Ontario Mortgage and Housing Corporation Three-Year Business Plan 2018 to 2021
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Ontario Mortgage
and
Housing Corporation
Three-Year Business Plan
2018 to 2021Ontario Mortgage and Housing Corporation
Three-Year Business Plan
2018 to 2021
Introduction
The Three-Year Business Plan of the Ontario Mortgage and Housing Corporation
(OMHC) is prepared annually in accordance with the accountability framework
and mandatory reporting requirements for provincial agencies set forth in the
Agencies and Appointments Directive, 2017 (AAD).
The Business Plan provides an overview of the agency’s mandate and
governance and includes the agency’s financial budget over the three-year life of
the plan.
The Business Plan is supplemented by an Annual Report, including the audited
Financial Statements, and a Risk Assessment Evaluation. The Agencies and
Appointments Directive also requires an annual mandate letter and a letter of
attestation which confirms the agency’s compliance with the Directive.
The Ontario Mortgage and Housing Corporation is a statutory corporation. The
Corporation’s enabling legislation consists of two statutes: the Ontario Mortgage
and Housing Corporation Act (OMHC Act) and the Housing Development Act
(HDA). OMHC is classified as a board governed provincial agency and reports to
the Minister of Housing.
Ontario Mortgage and Housing Corporation: Vision, Mandate,
and Major Functions
OMHC’s responsibilities, which are primarily financial in nature, include:
1. administration of public housing debt to the Canada Mortgage and
Housing Corporation (CHMC) and the Province;
2. managing OMHC’s contingent liability to CMHC with respect to certain
social housing mortgages for non-profit housing programs in accordance
with OMHC’s loan insurance agreements with CMHC;
Ontario Mortgage and Housing Corporation 1
Three-Year Business Plan, 2018 to 20213. managing any environmental liabilities under the Environmental
Protection Act on public housing properties formerly owned by OMHC
that were transferred to Local Housing Corporations;
4. managing and administering Affordable Home Ownership Program
legacy mortgages transferred to it by Minister’s Order in accordance with
the OMHC Act;
5. using the monies in the Affordable Home Ownership Revolving Loan
Fund and the monies received under the transferred Affordable Home
Ownership Program mortgages, including interest earned on the monies,
only for housing purposes in accordance with a Minister approved by-
law;
6. administering marketable and forgivable loans and mortgages related to
former housing programs, including loans and mortgages that were
owned by Ontario Mortgage Corporation (OMC) prior to its dissolution
that were transferred to OMHC on April 1, 2015;
7. administration of loans to colleges and universities under the Ontario
Student Housing program for the development of on-campus student
housing;
8. administration of housing programs, or parts of housing programs, as
may be prescribed under the OMHC Act, including making grants and
loans related to such prescribed programs and taking security for such
loans;
9. making housing related loans, grants, guarantees or advances in
accordance with the OMHC Act and the HDA;
10. carrying out building developments as defined under the HDA in
accordance with the HDA and OMHC Act;
11. coordinating and arranging all borrowing, financing, short-term
investment of funds and financial risk management activities through the
Ontario Financing Authority, unless the Minister of Finance approves
otherwise; and
12. subject to applicable legislation, such other matters which are within
OMHC’s statutory mandate as may be assigned to, or may have been
assigned to OMHC by the Minister.
Ontario Mortgage and Housing Corporation 2
Three-Year Business Plan, 2018 to 2021Governance and Accountability
The OMHC Board is appointed by Order-in-Council of the Lieutenant-Governor in
Council and consists of at least five part-time directors with one member of the
board appointed by the Lieutenant-Governor in Council as Chair. The directors
are currently all senior civil servants in the Ministry of Housing and the Ministry of
Municipal Affairs.
The OMHC is a party to a Memorandum of Understanding (MOU) with the
Minister of Housing that sets out the mandate of the agency and the
accountability relationship between the Minister and OMHC.
