Sunday, April 7, 2019

Funding for affordable housing isn’t enough says CMHC chief

Despite running to billions of dollars, the funding provided by federal and provincial governments to ensure every Canadian has an affordable home just isn’t enough.

That’s the message from the chief executive of the Canada Mortgage and Housing Corporation who says the agency may tap private sources to help.

Evan Siddall has told the Canadian Press that even with the massive funding from government, more will be needed to address the core housing needs of an estimated 1.6 million people.

CMHC said in its corporate plan, published last month, that it aims to ensure all Canadians have an affordable home by 2030.

The National Housing Plan long-term budget is more than $40 billion.

Siddall said that the agency now wants to raise $100 million quickly to help towards achieving that aim and that is likely to be sourced from private entities.

The Board of Directors for Canada Mortgage and Housing Corporation has recently approved a dividend of $505 million to its shareholder, the Government of Canada, payable by April 30, 2019.

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