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Ontario Mortgage and Housing Corporation: Three-Year Business Plan, 2017 to 2020

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Introduction

The Three-Year Business Plan of the Ontario Mortgage and Housing Corporation (OMHC) is prepared annually in accordance with the accountability framework and mandatory reporting requirements for provincial agencies set forth in the Agencies and Appointments Directive, 2016 (AAD).

The Business Plan provides an overview of the agency’s mandate and governance and includes the agency’s financial budget over the three-year life of the plan.

The Business Plan is supplemented by an Annual Report, including the audited Financial Statements, and a Risk Assessment Evaluation.  The Agencies and Appointments Directive also requires an annual mandate letter and a letter of attestation which confirms the agency’s compliance with the Directive.

The Ontario Mortgage and Housing Corporation (OMHC), formerly the Ontario Housing Corporation (OHC), is a statutory corporation.  The Corporation’s enabling legislation consists of two statutes:  the Ontario Mortgage and Housing Corporation Act (OMHC Act) and the Housing Development Act (HDA).  OMHC is classified as a board governed provincial agency and reports to the Minister of Housing.

Ontario Mortgage and Housing Corporation:  Vision, Mandate and Major Functions

OMHC’s responsibilities, which are primarily financial in nature, include: 

  1. administration of public housing debt to Canada Mortgage and Housing Corporation (CHMC) and the Province;
  2. managing OMHC’s contingent liability to CMHC with respect to certain social housing mortgages for non-profit housing programs in accordance with OMHC’s loan insurance agreements with CMHC; 
  3. managing any environmental liabilities under the Environmental Protection Act on public housing properties formerly owned by OMHC that were transferred to Local Housing Corporations;
  4. managing and administering Affordable Home Ownership Program legacy mortgages transferred to it by Minister’s Order in accordance with the OMHC Act;
  5. using the monies in the Affordable Home Ownership Revolving Loan Fund and the monies received under the transferred Affordable Home Ownership Program mortgages, including interest earned on the monies, only for housing purposes in accordance with a Minister approved by-law;
  6. administering marketable and forgivable loans and mortgages related to former housing programs, including loans and mortgages that were owned by Ontario Mortgage Corporation (OMC) prior to its dissolution that were transferred to OMHC on April 1, 2015;
  7. administration of loans to colleges and universities under the Ontario Student Housing program for the development of on-campus student housing; 
  8. administration of housing programs, or parts of housing programs, as may be prescribed under the OMHC Act, including making grants and loans related to such prescribed programs and taking security for such loans;
  9. making housing related loans, grants, guarantees or advances in accordance with the OMHC Act and the HDA;
  10. carrying out building developments as defined under the HDA in accordance with the HDA and OMHC Act; 
  11. coordinating and arranging all borrowing, financing, short-term investment of funds and financial risk management activities through the Ontario Financing Authority, unless the Minister of Finance approves otherwise; and
  12. subject to applicable legislation, such other matters which are within OMHC’s statutory mandate as may be assigned to, or may have been assigned to OMHC by the Minister.  

Governance and Accountability

The OMHC Board is appointed by Order-in-Council of the Lieutenant-Governor in Council and consists of at least five part-time directors with one member of the board appointed by the Lieutenant-Governor in Council as Chair.  The directors are currently all senior civil servants in the Ministry of Housing and the Ministry of Municipal Affairs. 

The OMHC is a party to a Memorandum of Understanding (MOU) with the Minister of Housing that sets out the mandate of the agency and the accountability relationship between the Minister and OMHC.

The MOU, which was signed December 12, 2016, reflected the separation of the Ministry of Municipal Affairs and Housing into two ministries:  Housing and Municipal Affairs.  The MOU updated prior indemnification provisions and includes an ethical framework and administrative arrangements, as required by  the Agencies and Appointments Directive.

OMHC’s assets and revenues do not form part of the Consolidated Revenue Fund and are audited annually by the Office of the Auditor General of Ontario.

Major Operational Activities and Initiatives

OMHC has four key Mandate Responsibilities which are outlined in the tables that follow:

  1. Manage OMHC’s mortgage insurance obligations to CMHC;
  2. Manage any environmental liabilities on public housing properties previously owned by the Corporation that were transferred to Local Housing Corporations;
  3. Administer the Affordable Home Ownership Program Revolving Loan Fund; and
  4. Manage mortgages and leases from legacy housing programs.  

Mandate Responsibility #1

Manage OMHC’s mortgage insurance obligations to CMHC.