The MOU, which was signed December 12, 2016, reflected the separation of the
Ministry of Municipal Affairs and Housing into two ministries: Housing and
Municipal Affairs. The MOU updated prior indemnification provisions and includes
an ethical framework and administrative arrangements, as required by the
Agencies and Appointments Directive.
OMHC’s assets and revenues do not form part of the Consolidated Revenue
Fund and are audited annually by the Office of the Auditor General of Ontario.
Major Operational Activities and Initiatives
OMHC has four key Mandate Responsibilities which are outlined in the pages
that follow:
1. manage OMHC’s mortgage insurance obligations to CMHC;
2. manage any environmental liabilities on public housing properties
previously owned by the Corporation that were transferred to Local
Housing Corporations;
3. administer mortgages issued under the Affordable Home Ownership
Program; and
4. manage mortgages and leases from legacy housing programs.
Ontario Mortgage and Housing Corporation 3
Three-Year Business Plan, 2018 to 2021Mandate Responsibility #1
Manage OMHC mortgage insurance obligations to CMHC
Key Activities/Services
OMHC indemnifies CMHC for certain social housing mortgages in
accordance with loan insurance contracts between the agency and CMHC.
Key Deliverables
Reimburse CMHC, as required, for any social housing mortgage losses
covered by the indemnities.
Partners
Internal to the Ministry of Housing:
o Controllership and Financial Planning Branch
o Corporate Services Branch
Within the Ontario Public Service:
o Ministry of Finance/Treasury Board Secretariat
o Ontario Financing Authority
o Internal Audit
External Clients
Service Managers
CMHC
Ontario Mortgage and Housing Corporation 4
Three-Year Business Plan, 2018 to 2021Mandate Responsibility #2
Manage certain environmental liabilities
OMHC manages any environmental liabilities on public housing properties
previously owned by OMHC that were transferred to Local Housing
Corporations.
Key Activities/Services
Educate Service Managers on protocols to be used when environmental
issues are identified on properties formerly owned by OMHC.
Collaborate with Service Managers to ensure that timely and appropriate
remedial action is taken.
Ensure that OMHC business and budget planning address the known
financial consequences of any environmental liabilities.
Key Deliverables
All Service Managers have been advised of the required processes they
must follow to inform OMHC of confirmed or anticipated environmental
liabilities on public housing properties transferred to Local Housing
Corporations.
All potential environmental liabilities on public housing properties formerly
owned by OMHC are assessed with appropriate due diligence.
Acknowledged environmental liabilities are remediated in an economical
and efficient manner that minimizes potential legal risk to the Province and
provides a high level of satisfaction to Service Managers and the Local
Housing Corporations.
Partners
Internal to Ministry of Municipal Affairs and the Ministry of Housing:
o Municipal Services Offices
o Controllership and Financial Planning Branch
o Corporate Services Branch
Within the Ontario Public Service:
o Ministry of Finance/Treasury Board Secretariat
o Ontario Financing Authority
o Internal Audit
Ontario Mortgage and Housing Corporation 5
Three-Year Business Plan, 2018 to 2021External Clients Service Managers Municipalities Local Housing Corporations Private development interests Ontario Mortgage and Housing Corporation 6 Three-Year Business Plan, 2018 to 2021
Mandate Responsibility #3
Administer mortgages issued under the
Affordable Home Ownership Program
OMHC administers legacy mortgages of the Affordable Home Ownership
Program and the Affordable Home Ownership Program Revolving Loan
Fund
Key Activities/Services
Administer the legacy mortgages of the Affordable Home Ownership
Program that were transferred to OMHC by Minister’s Order.
Respond to requests by mortgagors for services, e.g. calculating the cost of
buying out a mortgage and removing charges on title.
Administer monies in the Affordable Home Ownership Program Revolving
Loan Fund.
Key Deliverables
Affordable Home Ownership Program mortgages are effectively
administered.
Maintain a high level of client service.
Partners provide effective support.
