Human Resources committee  In our low-income housing tax credit, high-net-worth individuals or groups or corporations, whoever, have some money and they pay a significant amount of federal income tax. They could contribute or invest some portion of that income into affordable housing. The government at the beginning of a year would say they wanted to issue $300-million worth of affordable housing tax credits.

Human Resources committee  There are two important distinctions. Now you're getting a fairly traditional investment model, where you say you put in block money, you put in this much and you get this many units. I think the opportunity here is first to take advantage of the existing investment. A lot of the funding the federal government's put in over 30 or 40 years in social housing across Canada is in older assets that could be redeveloped.

Human Resources committee  That's where I was concerned about the application of the social impact bond and private equity. To me the definition of social enterprise and social finance is a lot like what you heard from the representative from the Royal Bank, where you bring private equity in. The private sector involvement in housing first....

Human Resources committee  Thank you, Mr. Chairman, and good afternoon. Thank you for this opportunity. I apologize that I couldn't join you in person. I come to this conversation from the housing and homelessness arena and as someone who has been an affordable housing developer that has housed over 4,000 people in a range of housing first programs.