Key Activities/Services

Indemnify CMHC for certain social housing mortgages in accordance with OMHC’s loan insurance contracts with CMHC.

Key Deliverables

Reimburse CMHC, as required, for any social housing mortgage losses covered by the indemnities.

Partners and Clients 

Partners – internal to the Ministry of Housing and the Ministry of Municipal Affairs: 

  1. Controllership and Financial Planning Branch; and 
  2. Corporate Services Branch. 

Partners – within the Ontario Public Service:  

  1. Ministry of Finance/Treasury Board Secretariat and Ontario Financing Authority; and
  2. Internal Audit.

Clients – external to the Ontario Public Service:  

  1. Service Managers; and
  2. CMHC.

Mandate Responsibility #2

Manage any environmental liabilities on public housing properties previously owned by OMHC that were transferred to Local Housing Corporations.

Key Activities/Services

  • Educate Service Managers on protocols to be used when environmental issues are identified on properties formerly owned by OMHC.
  • Collaborate with Service Managers to ensure that timely and appropriate remedial action is taken.
  • Ensure that OMHC business and budget planning address the known financial consequences of any environmental liabilities.

Key Deliverables

  • All Service Managers are fully aware of the required processes they must follow to inform OMHC of confirmed or anticipated environmental liabilities on public housing properties transferred to Local Housing Corporations.
  • All potential environmental liabilities on public housing properties formerly owned by OMHC are assessed with appropriate due diligence.
  • Acknowledged environmental liabilities are remediated in an economical and efficient manner that minimizes potential legal risk to the Province and provides a high level of satisfaction to Service Managers and the Local Housing Corporations.

Partners and Clients

Partners – internal to Ministry of Municipal Affairs and the Ministry of Housing:

  1. Municipal Services Offices;
  2. Controllership and Financial Planning Branch; and
  3. Corporate Services Branch.

Partners – within the Ontario Public Service: 

  1. Ministry of Finance/Treasury Board Secretariat; 
  2. Ontario Financing Authority; and
  3. Internal Audit.

Clients – external to the Ontario Public Service: 

  1. Service Managers;
  2. Municipalities; 
  3. Local Housing Corporations; and
  4. Private development interests.

Mandate Responsibility #3

Administer legacy mortgages of the Affordable Home Ownership Program and the Affordable Home Ownership Program Revolving Loan Fund.  

Key Activities/Services

  • Administer the legacy mortgages of the Affordable Home Ownership Program that were transferred to OMHC by Minister’s Order;
  • Respond to requests by mortgagors for services, e.g. calculating the cost of buying out a mortgage and removing charges on title.
  • Administer monies in the Affordable Home Ownership Program Revolving Loan Fund. 

Key Deliverables

  • Affordable Home Ownership Program mortgages are effectively administered.
  • Maintain a high level of client service. 
  • Partners provide effective support. 

Partners and Clients 

Partners – internal to Ministry of Housing and the Ministry of Municipal Affairs: 

  1. Housing Programs Branch of the Ministry of Housing;
  2. Controllership and Financial Planning Branch; 
  3. Corporate Services Branch; and
  4. Municipal Services Offices.

Partners – within the Ontario Public Service: 

  1. Ministry of Finance/Treasury Board Secretariat; and
  2. Internal Audit.

Clients – external to the Ontario Public Service: 

  1. Mortgagors and lessees.

Mandate Responsibility #4: 

Manage mortgages and leases from legacy housing programs.  

Key Activities/Services

  • Administer legacy loans and mortgages. 
  • Respond to requests by mortgagors for services, e.g. removing charges on title where mortgages have matured or been paid out.
  • CMHC administers Home Ownership Made Easy mortgages and loans on behalf of OMHC through an administrative agreement.

Key Deliverables

  • Legacy mortgages are effectively administered.
  • Maintain a high level of client service related to legacy mortgages. 
  • Partners provide effective support. 

Partners and Clients

Partners – internal to Ministry of Housing and the Ministry of Municipal Affairs: 

  1. Municipal Services Offices;
  2. Controllership and Financial Planning Branch; and
  3. Corporate Services Branch.

Partners – within the Ontario Public Service: 

  1. Ministry of Finance/Treasury Board Secretariat; and
  2. Internal Audit.

External Partners 

  1. CMHC.

Clients – external to the Ontario Public Service: 

  1. Mortgagors and lessees.

Board Meetings

Meetings are held at the discretion of the Board, subject to the requirement that the Board hold an Annual General Meeting.  OMHC Board meetings are open to the public except in certain circumstances, where the Board deems an in camera session is required.

