999, c. 27, s. 11.
Agreements and assistance to develop proposalsThe Corporation may enter into agreements and make loans and contributions for the development, implementation or financing of proposals that relate to housing projects, housing affordability and choice, living environments or community planning, or that are intended to contribute to the well-being of the housing sector in the national economy, and may forgive amounts owing on those loans.Terms and conditionsThe Corporation may determine the terms and conditions on which it enters into an agreement, makes a loan or contribution or forgives an amount under subsection (1).
R.S., 1985, c. N-11, s. 76;
1999, c. 27, s. 12.
Export and international supportThe Corporation maypromote and develop the export of Canadian expertise, research, services and products relating to housing, living environments and community planning; andsupport and participate in the development of, and investigate, housing, housing finance, living environments and community planning outside Canada, either directly or through other persons, including foreign governments or agencies of foreign governments and non-governmental organizations.Terms and conditionsThe Corporation may determine the terms and conditions on which it exercises any power or function under subsection (1).
R.S., 1985, c. N-11, s. 77;
R.S., 1985, c. 25 (4th Supp.), s. 25;
1992, c. 32, s. 41;
1999, c. 27, s. 12.
PUBLIC HOUSINGDefinition of "public housing agency"In this Part, “public housing agency” means a corporation that has power to acquire and develop land for a housing project or to construct or acquire and operate a housing project and that is wholly owned bythe government of a province or an agency thereof;one or more municipalities in a province; orthe government of a province or an agency thereof and one or more municipalities in that province.
R.S., 1985, c. N-11, s. 78;
1999, c. 27, s. 13.
Corporation may undertake projects jointly with provincesThe Corporation may undertake jointly with the government of any province or agency thereof or with any public housing agency projects forthe acquisition and development of land for housing purposes or for any purpose incidental thereto;the construction of housing projects for sale or for rent; andthe acquisition, improvement and conversion of existing buildings for a housing project.
R.S., 1985, c. N-11, s. 79;
R.S., 1985, c. 25 (4th Supp.), s. 26;
1992, c. 32, s. 42;
1999, c. 27, s. 13.
Loans, etc., to provinces, municipalities or public housing agenciesThe Corporation may make loans and contributions to a province, municipality or public housing agency for the purpose of assisting that province, municipality or agency to acquire or service land for housing purposes or for any incidental purpose and make loans to refinance debt that the Corporation is of the opinion relates to the acquisition or servicing of land for those purposes, and may forgive amounts owing on those loans.Terms and conditionsThe Corporation may determine the terms and conditions on which it makes a loan or contribution or forgives an amount under subsection (1).
R.S., 1985, c. N-11, s. 80;
1999, c. 27, s. 13.
[Repealed, 1999, c. 27, s. 13]NEW COMMUNITIESFederal-Provincial AgreementsJoint undertaking agreed by Corporation and provinceThe Corporation may, pursuant to an agreement made between the Government of Canada and the government of any province, undertake jointly with the government of the province, or an agency or corporation designated in the agreement, a project forthe acquisition of lands for a new community, including land to be used for transportation corridors linking the community to other communities or for public open space in or around the new community or separating it from any other community;the planning of the new community; andthe designing and installation of utilities and other services that are required for the development of the community and normally publicly owned.Conditions under which agreements may be entered intoNo agreement shall be entered into pursuant to this section unless the province indicates its plans for urban growth, including the location, size and order of development of other new communities, and the plans are satisfactory to the Corporation.Agreements with provincesNotwithstanding section 17 of the Canada Mortgage and Housing Corporation Act, an agreement referred to in subsection (1) shall be executed on behalf of the Government of Canada by the Minister with the approval of the Governor in Council and shallidentify the new community in respect of which a project may be undertaken and designate the agency or corporation that will be responsible for the planning and development of the new community;stipulate the measures to be taken to ensure that the public will receive any economic benefits that may be obtained from the lands and services in respect of which an agreement is made under this section; andcontain such other provisions as are considered necessary or advisable to give effect to the purposes and provisions of this section.[Repealed, 1999, c. 27, s. 14][Repealed, 1992, c. 32, s. 43]
R.S., 1985, c. N-11, s. 84;
1992, c. 32, s. 43;
1999, c. 27, s. 14.
