Canada Mortgage and Housing Corporation

Originally created on January 1, 1946, and renamed Canada Mortgage and Housing Corporation (CMHC) in 1979, CMHC is Canada's national housing agency. CMHC's mandate is to improve housing finance options available to Canadians, help Canadians access affordable housing, improve building standards and housing construction and provide government with information on the state of the housing market in Canada. CMHC's activities are governed by both the National Housing Act and the Canada Mortgage and Housing Corporation Act. As an agent of the Crown, DBRS's ratings are based on the Government of Canada as CMHC's obligations and guarantees represents a direct obligation of the Government of Canada payable out of the government's Consolidated Revenue Fund. However, since April 2008, CMHC no longer issues debt in the capital markets and now borrows directly from the federal government.