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The Housing and Renewal Corporation Amendment Act (Fund for Housing Revitalization)

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S.M. 2007, c. 23

Bill 21, 1st Session, 39th Legislature

The Housing and Renewal Corporation Amendment Act (Fund for Housing Revitalization)

(Assented to November 8, 2007)

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

C.C.S.M. c. H160 amended

1           The Housing and Renewal Corporation Act is amended by this Act.

2           Section 1 is amended

(a) by repealing the definition "fund"; and

(b) by replacing the definition "municipality" with the following:

"municipality" includes a local government district; (« municipalité »)

3           Subsection 7(1) is amended by striking out "and" at the end of clause (d), adding "and" at the end of clause (e) and adding the following after clause (e):

(f) respecting the development of new housing or the rehabilitation of existing housing in areas of need determined in accordance with section 7.1.

4           The following is added after section 7:

Determining areas of need

7.1         In determining areas of need for the purposes of clauses 7(1)(f) and 8.1(5)(a), the corporation must consider the following factors:

(a) factors concerning the type and quality of housing in the area, including the presence of vacant dwellings or lots, the existence of orders respecting the maintenance, health or safety of dwellings, the type and amount of rental housing, the average age of dwellings, zoning, and the extent of any housing renewal activity;

(b) social and economic factors, including the average household income, the market value of housing, the levels of unemployment and participation in the workforce, and crime statistics for the area;

(c) any other factors the corporation considers relevant.

5           Section 8 is replaced with the following:

Manitoba Housing and Renewal Fund continued

8(1)        The fund known as "The Manitoba Housing and Renewal Fund" (referred to in this section as the "fund") is hereby continued.

Ownership of fund

8(2)        The fund belongs to the Crown in right of Manitoba, but is not part of the Consolidated Fund.

Custodian

8(3)        The corporation is the custodian of the fund and is responsible for its administration.

Credits to fund

8(4)        The following are to be credited to the fund:

(a) all money and other property held or received by the Minister of Finance or the corporation for the purposes of this Act, except to the extent that they are required by section 8.1 to be credited to the Housing Development and Rehabilitation Fund;

(b) interest earned on amounts credited to the fund.

Payments from fund

8(5)        The fund is to be used to pay all amounts to be paid for the purposes of this Act, including administration expenses and remuneration of the corporation's officers and employees, but not including amounts payable under section 8.1 from the Housing Development and Rehabilitation Fund.

Banking

8(6)        The corporation may make banking arrangements for the fund.

Investments

8(7)        The corporation must deposit with the Minister of Finance, for investment as part of the fund, money in the fund that is not immediately required for the purposes of the fund.

Payment to corporation

8(8)        The Minister of Finance must pay to the corporation, upon request, money invested under subsection (7) and interest earned on those investments.

Reserves

8(9)        With the approval of the Lieutenant Governor in Council, the corporation may establish and maintain, within the fund, reserves considered necessary or advisable for the purposes of this Act.

Housing Development and Rehabilitation Fund established

8.1(1)      A fund to be known as the "Housing Development and Rehabilitation Fund" (referred to in this section as the "fund") is hereby established.

Ownership of fund

8.1(2)      The fund belongs to the Crown in right of Manitoba, but is not part of the Consolidated Fund.

Custodian

8.1(3)      The corporation is the custodian of the fund and is responsible for its administration.

Credits to fund

8.1(4)      The following amounts are to be credited to the fund:

(a) the suburban land development profits realized by the corporation in respect of land owned or developed by the corporation or by a partnership or joint venture in which the corporation is or was a participant;

(b) all amounts received by the Minister of Finance or the corporation for the purposes of the fund;

(c) interest earned on the amounts credited to the fund.

Payments from fund

8.1(5)      The fund may be used

(a) to provide support for housing projects in areas of need within a municipality in which the corporation realized profits referred to in clause (4)(a), including the development of new housing or the rehabilitation of existing housing but not including a project under Part II or III, and to pay related costs of administration; and

(b) to repay amounts advanced to the corporation for the purposes of the fund, and interest on those amounts.

Banking

8.1(6)      The corporation may make banking arrangements for the fund.

Investments

8.1(7)      The corporation must deposit with the Minister of Finance, for investment as part of the fund, money in the fund that is not immediately required for the purposes of the fund.

Payment to corporation

8.1(8)      The Minister of Finance must pay to the corporation, upon request, money invested under subsection (7) and interest earned on those investments.

6(1)        Subsection 23(1) is amended by striking out "or a city" and "or city, as the case may be".

6(2)        Subsection 23(2) is amended by striking out "or a city, as the case may be," and "or city".

7           Subsection 32(5) is repealed.

Coming into force

8           This Act comes into force on the day it receives royal assent.