Board materials and reports are prepared in advance, using an Agenda established by the Chair in consultation with the Chief Executive Officer.  Minutes are prepared and approved by the Board.

Administrative Activities

The Chief Executive Officer is an employee of the Housing Funding and Risk Management Branch (HFUN), as is the OMHC Corporate Secretary.  The Chief Executive Officer is responsible to the Board for the day-to-day operational management of the Corporation.  The Treasurer is responsible for financial business practices, financial controllership of the Corporation, reports on the Corporation’s financial position, as well as provision of financial advice to the Board.  The Corporate Secretary’s duties include preparing board and ministry reports, recording minutes of Board meetings, and coordinating mortgage and lease discharge requests with staff in various branches in the Ministry of Housing, Legal Services Branch and CMHC. 

Support from the ministry includes operational support and financial administration.  Legal services are provided by the Ministry of the Attorney General. 

Initiatives Involving Third Parties

OMHC has no initiatives involving third parties other than the general partnerships and clients described in the Mandate Responsibility tables. 

Ontario Mortgage and Housing Corporation’s Strategic Directions and Priorities over the Next Three Years

OMHC’s strategic priorities for the next three years are to:

  • continue to manage its existing obligations under the OMHC Act and its stated mandate, to high standards of management and customer service quality;
  • ensure that the former OMC mortgages  are effectively administered; 
  • ensure that prescribed programs are effectively administered;
  • ensure that Service Managers are advised and supported in using the OMHC Environmental Remediation Technical Bulletin; and
  • co-operate with the Ministry in the implementation of any proposed structural or program changes that receive the necessary approvals.

Relationship of Three-Year Business Plan, 2017-2020 to Ministry Vision and Strategic Priorities 

OMHC seeks to support the Ministry of Housing vision for: 

  • a range of adequate and affordable housing choices; and 
  • an appropriate and sustainable supply of housing including a vibrant 
    non-profit and co-operative sector. 

Finances

Resources Required to Meet Current Year Objectives and Proposed Operating Expenditures for Planning Year One and Projected Revenues and Expenditures for Planning Years Two and Three:

A total of $84.6 million has been allocated by the Ministry of Housing to support the operational activities of OMHC in the current fiscal year (2017/18).  OMHC receives an additional $0.2 million from universities and colleges for interest related to student housing debentures.  The table below outlines the budgets for each year of the OMHC Three-Year Business Plan.

ONTARIO MORTGAGE AND HOUSING CORPORATION
2017/18 Budget and 2017-20 Estimated Requirements 

2017/18 Budget

($ millions)

2018/19 Budget

($ millions)

2019/20 Budget

($ millions)

Revenues:

 

 

 

Subsidies from Province:

 

 

 

Debt Service Obligations

 

 

 

Transfer Payment-Operating

73.1

66.4

60.2

Interest received from Student Housing

0.2

0.1

0.1

Environmental Remediation

11.5

2.9

10.1

Total Revenues

84.8

69.4

70.4

Expenses:

 

 

 

Debentures Interest:

 

 

 

Devolved Properties

15.8

11.7

7.9

Student Housing

0.2

0.1

0.1

Environmental Remediation

0.4

0.4

0.4

Total Expenses

16.4

12.2

8.4

Excess of Revenues over Expenses

68.4

57.2

62.0

 

OMHC derives its revenues from two subsidies from the Province:  the debt service obligation subsidy and the environmental remediation subsidy.  The debt service obligation subsidy covers the interest on long-term debt included in OMHC’s expenses, and the remaining portion represents the excess of revenues over expenses that is applied to the principal payments on the long-term debt.

Similarly, the environmental remediation subsidy covers the environmental remediation costs included in the agency’s expenses, and the remaining portion represents the excess of revenues over expenses that is applied to offset the site remediation costs that are accounted for in the Long-Term Environmental Remediation obligation.

The estimated cost of environmental remediation was recorded as a long term liability in 2014-15 to comply with the new Public Sector Accounting Board PS3260 Liability for Contaminated Sites standard.  Since then, OMHC is recognizing as a revenue the funding received from the ministry to meet its environmental remediation obligations, but the payments made by OMHC for environmental remediation reduce the long term liability rather than showing as an expense.  The environmental remediation expense on the OMHC financial statements is a result of present value discounting.

