2020-2021 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 2020-2021 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 included proposed legislation to dissolve OMHC. The OMHC Board and staff supported the government in their work on the proposed dissolution.

With the proclamation of the Ontario Mortgage and Housing Corporation Repeal Act, 2020, the Ontario Mortgage and Housing Corporation along with its Board of Directors was dissolved on March 31, 2021. In the absence of a Board of Directors, as the Chief Administrative Officer of the Ministry of Municipal Affairs and Housing, I serve the role of those charged with governance.

Joanne Davis
Chair
Ontario Mortgage and Housing Corporation Board of Directors

Introduction

The Ontario Mortgage and Housing Corporation (OMHC or the Corporation) was a statutory corporation, formerly named the Ontario Housing Corporation, continued under the Ontario Mortgage and Housing Corporation Act (OMHCA). The Corporation’s enabling legislation consisted of two statutes: the OMHCA and the Housing Development Act (HDA). OMHC was classified as a board-governed provincial agency which reported to the Minister of Municipal Affairs and Housing. Financial statements were prepared annually by the OMHC and were audited annually by the Office of the Auditor General of Ontario. The financial statements for the year ended March 31, 2021 are included in this report.

The Corporation is funded by the Province through an annual transfer payment. Provincial funding during 2020-2021 covered debentures for certain public housing projects formerly owned by OMHC.

On March 31, 2021, the Ontario Mortgage and Housing Corporation Repeal Act, 2020 was proclaimed and the Corporation was dissolved. Upon dissolution, the Corporation’s assets, liabilities, rights and obligations were transferred to and vested in the Crown in right of Ontario. The administration and control of the Corporation’s assets, liabilities, rights and obligations were transferred to the Ministry of Municipal Affairs and Housing (“the Ministry”) on March 31, 2021 by Order-in-Council.

Board of Directors

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

Prior to March 31, 2021, the Board consisted of five members. The term of each Board member ended on March 31, 2021, the day the Corporation was dissolved.