GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
National Housing Act — N-11
limited-dividend housing company means a company incorporated to construct, hold and manage a low-rental housing project, the dividends payable by which are limited by the terms of its charter or instrument of incorporation to five per cent per annum or less; ( société immobilière à dividendes limités )
National Housing Act — N-11 (a)
low-rental housing project means a housing project undertaken to provide decent, safe and sanitary housing accommodation, complying with standards approved by the Corporation, to be leased to families of low income or to such other persons as the Corporation, (a) in its discretion, in the case of a housing project owned by it, or (b) under agreement with the owner, in the case of a housing project not owned by it, designates, having regard to the existence of a condition of shortage, overcrowding or congestion of housing; ( ensemble d’habitation HLM ou HLM )
National Housing Act — N-11
metropolitan area means a city together with one or more adjacent municipalities in close economic relationship with the city; ( communauté urbaine )
National Housing Act — N-11
Minister means such member of the Queen’s Privy Council for Canada as is designated by the Governor in Council as the Minister for the purposes of this Act; ( ministre )
National Housing Act — N-11
multiple-family dwelling [Repealed, 1999, c. 27, s. 1]
National Housing Act — N-11
municipality means an incorporated city, metropolitan area, town, village, county, township, district, rural municipality or other municipality; ( municipalité )
National Housing Act — N-11
non-profit corporation means a corporation, no part of the income of which is payable to or is otherwise available for the personal benefit of any proprietor, member or shareholder thereof; ( association personnalisée )
National Housing Act — N-11
official community plan means a master plan of community development and land utilization prepared by a local planning authority and legally adopted by or on behalf of a municipality; ( plan d’urbanisme )
National Housing Act — N-11
one-family dwelling [Repealed, R.S., 1985, c. 25 (4th Supp.), s. 1]
National Housing Act — N-11
person includes a group of persons, an organization, a municipality or a department or agency of the government of Canada or of a province; ( personne )
National Housing Act — N-11
regulation [Repealed, 2012, c. 19, s. 350]
National Housing Act — N-11
rent reduction fund [Repealed, 1999, c. 27, s. 1]
National Housing Act — N-11
rental housing project means a housing project occupied or intended to be occupied primarily by a person other than the owner. ( ensemble d’habitation locatif )
National Housing Act — N-11
semi-detached dwelling [Repealed, R.S., 1985, c. 25 (4th Supp.), s. 1]
National Housing Act — N-11
title [Repealed, R.S., 1985, c. 25 (4th Supp.), s. 1]
National Housing Act — N-11 2.1
Debts treated as loans 2.1 (1) For the purposes of this Act, a transaction by which a person becomes indebted to a creditor is to be treated as the making of a loan from the creditor to the person. Persons treated as owner (2) If the Corporation is of the opinion that the circumstances so warrant, a lessee, a purchaser under an agreement or an occupant may be treated as an owner for the purposes of this Act. 1999, c. 27, s. 2
National Housing Act — N-11 3
Purpose 3 The purpose of this Act, in relation to financing for housing, is to promote housing affordability and choice, to facilitate access to, and competition and efficiency in the provision of, housing finance, to protect the availability of adequate funding for housing at low cost, and generally to contribute to the well-being of the housing sector in the national economy. R.S., 1985, c. N-11, s. 3; 1992, c. 32, s. 6; 1999, c. 27, s. 2
National Housing Act — N-11 4
Her Majesty has rights and obligations of the Corporation 4 Every right or obligation acquired or incurred by the Corporation under this Act, whether in its name or in the name of Her Majesty, is a right or obligation of Her Majesty. R.S., c. N-10, s. 4
National Housing Act — N-11 5
Designation 5 (1) The Corporation may designate any person as an approved lender for the purposes of this Act. Term of designation (2) The designation of an approved lender and any renewal of that designation are in force for any period that the Corporation may specify. Conditions and restrictions (3) The Corporation may, at any time, establish conditions and restrictions applicable to an approved lender. Suspension (4) The Corporation may, at any time, suspend or cancel the designation of an approved lender. Fees (5) The Corporation may establish schedules of fees payable by approved lenders in relation to their designation and supervision. Regulations (6) The Governor in Council may, on the recommendation of the Minister of Finance, make regulations respecting the designation of approved lenders, including regulations establishing criteria that a person must meet in order to be so designated. R.S., 1985, c. N-11, s. 5; R.S., 1985, c. 25 (4th Supp.), s. 2; 1999, c. 27, s. 3; 2011, c. 15, s. 22