Liability and Indemnification

The OMHC Act provides that no proceeding shall be commenced against any director, officer, employee, servant or agent of the Corporation for any act done in good faith in the exercise or performance or intended exercise or performance of his or her power or duty or for any alleged neglect or default in the exercise or performance in good faith of that power or duty.

Directors and Officers of the Corporation are entitled, under section 136(4.2) of the Business Corporations Act (Ontario), to be indemnified by the Corporation in respect of all costs, charges, and expenses reasonably incurred by him or her in connection with the defence of any civil, criminal, administrative, investigative or other proceedings to which the Director or Officer is subject because of his or her association with the Corporation.  This protection is provided if the Director or Officer acted honestly and good faith, had reasonable grounds for believing his or her conduct was lawful, and was not judged by a court or other authority to have committed any fault or omitted actions which ought to have been done.

The updated Memorandum of Understanding and OMHC By-law Number 1: Administration reflect the Agencies and Appointments Directive limitation that directors and officers not be indemnified in instances of bad faith, willful misconduct and gross negligence. 

Human Resources Over the Next Three Years

The OMHC is directed by a Board, appointed by Order in Council.  The Board of Directors, as of March 31, 2017 included:

 OMHC
Board Member

 Position

 Date of
First Appointment

 Appointment
Expires 

 Janet Hope  Chair, Member   February 1, 2007  December 31, 2017
 Jim Cassimatis  Vice-Chair, Member  December 10, 2012  December 31, 2017
 Elizabeth Harding  Member  January 1, 2012  December 31, 2017
 Kate Manson-Smith  Member  December 10, 2014  December 31, 2017
 Larry Clay  Member  January 1, 2016  December 31, 2017

 

Administrative staff support for the OMHC is provided by Ministry staff as follows:

  • Housing Funding and Risk Management Branch, Ministry of Housing:  Primary administrative responsibility is carried out by 1.4 full-time-equivalent employees (FTEs) including a part-time Corporate Secretary; a part-time Chief Executive Officer; and part-time general administrative support.
  • Other Ministry and Ontario Public Service offices:  In addition, the OMHC receives support on an “as needed” basis from the Controllership and Financial Planning Branch, Corporate Services Branch, as well as Legal Services Branch, Internal Audit and staff from the Community Services Cluster I&IT, which serve the Ministry of Housing.

Impact of the Present Business Plan on Human Resources over the Next Three Years:

The OMHC Three-Year Business Plan is not expected to have an impact on human resources over the next three years.  Senior staff from the Ministry of Housing and the Ministry of Municipal Affairs serve as OMHC Board members.  Legal services, controllership and general support are also provided by staff providing service to the Ministry of Housing.  These civil servants perform OMHC duties as part of their regular responsibilities and receive no additional compensation for OMHC work.

Compensation Strategy 

OMHC is entirely supported by Ontario Public Service staff in the course of their normal duties.  No additional compensation is provided for service to OMHC.

Infrastructure (Real Property, Facilities, Assets and IT) Over the Next Three Years

OMHC is on title as owner of certain real property that was not transferred at the devolution of public housing properties under the Social Housing Reform Act, 2000.  The properties remain on title due to technical anomalies, such as the recording of Property Identification Numbers.  The Corporation will continue the process of transferring these properties to the appropriate owners.  In accordance with the Realty Directive from Management Board of Cabinet, the Corporation will develop a Realty Management Plan.

OMHC does not currently anticipate significant legal or regulatory challenges in the next three years.  Any issues will be addressed as they arise. 

Customer Service over the Next Three Years

OMHC does not anticipate changes in customer service or standards in the next three years.

Communications

OMHC communicates directly with its clients as follows: 

  • mortgagors, by phone, email, letter and document exchange;
  • other clients, by phone, email and letters; and 
  • the Minister, Deputy Minister and Ministry through briefing materials and direct briefings.

The Corporation is required, by both the OMHC Act and the Agencies and Appointments Directive, to produce an annual report including audited Financial Statements.  The report is tabled in the Legislature in both official languages.  The Annual Report, Three-year Business Plan, Memorandum of Understanding and Mandate Letter are posted on the Ministry of Housing website under the heading, Agencies, Boards and Commissions. 

No special general communications are planned for 2017-2020.

Issues Management

No special issues are anticipated during the three-year Business Plan period.  The Memorandum of Understanding requires the Chair to advise the Minister of any identified issues. 

Strategic Planning for the Three-Year Plan and Beyond

None identified.

