CMHC says it cannot provide more money for on-reserve housing because it doesn’t have the money.
The Canada Mortgage and Housing Corporation issued that statement in response to a Federation of Saskatchewan Indian Nations’ news release.
The FSIN says the budget for on-reserve housing in Saskatchewan has been cut by 30%, to $18.7 million.
Just 88 units are expected to be built this year, down 45% from last year.
CMHC says, until now, it was able to top up its budget because interest rates were projected to stay low.
But it says now that interest rates are expected to rise, it doesn’t have the money to continue that practice.