First Nations Market Housing Fund: More First Nations in Ontario Sign on With the Fund

MONCTON, N.B - July 13, 2011 – John Beaucage, Chair of the First Nations Market Housing Fund (the Fund) announced today that Atikameksheng Anishnawbek, Hiawatha First Nation, Whitefish River First Nation and M'Chigeeng First Nation have chosen to work with the Fund and have been approved for backing through the Fund's Credit Enhancement Program. With the backing of the Fund, these four First Nations will be able to attract private financing, with favourable terms and conditions, for the housing loans of their citizens on reserve.

"This is wonderful news for the citizens of these four Ontario First Nations," said Mr. Beaucage. "These communities are committed to creating opportunities for their citizens and to strengthening their communities with the support of the Fund. Our goal is to ensure that each of these First Nations is equipped with the tools needed to implement and sustain market housing programs that really work on their lands."

"The First Nations Market Housing Fund is another example of the Government of Canada's commitment to address the housing needs of First Nations communities as this initiative expands market-based housing on reserve by providing easier access to homeownership, rental and renovation loans in First Nations communities," said the Honourable John Duncan, Minister of Aboriginal Affairs and Northern Development.

All four First Nations will use the Fund to help their citizens buy or build homes on their reserves. They will also offer citizens the chance to renovate their homes with access to loan financing on their communal lands. Mr. Beaucage noted that the vision of the Fund is that every First Nation family has the opportunity to have a home on their own land in a strong community.

Chief Steven Miller of Atikameksheng Anishnawbek said "The First Nations Market Housing Fund provides our people with an opportunity to invest in our future and creates ownership and pride within our community."

"First Nations Market Housing Fund is the next opportunity in addressing our housing back log," said Chief Sandra Moore of Hiawatha First Nation. "This is another option for community membership who want to buy, build, or renovate. It's more than just a program; it will strengthen our housing and indeed our community."

"We are excited to see our citizens and Community keep moving forward towards healthier and harmonious families," Said Chief Shining Turtle of Whitefish River First Nation.

"The First Nations Market Housing Fund is a welcome departure from the old way we have been financing housing needs of our membership. Paying for your own house and owning it brings about a sense of pride in having done so and this is a good thing", stated Chief Joe Hare of M'Chigeeng First Nation.

The Fund is an innovative initiative established by the Government of Canada, through Canada Mortgage Housing Corporation (CMHC), to give First Nation members greater access to housing loans on reserve and on settlement lands, where appropriate. The $300 million fund became operational in May 2008.

The Fund is pleased to be working with other First Nations already approved for Credit Enhancement in Newfoundland, Nova Scotia, Saskatchewan, Ontario and British Columbia.

To date almost fifty communities have chosen to work with the Fund, a not-for-profit trust company working with First Nations across Canada to facilitate access to housing financing and build stronger communities through capacity development funding.

The Fund has attracted several financial institutions to provide loans to these First Nations with the Fund's backing, including BMO Bank of Montreal, Peace Hills Trust, Desjardins, Vancouver City Savings Credit Union, Envision Financial and Affinity Credit Union.