Liberals look to put stamp on CMHC with new board focused on social housing

OTTAWA – Canada’s housing agency is getting a makeover as the Liberals look to cement the Canada Mortgage and Housing Corp. (CMHC) as a vehicle to deliver more affordable housing to millions of Canadians.
The federal Liberals have named seven new members to the CMHC board of directors as the Liberals look to leave their stamp on the organization that has for decades been largely out of the social housing business.
The former head of Toronto’s social housing agency will become chairman of the board, two more appointments come from the world of co-operative financial institutions, and another member will be the current chancellor of Simon Fraser University.
All will take their place on the board between now and the end of April, when Derek Ballantyne officially takes over as chairman.
Ballantyne says the makeup of the board means that different parts of the housing sector will have a voice in implementing the national housing strategy that has CMHC as a key player.
He adds that CMHC must also balance its new tasks with its mortgage insurance business, part of managing the risks in the housing market.

By The Canadian Press
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