LoansLoans for new communitiesThe Corporation may, on the application of a province, and with the approval of the Governor in Council, make a loan to the province, or an agency or a corporation designated by the province, to be used for the purpose ofacquiring lands for a new community, including land to be used for transportation corridors linking the community to other communities or for public open space in or around the new community or separating it from any other community;planning the new community; anddesigning and installing utilities and other services that are required for the development of the community and normally publicly owned.Prerequisites for making loanNo loan shall be made under this section unlessthe province applying for the loandesignates the agency or corporation that will be responsible for the planning and development of the new community, if the loan is to be made to the province and not to that agency or corporation,indicates the measures to be taken to ensure that the public will receive any economic benefits that may be obtained from the lands and services in respect of which loans are made under this section, andindicates its plans for urban growth, including the location, size and order of development of other new communities; andthose measures and plans are satisfactory to the Corporation.[Repealed, 1999, c. 27, s. 15]
R.S., 1985, c. N-11, s. 85;
1999, c. 27, s. 15.
Reduction of indebtedness by forgiving paymentWhere the Corporation is satisfied that part of a loan made under section 85 has been used for the purpose ofplanning a new community, oracquiring land used for recreational or other community social facilities,the Corporation may forgive payment by the borrower of an amount not exceeding fifty per cent of the part of the loan that was used for that purpose.
1973-74, c. 18, s. 19.
LOANS FOR STUDENT HOUSING PROJECTSDefinition of "charitable corporation"In this Part, “charitable corporation” means a corporation constituted exclusively for charitable purposes no part of the income of which is payable to, or is otherwise available for the personal benefit of, any proprietor, member or shareholder of the corporation.
R.S., 1985, c. N-11, s. 87;
1999, c. 27, s. 16.
Loans, etc., for student housing projectsSubject to subsection (2), the Corporation may make loans and contributions to provinces or agencies thereof, municipalities or agencies thereof, hospitals, school boards, universities, colleges, cooperative associations or charitable corporations in respect of housing projects for students and their families, and may forgive amounts owing on those loans.Provincial approvalLoans or contributions may be made and amounts owing on those loans may be forgiven under this section only with the approval of the government of the province where the corresponding rental housing project is, or will be, located.ExceptionSubsection (2) does not apply to loans and contributions to a province or the forgiving of amounts owing on those loans.Terms and conditionsThe Corporation may determine the terms and conditions on which it makes a loan or contribution or forgives an amount under subsection (1).
R.S., 1985, c. N-11, s. 88;
1999, c. 27, s. 16.
[Repealed, 1999, c. 27, s. 16]COMMUNITY SERVICESContributions for community servicesThe Corporation may, under such terms and conditions as are determined in accordance with an agreement entered into with a province, pay to the province or any local government authority or body established by or under the law of the province contributions, in respect of each program period defined in the agreement, for the purpose of reimbursing expenditures incurred, or paying for the results obtained, in the provision, development, extension and improvement of such community services as are determined pursuant to the agreement.Allocation of contributionsContributions pursuant to subsection (1) shall be allocated among local government authorities or bodies declared eligible for those contributions pursuant to and in the manner determined pursuant to the agreement referred to in that subsection.Approval by Governor in CouncilAn agreement referred to in subsection (1) shall have no force or effect unless it is approved by order of the Governor in Council.
1978-79, c. 16, s. 10.
