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Bill C-66

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HOUSING FOR RENTAL PURPOSES

Contractual guarantee of return from rental housing project

22. (1) The 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 contract

(2) The 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 conditions

(3) The 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,

    (a) fees with respect to any guarantee referred to in subsection (1);

    (b) conditions with respect to the operation or occupancy of the project;

    (c) restrictions on the disposal, leasing or charging of the project or any part of it or interest in it;

    (d) limits on the amount of the financial return that may be made from the project; and

    (e) provisions 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 assign

(4) A 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.

Loans for rental housing projects

23. (1) Any 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,

    (a) 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; and

    (b) dispose 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 conditions

(2) A 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 powers

(3) The Corporation may restrict the powers that an approved lender may exercise under subsection (1).

Corporation may lend

24. If, 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.

Loans, etc., with respect to rental housing projects

25. (1) The 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 conditions

(2) The 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,

    (a) conditions with respect to the operation or occupancy of a rental housing project;

    (b) restrictions on the disposal, leasing or charging of the project or any part of it or interest in it;

    (c) limits on the amount of the financial return that may be made from the project; and

    (d) provisions giving the Corporation the right to direct the use of any amount received in excess of any limits referred to in paragraph (c).

5. Paragraphs 32(6)(a) and (b) of the Act are replaced by the following:

    (a) an 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; and

    (b) an 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.

1992, c. 32, ss. 32, 33

6. Sections 34 and 35 of the Act are repealed.

R.S., c. 20 (2nd Supp.) s. 9; 1992, c. 32, ss. 36 to 38

7. Sections 51 to 55 of the Act are replaced by the following:

Assistance for repair, etc.

51. (1) 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 conditions

(2) The 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,

    (a) conditions with respect to the operation or occupancy of a housing project;

    (b) restrictions on the disposal, leasing or charging of the project or any part of it or interest in it;

    (c) limits on the amount of the financial return that may be made from the project; and

    (d) provisions giving the Corporation the right to direct the use of any amount received in excess of any limits referred to in paragraph (c).

1991, c. 47, s. 740; 1992, c. 32, s. 40

8. The headings ``FACILITATION OF HOME OWNERSHIP'' and ``General'' before section 57 and sections 57 to 60 of the Act are replaced by the following:

FACILITATION OF HOME OWNERSHIP AND OCCUPANCY

Owner-occu-
pier loans, etc.

57. (1) 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 conditions

(2) The Corporation may determine the terms and conditions on which it makes a loan or contribution or forgives an amount under subsection (1).

Loans, etc., for housing expenses

58. (1) The 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 conditions

(2) The Corporation may determine the terms and conditions on which it makes a loan or contribution or forgives an amount under subsection (1).

R.S., c. 20 (2nd Supp.), s. 10, c. 25 (4th Supp.), s. 24; 1991, c. 47, s. 741

9. The heading before section 61 and sections 61 to 72 of the Act are replaced by the following:

Loans, etc., to cooperative associations

61. (1) The 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 conditions

(2) The 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,

    (a) conditions with respect to the operation or occupancy of the housing project; and

    (b) restrictions on the disposal, leasing or charging of the project or any part of it or interest in it.

10. The heading ``HOUSING RESEARCH AND COMMUNITY PLANNING'' before section 73 of the Act is replaced by the following:

HOUSING RESEARCH, COMMUNITY PLANNING AND INTERNATIONAL SUPPORT

11. (1) Subsection 75(1) of the Act is amended by striking out the word ``and'' at the end of paragraph (h), by adding the word ``and'' at the end of paragraph (i) and by adding the following after paragraph (i):

    (j) carry 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.

(2) Subsection 75(2) of the Act is replaced by the following:

Approval required

(2) The powers of the Corporation under paragraphs (1)(g) and (i) may be exercised only with the approval of the Governor in Council.

(3) Subsection 75(5) of the Act is replaced by the following:

Limitation

(5) The 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.

12. Section 76 of the Act is replaced by the following:

Agreements and assistance to develop proposals

76. (1) The 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 conditions

(2) The 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).

Export and international support

77. (1) The Corporation may

    (a) promote and develop the export of Canadian expertise, research, services and products relating to housing, living environments and community planning; and

    (b) support 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 conditions

(2) The Corporation may determine the terms and conditions on which it exercises any power or function under subsection (1).

1992, c. 32, s. 42

13. Sections 78 to 83 of the Act are replaced by the following:

Definition of ``public housing agency''

78. 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 by

    (a) the government of a province or an agency thereof;

    (b) one or more municipalities in a province; or

    (c) the government of a province or an agency thereof and one or more municipalities in that province.

Corporation may undertake projects jointly with provinces

79. The Corporation may undertake jointly with the government of any province or agency thereof or with any public housing agency projects for

    (a) the acquisition and development of land for housing purposes or for any purpose incidental thereto;

    (b) the construction of housing projects for sale or for rent; and

    (c) the acquisition, improvement and conversion of existing buildings for a housing project.

Loans, etc., to provinces, municipa-
lities or public housing agencies

80. (1) The 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 conditions

(2) The Corporation may determine the terms and conditions on which it makes a loan or contribution or forgives an amount under subsection (1).

1992, c. 32, s. 43(1)

14. Subsections 84(4) and (5) of the Act are repealed.

15. Subsection 85(3) of the Act is repealed.

1992, c. 32, s. 44

16. Sections 87 to 90 of the Act are replaced by the following:

Definition of ``charitable corporation''

87. 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.

Loans, etc., for student housing projects

88. (1) Subject 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.

Provinical approval

(2) Loans 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.

Exception

(3) Subsection (2) does not apply to loans and contributions to a province or the forgiving of amounts owing on those loans.

Terms and conditions

(4) The Corporation may determine the terms and conditions on which it makes a loan or contribution or forgives an amount under subsection (1).

17. The heading ``GENERAL'' before section 92 of the Act is replaced by the following:

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