REVISED STATUTES, 1989
1 This Act may be cited as the Housing and Rentals Act. R.S., c. 212, s. 1.
Agreement by Minister
2 Subject to the approval of the Governor in Council, the Minister of Municipal Affairs is authorized and empowered to enter into agreements for the purposes specified in subsections 79(1) and (2) of the National Housing Act (Canada), and with Her Majesty in right of Canada, the Government of Canada or any agency thereof including the Canada Mortgage and Housing Corporation or any combination of such parties and any city, town or municipality. R.S., c. 212, s. 2.
3 Such agreement shall provide that the capital cost of any project and the profits or losses thereon shall be shared seventy-five per cent by the Government of Canada or an agency thereof including the Canada Mortgage and Housing Corporation and twenty-five per cent by the city, town or municipality. R.S., c. 212, s. 3.
Agreement by municipality
4 Any city, town or municipality may, pursuant to a resolution of its council, enter into and perform an agreement made in accordance with Sections 2 and 3 of this Act and for the purposes of this Act and any agreement made thereunder shall be an agency of the Government of the Province for the performance of whose covenants under such agreement the Government of the Province shall be directly responsible. R.S., c. 212, s. 4.
Source of funds
5 Any sums required for the carrying out of any such agreement or agreements shall be deemed to be sums required for a city, town or municipal purpose within the meaning of the Municipal Affairs Act and any sum required for the payment of losses if any incurred in the operation of any such project shall be held to be sums required for the ordinary lawful purposes of the city, town or municipality and shall be raised, levied and collected in the same manner and in all respects as other sums required for the ordinary lawful purposes of the city, town or municipality are raised, levied and collected. R.S., c. 212, s. 5.