Partners
Internal to Ministry of Municipal Affairs and the Ministry of Housing:
o Housing Programs Branch of the Ministry of Housing
o Controllership and Financial Planning Branch
o Corporate Services Branch
o Municipal Services Offices
Within the Ontario Public Service:
o Ministry of Finance/Treasury Board Secretariat
o Internal Audit
External Clients
Mortgagors and lessees
Ontario Mortgage and Housing Corporation 7
Three-Year Business Plan, 2018 to 2021Mandate Responsibility #4
Manage mortgages and leases
from legacy housing programs
Key Activities/Services
Administer legacy loans and mortgages.
Respond to requests by mortgagors for services, e.g. removing charges on
title where mortgages have matured or been paid out.
CMHC administers Home Ownership Made Easy mortgages and loans on
behalf of OMHC through an administrative agreement.
Key Deliverables
Legacy mortgages are effectively administered.
Maintain a high level of client service related to legacy mortgages.
Partners provide effective support.
Partners
Internal to Ministry of Municipal Affairs and the Ministry of Housing:
o Municipal Services Offices
o Controllership and Financial Planning Branch
o Corporate Services Branch
Within the Ontario Public Service:
o Ministry of Finance/Treasury Board Secretariat
o Internal Audit
External Partners
o CMHC
External Clients
Mortgagors and lessees
Ontario Mortgage and Housing Corporation 8
Three-Year Business Plan, 2018 to 2021Board Meetings Meetings are held at the discretion of the Board, subject to the requirement that the Board hold an Annual General Meeting. OMHC Board meetings are open to the public except in certain circumstances, where the Board deems an in camera session is required. Board materials and reports are prepared in advance, using an Agenda established by the Chair in consultation with the Chief Executive Officer. Minutes are prepared and approved by the Board at the next meeting. Administrative Activities The Chief Executive Officer is an employee of the Housing Funding and Risk Management Branch (HFUN), as is the OMHC Corporate Secretary. The Chief Executive Officer is responsible to the Board for the day-to-day operational management of the Corporation. The Treasurer is responsible for financial business practices, financial controllership of the Corporation, reports on the Corporation’s financial position, as well as provision of financial advice to the Board. The Corporate Secretary’s duties include preparing board and ministry reports, recording minutes of Board meetings, and coordinating mortgage and lease discharge requests with staff in various branches in the Ministry of Housing, Legal Services Branch and CMHC. Support from the ministry includes operational support and financial administration. Legal services are provided by the Ministry of the Attorney General. Initiatives Involving Third Parties OMHC has no initiatives involving third parties other than the general partnerships and clients described in the Mandate Responsibility section. Ontario Mortgage and Housing Corporation 9 Three-Year Business Plan, 2018 to 2021
Strategic Directions and Priorities
OMHC’s strategic priorities for the next three years are to:
continue to manage its existing obligations under the OMHC Act and its
stated mandate to achieve high standards of management and customer
service quality;
ensure that the former OMC mortgages are effectively administered;
ensure that prescribed programs are effectively administered;
ensure that Service Managers are advised and supported in using the
OMHC Environmental Remediation Technical Bulletin; and
co-operate with the Ministry in the implementation of any proposed
structural or program changes that receive the necessary approvals.
Supporting the Ministry Vision
OMHC seeks to support the Ministry of Housing vision for:
a range of adequate and affordable housing choices; and
an appropriate and sustainable supply of housing including a vibrant non-
profit and co-operative sector .
Finances
Resources required to meet current year objectives and proposed
operating expenditures for Planning Year One and projected revenues and
expenditures for Planning Years Two and Three
A total of $76.7 million has been allocated by the Ministry of Housing to support
the operational activities of OMHC in the fiscal year 2018/19. OMHC receives
an additional $0.1 million from universities and colleges for interest related to
student housing debentures. The table below outlines the budgets for each year
of the OMHC Three-Year Business Plan.
