National Housing Act (R.S.C., 1985, c. N-11)

Act current to 2013-05-26 and last amended on 2013-01-01. Previous Versions

Marginal note:Loans for rental housing projects

  • 23. (1) Any approved lender who is subject to the jurisdiction of Parliament may, notwithstanding any restrictions on the power of the lender to lend or invest money contained in any other statute or law,

    • (a) make loans for rental housing projects in respect of which an undertaking has been given by the Corporation under subsection 22(2) or the financial return has been guaranteed by the Corporation under section 22; and

    • (b) dispose of or acquire loans made for rental housing projects in respect of which the financial return has been guaranteed by the Corporation under section 22, together with any security taken in respect of the guarantee.

  • Marginal note:Terms and conditions

    (2) A loan may be made under paragraph (1)(a) only with the approval of the Corporation and on such terms and conditions as may be determined by the Corporation.

  • Marginal note:Restriction of powers

    (3) The Corporation may restrict the powers that an approved lender may exercise under subsection (1).

  • R.S., 1985, c. N-11, s. 23;
  • 1992, c. 32, s. 30;
  • 1999, c. 27, s. 4.
Marginal note:Corporation may lend

24. If, in the opinion of the Corporation, a person is unable to obtain a loan described in paragraph 23(1)(a), the Corporation may make a loan to that person on such terms and conditions as may be determined by the Corporation.

  • R.S., 1985, c. N-11, s. 24;
  • 1999, c. 27, s. 4.

24.1 [Repealed, 1999, c. 27, s. 4]

Marginal note:Loans, etc., with respect to rental housing projects

  • 25. (1) The Corporation may make loans and contributions with respect to rental housing projects, make loans to refinance debt that, in the opinion of the Corporation, relates to rental housing projects and forgive amounts owing on those loans.

  • Marginal note:Terms and conditions

    (2) The Corporation may determine the terms and conditions on which it makes a loan or contribution or forgives an amount under subsection (1), including, without limiting the generality of the foregoing,

    • (a) conditions with respect to the operation or occupancy of a rental housing project;

    • (b) restrictions on the disposal, leasing or charging of the project or any part of it or interest in it;

    • (c) limits on the amount of the financial return that may be made from the project; and

    • (d) provisions giving the Corporation the right to direct the use of any amount received in excess of any limits referred to in paragraph (c).

  • R.S., 1985, c. N-11, s. 25;
  • R.S., 1985, c. 25 (4th Supp.), s. 21;
  • 1991, c. 47, s. 738;
  • 1999, c. 27, s. 4.