Email this pageOntario Mortgage Corporation
The OMC is a classified operational enterprise agency established under the Business Corporations Act. It reports to the Minister of Municipal Affairs and Housing.
Its current role is to administer a loans program and to hold a small residual portfolio of mortgages (marketable and non-marketable) for which the Province of Ontario is responsible. Its responsibilities are primarily financial in nature, arising from its former role in direct delivery of government funded social and affordable housing mortgages.
Specifically, it grants forgivable credits; approves purchasers to assume the Ontario Mortgage Corporation mortgages; discharges mortgages prior to maturity; and gives advice and recommendations on Ontario Mortgage Corporation affairs to the minister as required.
The Minister is the sole shareholder of the Ontario Mortgage Corporation, holding it in trust for the Province of Ontario and appointing the members of the Board of Directors.
Information on its governance is available on the website of the Public Appointments Secretariat.