National Housing Act — N-11 6
Powers of approved lenders 6 (1) Subject to subsection (2), an approved lender who is subject to the jurisdiction of Parliament may, notwithstanding any restrictions on the power of the lender contained in any other statute or law, (a) make loans on such terms and conditions as are provided for by or under this Act; (b) acquire from the Corporation any secured obligation in favour of the Corporation that is to be insured or guaranteed by the Corporation after it is acquired; (c) dispose of or acquire insured loans together with the security taken in respect of those loans; (d) pledge an insured loan with the Corporation or an approved lender to secure the repayment of money borrowed, and borrow money from the Corporation or an approved lender on the security of an insured loan; (e) administer an insured loan for and on behalf of the holder of the loan; and (f) on such terms and conditions as are specified by the Corporation, act as agent for the Corporation in the exercise of any of the Corporation’s powers and functions under Part I and in the making or administering of loans that the Corporation is authorized to make. Restriction of powers (2) The Corporation may restrict the powers that an approved lender may exercise under subsection (1). R.S., 1985, c. N-11, s. 6; 1999, c. 27, s. 3
National Housing Act — N-11 7
Definitions 7 The following definitions apply in this Part. Chairperson of the Canada Deposit Insurance Corporation [Repealed, 2016, c. 7, s. 171] Commissioner of the Financial Consumer Agency of Canada means the Commissioner of the Financial Consumer Agency of Canada appointed under section 4 of the Financial Consumer Agency of Canada Act . ( commissaire de l’Agence de la consommation en matière financière du Canada ) Governor of the Bank of Canada means the Governor of the Bank of Canada appointed under section 6 of the Bank of Canada Act . ( gouverneur de la Banque du Canada ) housing loan means a loan that (a) relates to a housing project; (b) is secured at least in part by security on or affecting a housing project or by an agreement relating to the use, occupancy or disposal of a housing project; (c) is made for the purpose of acquiring a financial interest in a person who, directly or indirectly, owns, leases or operates a housing project; or (d) is made for the purpose of refinancing a debt that the Corporation is of the opinion relates to a housing project or to a financial interest referred to in paragraph (c). ( prêt à l’habitation ) Superintendent means the Superintendent of Financial Institutions appointed under section 5 of the Office of the Superintendent of Financial Institutions Act . ( surintendant ) R.S., 1985, c. N-11, s. 7; R.S., 1985, c. 25 (4th Supp.), s. 3; 1992, c. 32, s. 8(F); 1999, c. 27, s. 3; 2012, c. 19, s. 351; 2016, c. 7, s. 171
National Housing Act — N-11
Chairperson of the Canada Deposit Insurance Corporation [Repealed, 2016, c. 7, s. 171]
National Housing Act — N-11
Commissioner of the Financial Consumer Agency of Canada means the Commissioner of the Financial Consumer Agency of Canada appointed under section 4 of the Financial Consumer Agency of Canada Act . ( commissaire de l’Agence de la consommation en matière financière du Canada )
National Housing Act — N-11
Governor of the Bank of Canada means the Governor of the Bank of Canada appointed under section 6 of the Bank of Canada Act . ( gouverneur de la Banque du Canada )
National Housing Act — N-11 (a)
housing loan means a loan that (a) relates to a housing project; (b) is secured at least in part by security on or affecting a housing project or by an agreement relating to the use, occupancy or disposal of a housing project; (c) is made for the purpose of acquiring a financial interest in a person who, directly or indirectly, owns, leases or operates a housing project; or (d) is made for the purpose of refinancing a debt that the Corporation is of the opinion relates to a housing project or to a financial interest referred to in paragraph (c). ( prêt à l’habitation )
National Housing Act — N-11
Superintendent means the Superintendent of Financial Institutions appointed under section 5 of the Office of the Superintendent of Financial Institutions Act . ( surintendant )
National Housing Act — N-11 7.1
Objects 7.1 The Corporation has the following objects in carrying on any activities under this Part or Part I.1: (a) to promote the efficient functioning and competitiveness of the housing finance market; (b) to promote and contribute to the stability of the financial system, including the housing market; and (c) to have due regard to the Corporation’s exposure to loss. 2012, c. 19, s. 351