Performance Measures and Targets over the Next Three Years

In the past fiscal year, 2016/17, there were no defaults on public housing debentures or any CMHC loans indemnified by OMHC.  The Corporation’s performance measures for the period of this Business Plan are listed in the following table.

Outcome

Performance Measure

Standard or Target

Effective administration of public housing debt to CMHC and the Province.

1. Terms of debenture agreements are adhered to.

1.1. All debt service payments are made on the scheduled dates. Discharge of related debenture debt is made as per terms of the debenture agreement.

Environmental liability issues are addressed on a timely basis.

2. OMHC guidelines and processes to resolve potential environmental liability issues are followed.

2.1. All Service Managers are aware of the required processes to inform OMHC of confirmed or anticipated environmental liabilities on public housing properties formerly owned by OMHC.

2.2. All potential environmental liabilities are assessed as sites are identified by Service Managers, using appropriate due diligence.

2.3. Any acknowledged environmental liabilities are remediated in an economical and efficient manner.

2.4 Potential legal risk to the Province is minimized.

Effective administration of legacy OMHC mortgages and leases

3.1 Mortgages are administered effectively.

3.2 Client needs are met.

3.3 Charges are removed from title as mortgages mature or are paid out.

3.1 Due diligence is performed to ensure mortgage conditions are being met.

3.2 OMC mortgagors are supported as questions and concerns arise. OMHC works closely with CMHC in the administration of certain legacy mortgages and leases.

3.3 Mortgage discharges are processed in a timely manner.

 

Environmental Scan

The following key factors may affect the achievement of the outcomes and targets outlined above.

External

The age of the current social housing stock, much of which was built over the 1950-93 period, suggests a potential pressure on Service Managers and their housing corporations to secure the capital financing needed to retrofit and renovate their stock. 

Potential environmental contamination may be discovered during social housing renovation and the redevelopment of sites as affordable housing.  The Corporation, as former owner, is potentially liable under the Environmental Protection Act for contamination discovered on former OMHC public housing properties.

Internal

None identified.  

Risk Assessment and Mitigation Plan

OMHC continues to assess its risks in each of the risk categories identified by Treasury Board Secretariat. Risk assessment includes mitigation strategies. 

Risk Evaluation Matrix

Probability: Low
Impact: High

Mitigation controls/ contingency plans

Probability: Medium
Impact: High 

Mitigation controls/ contingency plans; monitor closely


Probability: High
Impact: High 

Take urgent remedial action; monitor rigorously

Probability: Low
Impact: Medium 

Tolerate; Monitor

Probability: Medium
Impact: Medium 

Mitigation controls / contingency plans

Probability: High
Impact: Medium 

Mitigation controls / contingency plans; monitor closely


Probability: Low
Impact: Low 

Tolerate; no action

Probability: Medium
Impact: Low 

Tolerate; monitor

Probability: High
Impact: Low 

 Mitigation controls / contingency plans

 


The Board has identified the following risk.  

Risk:  Environmental Liability

The OMHC, as former owner, has potential liability under the Environmental Protection Act for contamination discovered on former OMHC public housing properties.  

Issue:  Unplanned/unbudgeted remediation costs may occur within the three years of this Business Plan. 

Regent Park, formerly owned by the Corporation, is being redeveloped by the Toronto Community Housing Corporation (TCHC).  Based on the redevelopment plan prepared by TCHC, this re-development is expected to take 12 to 15 years to complete.  In this and some other cases, the Corporation’s responsibility for any remediation is limited under the terms of an agreement making it responsible for only identified costs. 

Environmental remediation may be required at each stage of redevelopment. Based on the redevelopment plan prepared by TCHC, it is expected that phases 2 and 3 will be completed by 2018/19 after which phases 4 and 5 will start.  Total potential costs for remediation for Phases 2 and 3 of the Regent Park redevelopment are forecast at $34.1M, and remediation for the remaining Phases 4 and 5 are forecast at $29.0M.  Estimated costs and timelines for the Regent Park redevelopment work are regularly updated through communication with the TCHC.

In June 2013, TCHC advised that an Environmental Site Assessment (ESA) identified soil and groundwater contamination on the Alexandra Park site. In March 2014, TCHC requested that the Corporation provide financial assistance for soil remediation work.  Discussions are on-going with the City of Toronto as Service Manager.

The Corporation retained potential environmental liability with respect to its former public housing properties under the Environmental Protection Act, as stated in the former Social Housing Reform Act, 2000 and continued under the Housing Services Act, 2011.  The Ministry reimburses the Corporation for costs incurred.  