Ontario Mortgage and Housing Corporation 10
Three-Year Business Plan, 2018 to 2021ONTARIO MORTGAGE AND HOUSING CORPORATION
2018-19 Budget and 2020-21 Estimated Requirements
($ millions)
2018-19 2019-20 2020-21
Budget Budget Budget
Revenues:
Subsidies from Province:
Debt Service Obligations
Transfer Payment-Operating 66.4 60.2 39.2
Interest received from Student
Housing 0.1 0.1 0.0
Environmental Remediation 10.3 2.5 3.8
Total Revenues 76.8 62.8 43.0
Expenses:
Debentures Interest:
Devolved Properties 11.8 8.0 5.1
Student Housing 0.1 0.1 0.0
Environmental Remediation 0.7 0.6 0.9
Total Expenses 12.6 8.7 6.0
Excess of Revenues over Expenses 64.2 54.1 37.0
OMHC derives its revenues from two subsidies from the Province: the debt
service obligation subsidy and the environmental remediation subsidy. The debt
service obligation subsidy covers the interest on long-term debt included in
OMHC’s expenses, and the remaining portion represents the excess of revenues
over expenses that is applied to the principal payments on the long-term debt.
Similarly, the environmental remediation subsidy covers the environmental
remediation costs included in the agency’s expenses, and the remaining portion
represents the excess of revenues over expenses that is applied to offset the site
Ontario Mortgage and Housing Corporation 11
Three-Year Business Plan, 2018 to 2021remediation costs that are accounted for in the Long-Term Environmental Remediation obligation. The estimated cost of environmental remediation was recorded as a long term liability in 2014-15 to comply with the new Public Sector Accounting Board PS3260 Liability for Contaminated Sites standard. Since then, OMHC is recognizing as a revenue the funding received from the ministry to meet its environmental remediation obligations, but the payments made by OMHC for environmental remediation reduce the long term liability rather than showing as an expense. The environmental remediation expense on the OMHC financial statements is a result of present value discounting. Liability and Indemnification The OMHC Act provides that no proceeding shall be commenced against any director, officer, employee, servant or agent of the Corporation for any act done in good faith in the exercise or performance or intended exercise or performance of his or her power or duty or for any alleged neglect or default in the exercise or performance in good faith of that power or duty. Directors and Officers of the Corporation are entitled, under section 136(4.2) of the Business Corporations Act (Ontario), to be indemnified by the Corporation in respect of all costs, charges, and expenses reasonably incurred by him or her in connection with the defence of any civil, criminal, administrative, investigative or other proceedings to which the Director or Officer is subject because of his or her association with the Corporation. This protection is provided if the Director or Officer acted honestly and good faith, had reasonable grounds for believing his or her conduct was lawful, and was not judged by a court or other authority to have committed any fault or omitted actions which ought to have been done. The updated Memorandum of Understanding and OMHC By-law Number 1: Administration reflect the Agencies and Appointments Directive limitation that directors and officers not be indemnified in instances of bad faith, willful misconduct and gross negligence. Human Resources The OMHC is directed by a Board, appointed by Order in Council. The Board of Directors, as of January 31, 2018 included: Ontario Mortgage and Housing Corporation 12 Three-Year Business Plan, 2018 to 2021
OMHC Position Date of First Appointment
Board Member Appointment Expires
Janet Hope Chair, February 1, 2007 December 31, 2019
Member
Kate Manson-Smith Member December 10, 2014 December 31, 2019
Larry Clay Member January 1, 2016 December 31, 2019
Mary Anne Covelli Member January 18, 2018 December 31, 2019
Marcia Wallace Member January 18, 2018 December 31, 2019
Administrative staff support for the OMHC is provided by Ministry staff as follows:
Housing Funding and Risk Management Branch, Ministry of Housing:
Primary administrative responsibility is carried out by 1.5 full-time-equivalent
employees (FTEs) including a part-time Corporate Secretary; a part-time
Chief Executive Officer; and part-time general administrative support.
Other Ministry and Ontario Public Service offices: In addition, the OMHC
receives support on an “as needed” basis from the Controllership and
Financial Planning Branch, Corporate Services Branch, as well as Legal
Services Branch, Internal Audit and staff from the Community Services
Cluster I&IT, which serve the Ministry of Housing.