National Housing Act — N-11 8
Insurance of loans 8 (1) The Corporation may provide insurance against risks relating to housing loans. For whose benefit (2) For lenders, the purpose of insuring housing loans is to indemnify lenders in the event of default by borrowers. The obligations of borrowers or other persons are not released or discharged by that insurance or indemnification. R.S., 1985, c. N-11, s. 8; R.S., 1985, c. 25 (4th Supp.), s. 4; 1999, c. 27, s. 3
National Housing Act — N-11 8.1
Regulations — Minister of Finance 8.1 (1) The Minister of Finance may, after consulting the Governor of the Bank of Canada and the Superintendent, make regulations respecting classes of housing loans and the criteria to be met by loans in each of those classes in order for the Corporation to be able to provide insurance against risks relating to those loans. Criterion  — guarantee (1.1) Any criterion established by a regulation made under subsection (1) that relates to a guarantee of payment referred to in subsection 14(1) may apply to an existing insured loan. Coming into force (2) A regulation made under this section comes into force on the day on which it is published in the Canada Gazette or on any later day that is specified in the regulation unless the regulation provides otherwise and it gives effect to a budgetary or other public announcement, in which case the regulation must not come into force before the day on which the announcement was made. R.S., 1985, c. 25 (4th Supp.), s. 5; 1999, c. 27, s. 3; 2011, c. 15, s. 23; 2012, c. 19, s. 357; 2014, c. 20, s. 316
National Housing Act — N-11 8.2
Fees for risk exposure 8.2 The Minister of Finance may fix a fee to be paid by the Corporation to the Receiver General to compensate Her Majesty for Her exposure to the risks covered by Her agent the Corporation arising from the insurance relating to housing loans. That Minister shall notify the Corporation in writing of the fee. 2011, c. 15, s. 23
National Housing Act — N-11 9
Payments by Corporation for completion 9 If the Corporation has insured a loan that has been provided to finance the completion of work relating to, or the supply of materials for, a housing project and the work has not been completed, the materials have not all been supplied or the work or materials have not been fully paid for, the Corporation may make loans or payments for the completion of the work or the supply of the materials or for the satisfaction of claims in respect of the project. R.S., 1985, c. N-11, s. 9; R.S., 1985, c. 25 (4th Supp.), s. 6; 1999, c. 27, s. 3
National Housing Act — N-11 10
Avoiding or curing defaults 10 (1) The Corporation may make payments to approved lenders or to holders of insured loans, and may make loans or payments to borrowers or their assignees, for the purpose of avoiding or curing, in whole or in part, default under insured loans or facilitating variation of the terms of payment of insured loans, or for any other purposes that the Corporation considers appropriate to protect its interest as an insurer. Subrogation (2) If the Corporation makes a payment to an approved lender or holder of an insured loan under subsection (1), the Corporation is subrogated, to the extent of the amount of the payment, to all the rights and interests of the lender or holder in respect of that amount, and may maintain an action in respect of those rights and interests in the name of the lender or holder or in the name of the Corporation. Any money recovered by the lender or holder must first be applied against money owing to the lender or holder on account of the insured loan. Waiver (3) The Corporation may waive the right of subrogation referred to in subsection (2). R.S., 1985, c. N-11, s. 10; R.S., 1985, c. 20 (2nd Supp.), s. 8, c. 25 (4th Supp.), s. 7; 1999, c. 27, s. 3
National Housing Act — N-11 11
Maximum total 11 Despite anything in this Act, the total of the outstanding insured amounts of all insured loans may not exceed the sum of (a) eight hundred billion dollars, and (b) any additional amounts authorized by Parliament under an appropriation Act or other Act of Parliament on or after the day on which the Budget Implementation Act, 2024, No. 1 receives royal assent. R.S., 1985, c. N-11, s. 11; 1992, c. 32, s. 9; 1999, c. 27, s. 3 2020, c. 5, s. 47 2024, c. 17, s. 150
National Housing Act — N-11 11.2 and 11.3
11.2 and 11.3 [Repealed, 1999, c. 27, s. 3]
National Housing Act — N-11 12
Administration of housing loans 12 The Corporation may administer a housing loan by agreement with the holder of the loan. R.S., 1985, c. N-11, s. 12; R.S., 1985, c. 25 (4th Supp.), s. 9; 1992, c. 32, s. 11; 1999, c. 27, s. 3
National Housing Act — N-11 13