In 2014/15 the ministry completed a review of the more than 1,500 former OMHC public housing properties in order to identify potential liabilities for environmental contamination.  Potential liabilities take the form of soil and groundwater contaminants as defined in the Environmental Protection Act.  Estimates were developed using a risk-based approach that analyzed current and historical land uses, local redevelopment potential, construction date and building type.  A total of 50 sites were identified as having a high degree of risk for potential contamination.  These 50 sites represent a potential contingent liability of approximately $295 million.  Starting in fiscal year 2016/17 the Corporation and the ministry have implemented a process to annually update the environmental risks of these properties as part of recommendations made by the Auditor General of Ontario. No changes to the current risk levels were required this year.

Probability:  MEDIUM

The Corporation has potential liability for environmental remediation under the Environmental Protection Act.  Service Managers are responsible for identifying potential contamination and notifying OMHC. 

OMHC has a structured plan in place for evaluating claims of environmental contamination.  Infrastructure Ontario provides technical expertise and support for each case.  Cases of acknowledged environmental contamination are considered by the OMHC Board.  Funds for remediation are allocated by the Province through the Program Review, Renewal and Transformation (PRRT) process.

Impact:  MEDIUM

Potential liabilities are difficult to accurately forecast from both a cost estimate and timing perspective. 

Any unbudgeted environmental costs would result in capital pressures on the Corporation and, therefore, on the Ministry.  Unbudgeted costs would create a pressure on the ministry’s capital envelope and overall appropriation. 

Mitigation Strategy

Mitigation

The Ministry reports potential liabilities as capital risks on an annual and quarterly basis to Treasury Board Secretariat. The Ministry will be regularly reviewing and updating the current environmental remediation guidelines.  These guidelines reflect changes in relevant legislation, and provide the Corporation, staff, and Service Managers with a clear application and review process for any contamination claims.

Contingency Plan

Where the Corporation enters into negotiations with Service Managers to settle a potential environmental liability claim, careful planning and monitoring is undertaken to ensure further expenditures are foreseen and to assist with financial planning.  The Corporation works closely with Service Managers to ensure that financially and environmentally prudent methods of risk management and remediation are chosen.

OMHC Implementation Plan

The agency’s work plan and timing for its key activities are noted below, including high-level deadlines and major Ontario Public Service and Agencies and Appointments Directive, 2016 compliance commitments.

Strategic Priority

Objective

Action Planned

1) Administer public housing debt until maturity.

Manage public housing debt to CMHC and the Province.

Provide transfers of the title upon repayment.

2) Manage OMHC’s mortgage insurance obligations to CMHC.

Manage low-risk social housing mortgage obligations.

Maintain a close working relationship with CMHC on indemnified loans.

3) Manage potential environmental liabilities that may arise on public housing properties previously owned by the Corporation.

Service Managers are aware of the process used to inform OMHC and initiate a claim for environmental remediation on public housing properties formerly owned by OMHC.

Environmental contamination is addressed economically and efficiently, minimizing legal risk to the Province and the Corporation.

Service Manager satisfaction is high.

Work with Service Managers and Local Housing Corporations to manage sites with potential and identified environmental contamination.

4) Manage mortgages, land leases and loans from legacy housing programs.

Administer mortgages under the Affordable Home Ownership Program and its Revolving Loan Fund.

Administer legacy mortgages and land leases.

Administer loans to colleges and universities.

Administer the legacy mortgages of the Affordable Home Ownership Program with due diligence.

Maintain a good working relationship with CMHC which administers the Home Ownership Made Easy mortgages and land leases on behalf of OMHC.  

5) Comply with reporting and accountability standards for provincial agencies.

OMHC meets reporting and accountability requirements of the Agencies and Appointments Directive, 2016, OMHC Act and directives from Management Board of Cabinet and Treasury Board Secretariat.

Accountable, timely and transparent agency management.

OMHC meets deadlines for submitting required reports and documentation, including:

  • Chair’s affirmation of the Memorandum of Understanding with the Minister;
  • Letter of Compliance Attestation;
  • Mandate Letter;
  • Annual Report with audited Financial Statements;
  • Three-Year Business Plan;
  • Risk Assessment Evaluation; and
  • Realty Plan.

 

I approve the business plan:

Signed by the
MINISTER OF HOUSING

 

Chris Ballard
Minister of Housing

Date: July 9, 2017

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