HOUSING DEVELOPMENTPowers of CorporationThe Corporation mayacquire land or housing projects by way of purchase, lease or otherwise;install services in and effect improvements to or in respect of land acquired by it and develop and lay out the land for housing purposes;construct, convert or improve housing projects; andacquire building materials and equipment and other personal property for use in connection with housing projects.IdemThe Corporation mayhold, operate, manage, heat, maintain, supervise, alter, renovate, add to, improve, repair, demolish and salvage properties acquired by the Corporation;acquire from Her Majesty the leasehold or other interest of Her Majesty in houses or housing projects;manage housing projects and provide services related to housing projects;obtain the participation of municipalities in housing projects; andenter into contracts to carry out and do other acts or things incidental to the purposes of this section.[Repealed, R.S., 1985, c. 25 (4th Supp.), s. 27]Property subject to Canada Mortgage and Housing Corporation ActProperty acquired by the Corporation pursuant to this section and the proceeds of sale thereof and the revenue therefrom are subject to the Canada Mortgage and Housing Corporation Act.[Repealed, R.S., 1985, c. 25 (4th Supp.), s. 27][Repealed, 1999, c. 27, s. 18][Repealed, 1992, c. 32, s. 45]
R.S., 1985, c. N-11, s. 92;
R.S., 1985, c. 25 (4th Supp.), s. 27;
1992, c. 32, s. 45;
1999, c. 27, s. 18.
Contracts with builders to encourage constructionThe Corporation may enter into contracts with builders to encourage the construction of houses to be sold to prospective home owners.Conditions under which contracts made to encourage constructionA contract may be entered into under subsection (1) only with respect to houses the construction of which is assisted by loans made pursuant to this Act, and the contract shall provide thatthe builder shall finance the construction of the houses under the provisions of this Act;the builder shall offer each of the houses for sale at a price not in excess of the price fixed in the contract; andthe Corporation shall, in consideration of the payment by the builder of such amount as the Governor in Council may prescribe, agree that any house built pursuant to the contract and remaining unsold will, within one year after the date of completion thereof, be purchased from the builder by the Corporation at a price fixed in the contract.Further conditionsA contract with a builder entered into under this section may providethat, during such period as the Corporation requires, the builder shall offer the houses for sale only to veterans or persons engaged in the production of defence supplies as defined in the Defence Production Act; andthat such other things shall be done as the Corporation deems necessary in order to carry out the intent of this section and to safeguard the interests of the Corporation.Definition of "veteran"For the purpose of this section, “veteran” means a person who had been paid or is entitled to be paid a war service gratuity under the War Service Grants Act, chapter W-4 of the Revised Statutes of Canada, 1970, and includes a person who served on active servicein any of the naval or army forces of Newfoundland or, having been recruited in Newfoundland, in any of the naval, army or air forces raised in Newfoundland by or on behalf of the United Kingdom; orin any naval, army or air forces of His Majesty, other than those referred to in paragraph (a), in which the person enlisted when domiciled in Newfoundland.
R.S., 1985, c. N-11, s. 93;
1999, c. 27, s. 19(E).
[Repealed, 1999, c. 27, s. 20]Loans, etc., for capital and operating costsThe Corporation may make loans and contributions to assist with the payment of the capital and operating costs of housing projects, and may forgive amounts owing on those loans.Terms and conditionsThe Corporation may determine the terms and conditions on which it makes a loan or contribution or forgives an amount under subsection (1), including, without limiting the generality of the foregoing,conditions with respect to the operation or occupancy of a housing project;restrictions on the disposal, leasing or charging of the project or any part of it or interest in it;limits on the amount of the financial return that may be made from the project; andprovisions giving the Corporation the right to direct the use of any amount received in excess of any limits referred to in paragraph (c).
R.S., 1985, c. N-11, s. 95;
R.S., 1985, c. 20 (2nd Supp.), s. 11;
1992, c. 32, s. 46;
1999, c. 27, s. 20.