Corporation may lend 13 The Corporation may make a housing loan in any of the following circumstances: (a) where the loan would otherwise not be available to the borrower; (b) where the Corporation intends to (i) make a contribution to the borrower, (ii) make another loan, or advances on another loan, to the borrower, or (iii) forgive any indebtedness of the borrower to the Corporation; or (c) where the Corporation is a party to an agreement respecting the operation of the housing project to which the loan relates. R.S., 1985, c. N-11, s. 13; R.S., 1985, c. 25 (4th Supp.), s. 9; 1992, c. 32, s. 12; 1999, c. 27, s. 3
National Housing Act — N-11 14
Guarantee 14 (1) The Corporation may — with the Minister of Finance’s approval and on any terms or conditions that are specified by him or her — guarantee payment of any or all of the principal or interest, or both, in respect of securities issued on the basis of housing loans. The terms and conditions may, among others, relate to the amount and price of the guarantee, the characteristics of the securities to be guaranteed and the manner in which the securities are to be issued. Regulations — Governor in Council (2) The Governor in Council may, on the Minister of Finance’s recommendation, make regulations respecting the characteristics of those who may issue or sell the securities. Regulations — Minister of Finance (3) The Minister of Finance may make regulations respecting the characteristics of the housing loans. Compensation (4) The Minister of Finance may fix a fee to be paid by the Corporation to the Receiver General to compensate Her Majesty for Her exposure to the risks arising from a guarantee referred to in subsection (1). That Minister shall notify the Corporation in writing of the fee. R.S., 1985, c. N-11, s. 14; R.S., 1985, c. 25 (4th Supp.), s. 9; 1992, c. 32, s. 13; 1999, c. 27, s. 3; 2012, c. 19, s. 352
National Housing Act — N-11 14.1
Prohibition 14.1 It is prohibited for the Corporation to guarantee payment of any or all of the principal or interest, or both, in respect of a covered bond as defined in section 21.5. R.S., 1985, c. 25 (4th Supp.), s. 9; 1999, c. 27, s. 3; 2012, c. 19, s. 353
National Housing Act — N-11 14.2 to 14.8
14.2 to 14.8 [Repealed, 1999, c. 27, s. 3]
National Housing Act — N-11 15
Maximum total 15 (1) Despite anything in this Act other than subsection (2), the total of the outstanding guaranteed amounts of principal for all issues of securities in respect of which guarantees that have been given under section 14 are in force may not exceed the total amount provided for in section 11. Maximum total — other Acts (2) The total of the outstanding guaranteed amounts of principal may not exceed the amount authorized by Parliament under an appropriation Act or other Act of Parliament. R.S., 1985, c. N-11, s. 15; 1999, c. 27, s. 3; 2012, c. 19, s. 354
National Housing Act — N-11 16
Interest rate protection 16 The Corporation may provide protection against the effects of changes in interest rates for housing loans. R.S., 1985, c. N-11, s. 16; R.S., 1985, c. 25 (4th Supp.), s. 11; 1992, c. 32, s. 19; 1999, c. 27, s. 3
National Housing Act — N-11 17
Dealing in obligations by Corporation 17 The Corporation may (a) acquire housing loans or interests in housing loans; (b) make loans to the holders of housing loans; (c) sell any obligation held by the Corporation and may, under an agreement made with the purchaser, continue to administer the obligation; and (d) issue securities based on housing loans. R.S., 1985, c. N-11, s. 17; R.S., 1985, c. 25 (4th Supp.), s. 12; 1992, c. 32, s. 20; 1999, c. 27, s. 3
National Housing Act — N-11 17.1
Mortgage insurance 17.1 The Corporation may provide the liquidator of a company, society or foreign company within the meaning of subsection 2(1) of the Insurance Companies Act with services in relation to the company’s, society’s or foreign company’s mortgage insurance business, and it may acquire some or all of the company’s, society’s or foreign company’s mortgage insurance policies or reinsure some or all of its mortgage insurance policies. 2007, c. 6, s. 440
National Housing Act — N-11 18
Reinsurance 18 (1) The Corporation may obtain reinsurance with respect to the risk covered by the Corporation in respect of any insurance, guarantee or other protection provided by the Corporation under this Part. Payment to Receiver General (2) The Corporation may pay to the Receiver General amounts determined in accordance with the Corporation’s corporate plan approved under section 122 of the Financial Administration Act to compensate Her Majesty for Her exposure to the risks covered under this Part by Her agent the Corporation. Those amounts are, for the Corporation, expenses of carrying on business under this Part. R.S., 1985, c. N-11, s. 18; R.S., 1985, c. 25 (4th Supp.), s. 12; 1992, c. 32, s. 21; 1999, c. 27, s. 3.