The OMHC Three-Year Business Plan is not expected to have an impact on
human resources over the next three years. Senior staff from the Ministry of
Housing and the Ministry of Municipal Affairs serve as OMHC Board members.
Legal services, controllership and general support are also provided by staff
providing service to the Ministry of Housing. These civil servants perform OMHC
duties as part of their regular responsibilities and receive no additional
compensation for OMHC work.
Compensation Strategy
OMHC is entirely supported by Ontario Public Service staff in the course of their
normal duties. No additional compensation is provided for service to OMHC.
Ontario Mortgage and Housing Corporation 13
Three-Year Business Plan, 2018 to 2021Infrastructure (Real Property, Facilities, Assets and IT)
OMHC is on title as owner of certain real property that was not transferred at the
devolution of public housing properties under the Social Housing Reform Act,
2000. The properties remain on title due to technical anomalies, such as the
recording of Property Identification Numbers. The Corporation will continue the
process of transferring these properties to the appropriate owners. In accordance
with the Realty Directive from Management Board of Cabinet, the Corporation will
develop a Realty Management Plan.
Legal/Regulatory Issues
OMHC does not currently anticipate significant legal or regulatory challenges in
the next three years. Any issues will be addressed as they arise.
Customer Service
OMHC does not anticipate changes in customer service or standards in the next
three years.
Communications
OMHC communicates directly with its clients as follows:
mortgagors, by phone, email, letter and document exchange;
other clients, by phone, email and letters; and
the Minister, Deputy Minister and Ministry through briefing materials and
direct briefings.
The Corporation is required, by both the OMHC Act and the Agencies and
Appointments Directive, to produce an annual report including audited Financial
Statements. The report is tabled in the Legislature in both official languages. The
Annual Report, Three-year Business Plan, Memorandum of Understanding and
Mandate Letter are posted on the Ministry of Housing website under the heading,
Agencies, Boards and Commissions.
No special general communications are planned for 2018-2021.
Ontario Mortgage and Housing Corporation 14
Three-Year Business Plan, 2018 to 2021Issues Management No special issues are anticipated during the three-year Business Plan period. The Memorandum of Understanding requires the Chair to advise the Minister of any identified issues. Strategic Planning for the Three-Year Plan and Beyond None identified. Performance Measures and Targets over the Next Three Years In the past fiscal year, 2017/18, there were no defaults on public housing debentures or any CMHC loans indemnified by OMHC. The Corporation’s performance measures for the period of this Business Plan are listed in the following table. Ontario Mortgage and Housing Corporation 15 Three-Year Business Plan, 2018 to 2021
Performance
Outcome Standard or Target
Measure
Effective 1. Terms of 1.1. All debt service payments
administration of debenture are made on the scheduled
public housing debt to agreements are dates. Discharge of related
CMHC and the adhered to. debenture debt is made as per
Province. terms of the debenture
agreement.
Environmental liability 2. OMHC guidelines 2.1. All Service Managers are
issues are addressed and processes to aware of the required
on a timely basis. resolve potential processes to inform OMHC of
environmental liability confirmed or anticipated
issues are followed. environmental liabilities on
public housing properties
formerly owned by OMHC.
2.2. All potential environmental
liabilities are assessed as sites
are identified by Service
Managers, using appropriate
due diligence.
2.3. Any acknowledged
environmental liabilities are
remediated in an economical
and efficient manner.
2.4 Potential legal risk
to the Province is minimized.
Ontario Mortgage and Housing Corporation 16
Three-Year Business Plan, 2018 to 2021Performance
Outcome Standard or Target
Measure
Effective 3.1 Mortgages and 3.1 Due diligence is performed
administration of leases are to ensure mortgage and lease
legacy OMHC administered conditions are being met.
mortgages and leases effectively.
3.2 OMC mortgagors are
3.2 Client needs are supported as questions and
met. concerns arise. OMHC works
closely with CMHC in the
3.3 Charges are administration of certain legacy
removed from title as mortgages and leases.
mortgages mature or
3.3 Mortgage discharges are
are paid out.
processed in a timely manner.
