Bill C-66
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RECOMMENDATION |
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His Excellency the Governor General recommends to the House of
Commons the appropriation of public revenue under the circumstances,
in the manner and for the purposes set out in a measure entitled ``An Act
to amend the National Housing Act and the Canada Mortgage and
Housing Corporation Act and to make a consequential amendment to
another Act''.
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SUMMARY |
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This enactment amends various provisions of the National Housing
Act and the Canada Mortgage and Housing Corporation Act.
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Parts I, I.1 and VIII of the National Housing Act dealing,
respectively, with housing loan insurance, guarantees of
mortgage-backed securities and interest rate protection by the Canada
Mortgage and Housing Corporation are combined into a new Part I. The
detailed terms and conditions in the Act governing the provision of
housing loan insurance, guarantees and interest rate protection are
replaced by a general power for the Corporation to set terms and
conditions.
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The enactment simplifies the provisions in the Act dealing with
various types of housing assistance, replacing them with authority to
make loans and contributions and forgive loans on terms and conditions
to be set by the Corporation.
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The enactment authorizes the Corporation to participate in research
and development of housing internationally and to promote the export
of Canadian expertise and products relating to housing.
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The enactment consolidates various provisions of the Act relating to
financing of the Corporation for activities carried out under the Act. It
also permits the Corporation to set fees and charges for services
provided by the Corporation under the Act.
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The amendments to the Canada Mortgage and Housing
Corporation Act authorize the Governor in Council to increase the
capital of the Corporation. The Corporation is also authorized to
cooperate and enter into agreements with other persons and
government organizations for the carrying out or assumption of
functions related to housing.
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The enactment also repeals certain spent provisions of An Act to
amend the National Housing Act and the Canada Mortgage and
Housing Corporation Act.
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