2018-2019 Ontario Mortgage and Housing Corporation annual report

Message from the Chair

I would like to thank my colleagues on the Board, the officers of the Corporation and Ministry staff for their work supporting the Ontario Mortgage and Housing Corporation (OMHC) for the 2018-2019 fiscal year.

As you may be aware, the Agency Review Task Force was established in November, 2018 to review all provincial agencies in support of the government’s commitment to restoring accountability and trust. This review included OMHC.

On April 11, 2019, the Ontario Budget, Protecting What Matters Most, was released. The Budget noted that the task force recommended the dissolution of 10 provincial agencies, as they have become unnecessary, or because there are more cost-effective ways of achieving their goals. OMHC was one of the agencies identified for dissolution. It is proposed that the activities and obligations of the agency will be taken on as a ministry function.

The OMHC Board and staff are pleased to support the government in their work on this proposal.

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