Bill C-550: An Act to amend the National Housing Act (payment to provinces)

C-550 Second Session, Forty-first Parliament, 62 Elizabeth II, 2013 HOUSE OF COMMONS OF CANADA BILL C-550 An Act to amend the National Housing Act (payment to provinces) first reading, November 7, 2013 Mr. Fortin 411469 SUMMARY This enactment amends the National Housing Act to provide that part of the Canada Mortgage and Housing Corporation’s retained earnings from its housing loan insurance business be transferred to the provinces to be used for the purposes of affordable social housing. Available on the Parliament of Canada Web Site at the following address:http://www.parl.gc.ca 2nd Session, 41st Parliament, 62 Elizabeth II, 2013 house of commons of canada BILL C-550 An Act to amend the National Housing Act (payment to provinces) R.S., c. N-11 Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 1. Paragraphs 21(2)(a) to (d) of the National Housing Act are replaced by the following: (a) the capitalization of the Corporation’s business under this Part, in accordance with the guidelines issued by the Office of the Superintendent of Financial Institutions; and (b) the payment to the provinces, in proportion to their population, of the retained earnings that exceed the amount set out in paragraph (a) for, among others, the following purposes: (i) providing affordable social housing, (ii) encouraging the supply of quality housing at affordable prices, (iii) increasing the range of housing options, and (iv) contributing to the creation and development of housing cooperatives. Published under authority of the Speaker of the House of Commons