O. Reg. 244/04: HOUSING PROJECTS SUBJECT TO PART VI OF THE ACT
filed August 19, 2004 under Social Housing Reform Act, 2000, S.O. 2000, c. 27
Skip to contentontario regulation 244/04
made under the
social housing reform act, 2000
Made: August 19, 2004
Filed: August 19, 2004
Printed in The Ontario Gazette: September 4, 2004
Amending O. Reg. 339/01
(Housing Projects Subject to Part VI of the Act)
1. Ontario Regulation 339/01 is amended by adding the following section:
Change in economic conditions, calculating housing provider’s mortgage subsidy
32.1 (1) The requirement set out in subsection (2) is prescribed under section 110 of the Act as a requirement governing the manner, set out in section 103 of the Act, of calculating the amount of the subsidy payable to housing providers in Ontario under section 102 of the Act.
(2) For the purpose of the definition of “A” in the formula set out in subsection 103 (2) of the Act, the amount of the housing provider’s mortgage subsidy for a fiscal year in respect of its housing projects in the service area is not the amount determined under subsection 103 (3) of the Act, but is the amount determined using the formula,
R – S
in which,
“R” is the total amount of principal and interest payable by the provider for the fiscal year under mortgages guaranteed by the Province of Ontario or the Ontario Housing Corporation in respect of those projects, and
“S” is the amount of the provider’s affordable mortgage payment in respect of those projects, as determined under subsection 103 (4) of the Act.
(3) An amount determined under subsection (2) may be a positive or negative number or zero.
2. Subsection 33 (2) of the Regulation is amended by striking out “is the amount that would be determined under section 103 of the Act for the fiscal year” in the portion before clause (a) and substituting “is the amount that would be determined under section 103 of the Act and section 32.1 of this Regulation for the fiscal year”.
Made by:
Pris par :
Le ministre des Affaires municipales et du Logement,
John Philip Gerretsen
Minister of Municipal Affairs and Housing
Date made: August 19, 2004.
Pris le : 19 août 2004.