The First Nations Market Housing Fund will be established through an indenture of trust. The Fund will be set up as a long-term, stand-alone, self-sufficient, actively operating trust. This will allow the Fund to deal with First Nations, lenders, loan insurers and others, as a separate entity. The head office of the Fund will be located in Ottawa, Ontario. The Fund will have nine Trustees, including a chairperson, appointed by Ministers and drawn from three groups. Three will be drawn from First Nations, and six will be drawn equally from the private sector finance community and the federal government community.
On April 20, 2007, the Honourable Jim Prentice, Minister of Indian Affairs and Northern Development, and the Honourable Monte Solberg, Minister responsible for Canada Mortgage and Housing Corporation, announced a $300 million First Nations Market Housing Fund that will give First Nations people living on-reserve a better chance to own their own home by providing a backstop for private sector loans.
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