Planned approach to NWTHC-held homeownership mortgages

November 6, 2012
News Releases

YELLOWKNIFE (November 6, 2012) – The Honourable Robert C. McLeod, Minister Responsible for the Northwest Territories Housing Corporation (NWTHC) has announced a revised approach to helping homeownership clients address their mortgages and arrears.  This approach aims to provide client homeowners with a fresh start while meeting their responsibilities as homeowners.

“Addressing housing needs is a priority of the 17th Legislative Assembly. The NWTHC has committed to improving homeownership supports for NWT residents in Building for the Future” said Minister McLeod. “I have heard our clients’ frustration regarding their mortgage payments and arrears.  This is an opportunity for us to work together, to reset the clock for our clients and to put these households in a better position to address their housing needs.”

The adjusted approach brings historical mortgage client files more into line with the NWTHC’s current approach to homeownership support.  Applying current practices to existing mortgages will reduce the amount of arrears owed by clients.  Approximately 400 clients will have their outstanding mortgage balances significantly reduced, depending on household individual circumstances, and affordable re-payment options will be offered.

In the coming weeks, NWTHC staff will be contacting each client to review a new agreement and to discuss payment options available to them.  “We hope that clients welcome the chance to adjust their debt in a positive direction” says Minister McLeod.

Clients may also take steps on their own to contact their NWTHC District Office to find out more about the new approach to mortgages and how it affects them.

For more information contact:

Yvette Morin
Northwest Territories Housing Corporation
Tel: (867) 920-6533