National Housing Act — N-11 19
Terms and conditions 19 Subject to any regulations made under this Part, the Corporation may (a) set the terms and conditions on which it exercises any powers or functions under this Part, including terms and conditions relating to the payment of claims in respect of any insurance, guarantee or other protection provided by the Corporation under this Part; and (b) establish schedules of premiums, fees and charges for anything done in the exercise of any powers or functions of the Corporation under this Part. R.S., 1985, c. N-11, s. 19; R.S., 1985, c. 25 (4th Supp.), s. 13; 1992, c. 32, s. 22; 1999, c. 27, s. 3; 2012, c. 19, s. 355
National Housing Act — N-11 20
Agents 20 The Corporation may authorize an approved lender to act as agent for the Corporation in the exercise of any of its powers or functions under this Part, including in a situation involving a loan made or administered by the lender. R.S., 1985, c. N-11, s. 20; R.S., 1985, c. 25 (4th Supp.), s. 14; 1999, c. 27, s. 3
National Housing Act — N-11 20.1 and 20.2
20.1 and 20.2 [Repealed, 1999, c. 27, s. 3]
National Housing Act — N-11 21
Establishment of funds 21 (1) The Corporation must establish and maintain funds to provide for claims, losses, expenditures and costs relating to the conduct of its business under this Part. Corporate plan (2) The Corporation’s corporate plan required under section 122 of the Financial Administration Act must contain a proposal that the Corporation’s profits from the conduct of its business under this Part that are not credited to a fund established under subsection (1) be used for one or more of the following purposes: (a) the capitalization of the Corporation’s business under this Part; (b) the payment of a dividend to the Consolidated Revenue Fund; (c) the purposes of this Act or the Canada Mortgage and Housing Corporation Act or any other purpose authorized by Parliament relating to housing; and (d) retention. Implementation of proposal (3) The Corporation is authorized to implement a proposal referred to in subsection (2) after the proposal is approved under section 122 of the Financial Administration Act as part of the Corporation’s corporate plan. Non-application (4) Section 29 of the Canada Mortgage and Housing Corporation Act does not apply to profits from the conduct of the Corporation’s business under this Part. R.S., 1985, c. N-11, s. 21; R.S., 1985, c. 25 (4th Supp.), s. 16; 1992, c. 32, s. 25; 1995, c. 47, s. 1; 1999, c. 27, s. 3
National Housing Act — N-11 21.1
Obligation to retain information, books and records 21.1 (1) The Corporation shall keep and retain books and records, and retain information, in respect of its activities under this Part and Part I.1, including any books, records or information that are prescribed by regulation. Obligation to provide information or copies (2) At the request of the Minister of Finance, the Corporation shall, without delay, provide that Minister with any information or copies of any books or records that it is required to retain. Power to disclose (3) The Minister of Finance may disclose to the Superintendent, the Governor of the Bank of Canada, the Chief Executive Officer of the Canada Deposit Insurance Corporation and the Commissioner of the Financial Consumer Agency of Canada any information or copies of any books or records received under subsection (2). Public information (4) The Corporation shall make available to the public the books, records and information that are prescribed by regulation. Regulations (5) The Governor in Council may, on the Minister of Finance’s recommendation, make regulations respecting the manner in which books and records are to be kept and retained, the manner in which information is to be retained and the manner in which books, records and information are to be made available to the public. R.S., 1985, c. 8 (1st Supp.), s. 1, c. 25 (4th Supp.), s. 17(E); 1999, c. 27, s. 3; 2011, c. 15, s. 24; 2012, c. 19, s. 358; 2016, c. 7, s. 172