GENERAL[Repealed, R.S., 1985, c. 25 (4th Supp.), s. 28][Repealed, 1992, c. 32, s. 47]Condition re sale, etc.It is a condition of every agreement respecting the operation of a housing project to which the Corporation is a party that the housing project or any part thereof must not, during the term of the agreement and any extension thereof, besold or otherwise disposed of,leased for a term of more than three years, orcharged, in any manner whatever, for the purpose of securing payment of a debt or performance of any obligation,without the consent of the Corporation, except in such circumstances as are prescribed by regulation.Other conditions allowedFor greater certainty, the condition set out in subsection (1) is in addition to and not in derogation of any other condition required or permitted by this Act.Registration of agreementSubject to the payment of any applicable fees, the Corporation may, in accordance with the ordinary procedure for registering documents that may affect land or interests in land, cause any agreement respecting the operation of a housing project to which the Corporation is a party to be registered on the title of the housing project.NoticeRegistration of any agreement referred to in subsection (3) constitutes notice of the agreement to the same extent as does the registration of any other instrument that affects land or interests in land.
R.S., 1985, c. N-11, s. 97;
R.S., 1985, c. 25 (4th Supp.), s. 29;
1992, c. 32, s. 48.
Undertaking re contributions, etc.The Corporation may require that any person who is to benefit froma loan from the Corporation with interest at a rate that is lower than the rateotherwise available on the open market, orspecified by the Corporation to be the market rate,a contribution from the Corporation, orforgiveness of any amount by the Corporationprovide the Corporation with an undertaking described in subsection (2).UndertakingThe undertaking referred to in subsection (1) is an undertaking that the person will comply with such operating, residency or other requirements as may be specified by the Corporation and that the person will, as the case may be,pay to the Corporation an amount equal to the amount by which the interest the person would have paid in respect of the loan had the interest thereon been the higher rate referred to in subsection (1) exceeds the interest the person actually paid,reimburse the Corporation all amounts contributed by the Corporation, orpay to the Corporation all amounts forgiven by the Corporation,if the person fails to comply with any of those requirements.ApplicationThis section applies notwithstanding that the interest rate, contribution or forgiveness is subject to any other condition.
1992, c. 32, s. 48.
[Repealed, 1999, c. 27, s. 21]Provision of services and facilitiesThe Corporation may provide any service or facilityfor property and land management or development involving housing and for inspecting and appraising property involving housing, to any department, branch or agency of the Government of Canada or any other body established by or pursuant to an Act of Parliament that is ultimately accountable through a minister of the Crown in right of Canada to Parliament for the conduct of its affairs, or to any other body designated by the Governor in Council,for inspecting property, to any warrantor whose warranty has been provided, or to a prospective warrantor whose warranty would be provided, under a warranty program recognized by the Corporation, orto assist in the cost effective implementation of any federal-provincial housing arrangement,and the Corporation may charge fees for doing so.
R.S., 1985, c. N-11, s. 99;
1992, c. 32, s. 49;
1999, c. 27, s. 22.
DelegationThe Corporation may enter into an agreement with a province or an agency thereof, or with a public housing agency as defined in section 78, providing for the exercise by the province or agency of any power or function of the Corporation specified in the agreement.
R.S., 1985, c. 25 (4th Supp.), s. 30.
FeesThe Corporation may determine the amount of, and collect, fees and charges for any services, facilities or products provided by the Corporation under this Act and for any activities carried on by the Corporation under this Act.
1999, c. 27, s. 23.
Advisory committeesThe Corporation may, with the approval of the Minister, for the purpose of assisting it in carrying out its responsibilities under this Act, appoint such advisory committees as it may deem advisable and the Corporation may pay the reasonable travel and living expenses incurred by the members of the advisory committees while attending the meetings thereof.
R.S., c. N-10, s. 38.