Environmental Scan
The following key factors may affect the achievement of the outcomes and
targets outlined above.
External
The age of the current social housing stock, much of which was built over the
1950-93 period, suggests a potential pressure on Service Managers and their
housing corporations to secure the capital financing needed to retrofit and
renovate their stock.
Potential environmental contamination may be discovered during social housing
renovation and the redevelopment of sites as affordable housing. The
Corporation, as former owner, is potentially liable under the Environmental
Protection Act for contamination discovered on former OMHC public housing
properties.
Internal
None identified.
Ontario Mortgage and Housing Corporation 17
Three-Year Business Plan, 2018 to 2021Risk Assessment and Mitigation Plan
OMHC continues to assess its risks in each of the risk categories identified by
Treasury Board Secretariat. Risk assessment includes mitigation strategies.
Risk Evaluation Matrix
Mitigation Mitigation Take Urgent
HIGH
controls/ controls/ Remedial
contingency contingency Action; Monitor
plans plans; Rigorously
monitor closely
Mitigation
controls /
IMPACT
MEDIUM
Mitigation
contingency
Tolerate; controls /
plans; monitor
Monitor contingency
closely
plans
Mitigation
LOW
Tolerate; controls /
no action Tolerate; Monitor contingency
plans
LOW MEDIUM HIGH
PROBABILITY
The Board has identified the following risk:
Environmental Liability
The OMHC, as former owner, has potential liability under the Environmental
Protection Act for contamination discovered on former OMHC public housing
properties.
Issue: Unplanned/unbudgeted remediation costs may occur within the
three years of this Business Plan.
Ontario Mortgage and Housing Corporation 18
Three-Year Business Plan, 2018 to 2021Regent Park, formerly owned by the Corporation, is being redeveloped by the Toronto Community Housing Corporation (TCHC). Based on the redevelopment plan prepared by TCHC, this re-development is expected to take 12 to 15 years to complete. In this and some other cases, the Corporation’s responsibility for any remediation is limited under the terms of an agreement making it responsible for only identified costs. Environmental remediation may be required at each stage of redevelopment. Based on the redevelopment plan prepared by TCHC, it is expected that phases 2 and 3 will be completed by 2018/19 after which phases 4 and 5 will start. Total potential costs for remediation for Phases 2 and 3 of the Regent Park redevelopment are forecast at $34.1M, and remediation for the remaining Phases 4 and 5 are forecast at $29.0M. Estimated costs and timelines for the Regent Park redevelopment work are regularly updated through communication with the TCHC. In June 2013, TCHC advised that an Environmental Site Assessment (ESA) identified soil and groundwater contamination on the Alexandra Park site. In March 2014, TCHC requested that the Corporation provide financial assistance for soil remediation work. Discussions are on-going with the City of Toronto as Service Manager. The Corporation retained potential environmental liability with respect to its former public housing properties under the Environmental Protection Act, as stated in the former Social Housing Reform Act, 2000 and continued under the Housing Services Act, 2011. The Ministry reimburses the Corporation for costs incurred. In 2014/15 the ministry completed a review of the more than 1,500 former OMHC public housing properties in order to identify potential liabilities for environmental contamination. Potential liabilities take the form of soil and groundwater contaminants as defined in the Environmental Protection Act. Estimates were developed using a risk-based approach that analyzed current and historical land uses, local redevelopment potential, construction date and building type. A total of 50 sites were identified as having a high degree of risk for potential contamination. These 50 sites represent a potential contingent liability of approximately $295 million. Starting in fiscal year 2016/17 the Corporation and the ministry have implemented a process to annually update the environmental risks of these properties as part of recommendations made by the Auditor General of Ontario. No changes to the current risk levels were required this year. Ontario Mortgage and Housing Corporation 19 Three-Year Business Plan, 2018 to 2021
