Message from the Chair

I would like to thank my colleagues on the Board of Directors, the officers of the Corporation and Ministry staff for their work supporting the Ontario Mortgage and Housing Corporation (OMHC) for the 2017-2018 fiscal year.

The OMHC continues to manage and administer obligations related to former housing programs, including debt retirement and environmental obligations related to its former public housing land and properties. OMHC indemnifies the Canada Mortgage and Housing Corporation (CMHC) for certain social housing mortgages and manages a portfolio of legacy mortgages and land leases issued under former housing programs.

We look forward to continuing the work of the Corporation in 2018-2019.

Janet Hope
Chair
Ontario Mortgage and Housing Corporation Board of Directors

Introduction

The Ontario Mortgage and Housing Corporation (OMHC) is a statutory corporation, formerly named the Ontario Housing Corporation, continued under the Ontario Mortgage and Housing Corporation Act (OMHCA). The Corporation’s enabling legislation consists of two statutes: the OMHCA and the Housing Development Act (HDA). OMHC is classified as a board-governed provincial agency which reports to the Minister of Municipal Affairs and Housing. Audited Financial Statements are prepared annually by the Office of the Auditor General of Ontario, as required by the OMHCA, and are included in this report.

As of April 1, 2015, the assets, liabilities, rights and obligations of the Ontario Mortgage Corporation (OMC) were consolidated in OMHC in accordance with amendments to the OMHCA and the HDA. The consolidation reduced duplication in the management of a declining portfolio of legacy mortgages and leases.

The Corporation is funded by the Province through an annual transfer payment. Provincial funding during 2017-2018 covered debentures and capital costs for environmental remediation for certain public housing projects formerly owned by OMHC.

Board of Directors

Members of the OMHC Board of Directors are appointed by Order-in-Council (OIC). The Board consists of at least five part-time directors with one member of the Board designated as Chair as part of the OIC appointment. The Board oversees the Corporation’s business and is accountable to the Minister of Municipal Affairs and Housing. The Directors are senior civil servants in the Ministry of Municipal Affairs and Housing who perform OMHC duties as part of their regular responsibilities and receive no additional compensation for OMHC work.

As of March 31, 2018, the Board consisted of five members appointed for two-year terms which expire on December 31, 2019:

Name Position Date of first appointment Appointment expires
 Janet Hope  Chair, Member  February 1, 2007  December 31, 2019
 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