Financing of CorporationThe Minister shall, out of money from time to time appropriated by Parliament for the purpose, pay to the Corporation the costs and expenses of the Corporation incurred in the administration of Parts IV, VI, VII, IX, X, XI, XII and XIII and sections 25, 92, 95 and 100 and reimburse the Corporation forpayments made by it as contributions under sections 25, 51, 57, 58, 61, 76, 80, 88, 91 and 95;amounts lent and forgiven by it under sections 25, 51, 57, 58, 61, 76, 80, 86, 88 and 95;losses sustained by it in respect of loans or guarantees made under Parts II, VI, VII, X, XI and XII and sections 76 and 95, in respect of land leased by it under subsection 42(2), and in respect of the sale or operation of housing projects under section 92;losses resulting from purchases made as required by paragraph 93(2)(c);any expenditure incurred under or in carrying out the provisions of Part IX and section 100;losses sustained by it in respect of projects undertaken by the Corporation under sections 79 and 84;its costs and expenses incurred in carrying out an agreement made under section 99.1 or made under section 28.1 of the Canada Mortgage and Housing Corporation Act;amounts paid by it to reimburse a party to an agreement, made under section 99.1 or made under section 28.1 of the Canada Mortgage and Housing Corporation Act, for doing anything for which the Corporation could have been reimbursed under any of paragraphs (a) to (f) if that thing had been done by the Corporation; andamounts paid by it to a party to an agreement, made under section 99.1 or made under section 28.1 of the Canada Mortgage and Housing Corporation Act, if the party intends to expend those amounts under the agreement in doing something for which the Corporation could have been reimbursed under this section if that thing had been done by the Corporation.
1999, c. 27, s. 24.
RegulationsThe Governor in Council may make regulations generally for carrying out the purposes and provisions of this Act.
R.S., 1985, c. N-11, s. 101;
1999, c. 27, s. 24.
Annual ReportReportThe Corporation shall, not later than March 31 in each year, make a report to the Minister with respect to the administration of this Act, the loans made under this Act during the preceding calendar year, and the administration of loans made under the National Housing Act, chapter 188 of the Revised Statutes of Canada, 1952.TablingThe Minister shall cause a copy of the report to be laid before each House of Parliament on any of the first fifteen days on which that House is sitting after the Minister receives it.
R.S., 1985, c. N-11, s. 102;
R.S., 1985, c. 25 (4th Supp.), s. 31;
1992, c. 32, s. 50(E).
RELATED PROVISIONS
— 1992, c. 32, s. 7(2)TransitionalEvery lender who immediately before the coming into force of subsection (1) was an approved lender is deemed to have been designated as such pursuant to section 4.1 of the said Act, as enacted by subsection (1).
— 1992, c. 32, s. 20(3)TransitionalAny loan referred to in paragraph 97(2)(a) of the said Act, as that paragraph read immediately before July 21, 1988, shall, for the purposes of section 17 of the said Act, be deemed to have been made under subsection 15.1(1) of the said Act.
— 1992, c. 32, s. 51TransitionalSubsections 82(2) and 82.1(1) of the National Housing Loan Regulations, as those subsections read immediately before the coming into force of this section, shall continue in force until an amount is specified, or a manner of determining an amount is specified, under paragraph 51(2)(b) of the said Act, as enacted by section 36 of this Act.IdemSubsections 82(3) and 82.1(2) of the National Housing Loan Regulations, as those subsections read immediately before the coming into force of this section, shall continue in force until an amount is specified, or a manner of determining an amount is specified, under section 52 of the said Act, as enacted by section 37 of this Act.IdemSection 82.2 of the National Housing Loan Regulations, as that section read immediately before the coming into force of this section, shall continue in force until an amount is specified, or a manner of determining an amount is specified, under subsection 54(2) of the said Act, as amended by section 38(2) of this Act.IdemSubsection 82(1) of and Schedule III to the National Housing Loan Regulations, as that subsection and Schedule read immediately before the coming into force of this section, shall continue in force only so long as any of subsections 82(2) and (3) and 82.1(1) and (2) and section 82.2 of the said Regulations are in force.
— 1995, c. 47, s. 2ApplicationThis Act applies in respect of the 1994 calendar year and each subsequent calendar year.
