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 2019-2020 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 March 12, 2020, Bill 184, Protecting Tenants and Strengthening Community Housing Act, 2020, was introduced in the Legislature. The Bill includes proposed legislation to dissolve OMHC. If passed and brought into force, it is proposed that the activities and obligations of the agency will be taken on as a ministry function.

The OMHC Board and staff will support the government in their work on the proposed dissolution.

Joanne Davis
Chair
Ontario Mortgage and Housing Corporation Board of Directors

Introduction

The Ontario Mortgage and Housing Corporation (OMHC or the Corporation) 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. Financial statements are prepared annually by the OMHC and are audited annually by the Office of the Auditor General of Ontario. The financial statements for the year ended March 31, 2020 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 2019-2020 covered debentures and 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, 2020, the Board consisted of five members, for a one-year term:

Name Position Date of first appointment Appointment expires
Joanne Davies Chair, Member December 12, 2019 The earlier of December 31, 2020 and the date, if any, the corporation is dissolved
Cordelia Clarke Julien Member December 12, 2019 The earlier of December 31, 2020 and the date, if any, the corporation is dissolved
Hannah Evans Member December 12, 2019 The earlier of December 31, 2020 and the date, if any, the corporation is dissolved
Casper Hall Member December 12, 2019 The earlier of December 31, 2020 and the date, if any, the corporation is dissolve
Amanda Lui Member January 31, 2020 The earlier of December 31, 2020 and the date, if any, the corporation is dissolved