September 23, 2020, by Special to Ontario Construction News
The Canada Housing and Mortgage Corp. has been criticized for the slow turnaround time on some of its national housing strategy programs, including by smaller housing providers who have complained about the reams of paperwork needed to access them.
Some of that is unavoidable, said CMHC president Evan Siddall, as lending federal money through the programs requires diligence.
“We don’t have enough money as governments to deal with all this. More help from the private sector is also needed” Siddall said.
CMHC estimates about $1 billion worth of mortgage payments were deferred each month during the pandemic, and fewer people will get ahead on their payments this year than in 2019.
The federal agency is striving to ensure everyone in Canada has a home they can afford and that meets their needs by 2030.
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