— 1999, c. 27, ss. 38 to 41Provisions continue — agreementsThe provisions of the National Housing Act and of the National Housing Loan Regulations that are in effect immediately before those provisions are amended or repealed by this Act continue to apply in respect of agreements entered into before those provisions are so amended or repealed by this Act, except to the extent that the requirements of those provisions are waived by the Canada Mortgage and Housing Corporation.
— 1999, c. 27, ss. 38 to 41Provisions continue — obligations to pay or reimburseThe provisions of the National Housing Act that are amended or repealed by this Act, and that relate to payments or reimbursements to the Canada Mortgage and Housing Corporation by the Minister designated for the purposes of the National Housing Act out of money appropriated from time to time by Parliament or out of the Consolidated Revenue Fund, continue to apply, as they read immediately before being amended or repealed by this Act, in respect of any obligation to make a payment or reimbursement arising under the National Housing Act as it reads immediately before those provisions are amended or repealed by this Act.
— 1999, c. 27, ss. 38 to 41Deemed designationEvery lender who was an approved lender immediately before the day on which this Act is assented to is deemed to have been designated as an approved lender under section 5 of the National Housing Act, as enacted by section 3 of this Act.
— 1999, c. 27, ss. 38 to 41Continuation of fundsNotwithstanding section 3 of this Act, the Canada Mortgage and Housing Corporation may continue, in the manner described in subsection (2), to operate the Mortgage Insurance Fund and the Mortgage-backed Securities Guarantee Fund referred to in sections 16 and 21.3, respectively, of the National Housing Act as they read immediately before the day on which this Act is assented to.Authority to payThe Corporation may make any payments and transfer any assets into and out of the Funds referred to in subsection (1) for the purposes of the National Housing Act or the conduct of the business of the Corporation.AMENDMENTS NOT IN FORCE
— 2011, c. 15, s. 22Section 5 of the National Housing Act is amended by adding the following after subsection (5):RegulationsThe Governor in Council may, on the recommendation of the Minister of Finance, make regulations respecting the designation of approved lenders, including regulations establishing criteria that a person must meet in order to be so designated.
— 2011, c. 15, s. 23The Act is amended by adding the following after section 8:Regulations — Minister of FinanceThe Minister of Finance may, after consulting the Governor of the Bank of Canada and the Superintendent of Financial Institutions appointed under the Office of the Superintendent of Financial Institutions Act, make regulations respecting classes of housing loans and criteria to be met by loans in each of those classes in order for the Corporation to be able to provide insurance against risks relating to those loans.Coming into forceA regulation made under this section comes into force on the day on which it is published in the Canada Gazette or on any later day that is specified in the regulation unless the regulation provides otherwise and it gives effect to a budgetary or other public announcement, in which case the regulation must not come into force before the day on which the announcement was made.Fees for risk exposureThe Minister of Finance may fix a fee to be paid by the Corporation to the Receiver General to compensate Her Majesty for Her exposure to the risks covered by Her agent the Corporation arising from the insurance relating to housing loans. That Minister shall notify the Corporation in writing of the fee.
— 2011, c. 15, s. 24The Act is amended by adding the following after section 21:Obligation to retain information, books and recordsThe Corporation shall keep and retain books and records and retain information in respect of its business that are relevant for the purposes of this Part or that are prescribed.Obligation to provide information or copiesAt the request of the Minister of Finance, the Corporation shall, without delay, provide that Minister with any information or copies of any books or records that it is required to retain.Power to discloseThe Minister of Finance may disclose to the Superintendent of Financial Institutions appointed under the Office of the Superintendent of Financial Institutions Act, the Governor of the Bank of Canada, the Chairperson of the Canada Deposit Insurance Corporation and the Commissioner of the Financial Consumer Agency of Canada any information or copies of any books or records received under subsection (2).Public informationThe Corporation shall make available to the public prescribed books, records and information that are relevant for the purposes of this Part.RegulationsThe Governor in Council may, on the recommendation of the Minister of Finance, make regulations prescribing the manner in which books and records are to be kept and retained, the manner in which information is to be retained and the manner in which books, records and information are to be made available to the public.