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History Of Canada Mortgage And Housing Corporation

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History Throughout its history, CMHC has touched the lives of Canadians in almost every community across the country. Canada Mortgage and Housing Corporation (CMHC), a Crown corporation of the Government of Canada, through the 1944 National Housing Act, the federal government already played a leading role in Canadian housing programs. As World War II veterans returned, CMHC 's programs supported social and rental housing and created public housing program for low-income families. New housing was offered very low cost mortgages, small down payments and easy terms. It later built and/or funded urban renewal projects in Canada 's cities. CMHC is regulated under the Financial Administration Act, the Canada Mortgage and Housing Act, and the …show more content…

The 1940s: A new beginning for housing in Canada War is over and Canada experiences a period of explosive urban growth and innovative house design. Provide discounting facilities for loan and mortgage companies. Toward the end of the 1940s, the federal government embarked on a program of much-needed social and rental housing, creating a federal-provincial public housing program for low-income families, The 1950s: From Home Building to Community Building CMHC evolves from home builder to community builder through new loan insurance and public housing projects. The 1950s were notable for innovations in house construction and design. During this period, the federal government provided grants to cities to encourage them to tear down derelict buildings and build municipally owned housing corporations. The 1960s: The Renaissance of Canada 's Cities CMHC shifts its focus to municipal planning and development to help cities deal with rapid urban growth. Public housing becomes more boldly designed and integrated into communities, mixing subsidized and non-subsidized units. Increased partnership with non-profit agencies also started around this time. The 1970s: Focus on Social …show more content…

Affordability became a major factor in the home buying process. To help make housing more affordable, builders reduced lot sizes and increased the density of developments. Residential Rehabilitation Assistance Program (RRAP) to repair substandard homes to a minimum level of health and safety and to improve the accessibility of housing for disabled persons. The Winter Warmth Assistance Program in 1971, the first of its kind to provide funds to Aboriginals for urgent repairs to housing in rural areas. The 1980s: Laying a New Foundation for Quality and Affordability In response to dramatic shifts in Canada 's economy, CMHC offers loan programs to make home ownership more accessible. Research and development on indoor air quality, ventilation and moisture stimulate new products and practices. The 1990s: A New Era for Building Science Building technology undergoes a radical transformation to address indoor air quality, moisture and environmental sensitivity. Despite these advanced development, affordability was still a concern. In 1996, An automated insurance underwriting system that moves application approval times from days to seconds - making it easier for Canadian homebuyers to obtain mortgage loan

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