Probability: MEDIUM The Corporation has potential liability for environmental remediation under the Environmental Protection Act. Service Managers are responsible for identifying potential contamination and notifying OMHC. OMHC has a structured plan in place for evaluating claims of environmental contamination. Infrastructure Ontario provides technical expertise and support for each case. Cases of acknowledged environmental contamination are considered by the OMHC Board. Funds for remediation are allocated by the Province through the Program Review, Renewal and Transformation (PRRT) process. Impact: MEDIUM Potential liabilities are difficult to accurately forecast from both a cost estimate and timing perspective. Any unbudgeted environmental costs would result in capital pressures on the Corporation and, therefore, on the Ministry. Unbudgeted costs would create a pressure on the ministry’s capital envelope and overall appropriation. Mitigation Strategy Reporting Potential Environmental Liabilities The Ministry reports potential environmental liabilities as capital risks on an annual and quarterly basis to Treasury Board Secretariat. The Ministry will be regularly reviewing and updating the current environmental remediation guidelines. These guidelines reflect changes in relevant legislation, and provide the Corporation, staff, and Service Managers with a clear application and review process for any contamination claims. Contingency Plan Where the Corporation enters into negotiations with Service Managers to settle a potential environmental liability claim, careful planning and monitoring is undertaken to ensure further expenditures are foreseen and to assist with financial planning. The Corporation works closely with Service Managers to ensure that financially and environmentally prudent methods of risk management and remediation are chosen. Ontario Mortgage and Housing Corporation 20 Three-Year Business Plan, 2018 to 2021
OMHC Implementation Plan
The agency’s work plan and timing for its key activities are noted below, including
high-level deadlines and major Ontario Public Service and Agencies and
Appointments Directive, 2017 compliance commitments.
Strategic Priority Objective Action Planned
1) Administer public Manage public housing Provide transfers of the
housing debt until debt to CMHC and the title upon repayment.
maturity. Province.
2) Manage OMHC’s Manage low-risk social Maintain a close working
mortgage insurance housing mortgage relationship with CMHC
obligations to CMHC. obligations. on indemnified loans.
3) Manage potential Service Managers are Work with Service
environmental aware of the process Managers and Local
liabilities that may used to inform OMHC Housing Corporations to
arise on public and initiate a claim for manage sites with
housing properties environmental potential and identified
previously owned by remediation on public environmental
the Corporation. housing properties contamination.
formerly owned by
OMHC.
Environmental
contamination is
addressed economically
and efficiently, minimizing
legal risk to the Province
and the Corporation.
Service Manager
satisfaction is high.
Ontario Mortgage and Housing Corporation 21
Three-Year Business Plan, 2018 to 2021Strategic Priority Objective Action Planned
4) Manage Administer mortgages Administer the legacy
mortgages, land under the Affordable mortgages of the
leases and loans Home Ownership Affordable Home
from legacy housing Program and its Ownership Program with
programs. Revolving Loan Fund. due diligence.
Administer legacy Maintain a good working
mortgages and land relationship with CMHC
leases. which administers the
Home Ownership Made
Administer loans to Easy mortgages and land
colleges and universities. leases on behalf of
OMHC.
5) Comply with OMHC meets reporting OMHC meets deadlines for
reporting and and accountability submitting required reports
accountability requirements of the and documentation,
standards for Agencies and including:
provincial agencies. Appointments Directive, Chair’s affirmation of the
2017, OMHC Act and Memorandum of
directives from Understanding with the
Management Board of Minister;
Cabinet and Treasury
Letter of Compliance
Board Secretariat.
Attestation;
Mandate Letter;
Accountable, timely and Annual Report with
transparent agency audited Financial
management. Statements;
Three-Year Business
Plan;
Risk Assessment
Evaluation; and
Realty Plan.
Ontario Mortgage and Housing Corporation 22
Three-Year Business Plan, 2018 to 2021I approve the business plan:
Signed by the
MINISTER OF HOUSING
Peter Milczyn
Minister of Housing
Date: March 9, 2018
Ontario Mortgage and Housing Corporation 23
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