SOCIAL HOUSING: LOAN PREPAYMENTS ARE A STEP IN THE RIGHT DIRECTION

OTTAWA — The government's decision to accept the prepayment of closed CMHC mortgages for cooperatives and non-profit housing organizations is a step in the right direction, according to the NDP's housing critic Marjolaine Boutin-Sweet (Hochelaga).

Ms. Boutin-Sweet played a key role in securing today’s decision, having repeatedly challenged the minister responsible for the Canada Housing and Mortgage Corporation (CHMC) in the House of Commons and in Parliamentary committees.

“I am very gratified to see the Conservative government admit its mistakes and listen to my proposals for change,” the New Democrat MP said. “I hope they’ll continue in this vein in the future.”

Thanks to the work of Ms. Boutin-Sweet and numerous groups representing housing co-ops across Canada, the CHMC decided not to apply excessive penalties to co-ops and non-profits wanting to remortgage their properties to be able to afford necessary, and often badly needed, renovations. The absurdity of imposing such penalties has been demonstrated clearly and repeatedly.

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