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2019 Saskatchewan Housing Corporation Annual Report

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2019 Saskatchewan Housing Corporation Annual Report Saskatchewan Housing Corporation Annual Report for 2019 saskatchewan.ca Table of Contents Letter of Transmittal ...............................................................................................................................................................................1 Message from the Minister ...................................................................................................................................................................2 Message from the Assistant Deputy Minister, President and CEO................................................................................................3 Message from the Board Chair.............................................................................................................................................................4 Introduction ............................................................................................................................................................................................5 Alignment with Government’s Direction ...........................................................................................................................................5 Corporation Overview ...........................................................................................................................................................................6 Progress in 2019 .....................................................................................................................................................................................8 Management Discussion and Analysis ............................................................................................................................................17 2019 Financial Overview .....................................................................................................................................................................20 Corporate Governance ........................................................................................................................................................................46 For More Information ..........................................................................................................................................................................49 Annual Report for 2019 Saskatchewan Housing Corporation Letter of Transmittal His Honour, the Honourable Russell Mirasty, Lieutenant Governor of Saskatchewan May it Please your Honour: I respectfully submit the Annual Report of the Saskatchewan Housing Corporation for the fiscal year ended December 31, 2019. This report includes the financial statements in accordance with The Saskatchewan Housing Corporation Act. Respectfully Submitted, Paul Merriman Minister Responsible for Saskatchewan Housing Corporation Annual Report for 2019 1 Saskatchewan Housing Corporation Message from the Minister It is my privilege to serve as Minister responsible for Saskatchewan Housing Corporation (SHC) and to present this Annual Report. This report outlines the activities and achievements for the fiscal year ending December 2019. SHC’s focus is to help those in greatest need by making housing more affordable, providing housing options and strengthening partnerships with the housing sector. SHC provides a range of programs and services to promote independence and self-sufficiency to people who could not otherwise afford or access adequate, safe and secure shelter. Partnerships are important if we are to meet the various housing needs of Saskatchewan people. SHC works with the housing sector, as well as federal and municipal governments, to provide incentives and promote affordable housing. In April 2019, SHC entered into a 10-year, cost-matched funding agreement with the federal government, through Canada Mortgage and Housing Corporation (CMHC), under the 2017 National Housing Strategy. The CMHC-Saskatchewan Bilateral Agreement is a step in helping us achieve our housing goals, and will result in an investment of almost $585 million to protect, renew and expand social and community housing throughout the province. We look forward to collaborating with CMHC as the agreement unfolds. Our vision is to build strong families, strong communities and a strong Saskatchewan. Since 2007, we have invested $804 million to develop more than 11,900 housing units and repair more than 4,700 homes around the province. Partnerships with the private sector, other levels of government, community-based organizations, builders, lenders and housing authorities have been essential to our successes. I commend everyone for their vision, innovation and sheer hard work, and look forward to exploring future opportunities. I also thank the SHC Board of Directors, senior management and staff for the work they do every day to support Saskatchewan people. Together, we will continue to build strong communities, a strong province, and a better quality of life for all Saskatchewan people. Paul Merriman Minister Responsible for Saskatchewan Housing Corporation Saskatchewan Housing Corporation 2 Annual Report for 2019 Message from the Assistant Deputy Minister, President and CEO I am pleased to present the 2019 Annual Report for the Saskatchewan Housing Corporation. Having a safe, stable home is critical to helping Saskatchewan individuals and their families build a strong future. However, it takes more than vision and innovation to make those dreams a reality. It also takes responsible leadership. That is what SHC strives for each and every day. Over the years, SHC has responded to the diverse and evolving needs of Saskatchewan people. As shown in this report, we have worked hard to improve access to more affordable, better quality housing for people in need across the province. We are proud of these accomplishments, but we know we have not done it alone. Like SHC, our partners are committed to a fundamental purpose – to promote housing quality, affordability and choice. One area of particular note in 2019 was the signing of the CMHC- Saskatchewan Bilateral Agreement under the National Housing Strategy. I am pleased that the finalization of this agreement, and the subsequent planning for its delivery, will allow the Province to support investments in housing repair, development and affordability for those most in need of housing. We also know that our success is founded on being an organization that is well managed, accountable and responsible. At the core of this is our people. A sense of mission, a commitment to excellence, dedication to serve and pride in achievement are evident in this report. I would like to take this opportunity to commend the SHC Board, senior management and staff, as well as our housing authority network, for their continued dedication to helping Saskatchewan people in housing need. Going forward, I am confident that SHC will continue to stay the course when needed, and to serve Saskatchewan people to the best of our abilities. Michael Lord Assistant Deputy Minister, President and CEO Saskatchewan Housing Corporation Annual Report for 2019 3 Saskatchewan Housing Corporation Message from the Board Chair On behalf of the Board of Directors, I am pleased to present the Saskatchewan Housing Corporation (SHC) Annual Report for 2019. Over the past year, SHC continued to demonstrate that it is a key provider of housing assistance, expertise and advice to those who need it. It is for this reason that I am particularly proud of the achievements noted in this report. These accomplishments were founded on SHC’s commitment to business excellence. Through innovation and sound financial management, SHC works continually to improve access to housing, as well as provide assistance, information and support, to help Saskatchewan people come home. In 2019, we worked closely with our housing stakeholders, resulting in the signing of the 10-year CMHC-Saskatchewan Bilateral Agreement under the National Housing Strategy. Through the active involvement of CMHC and SHC, we will be able to jointly deliver and cost share affordable housing initiatives across the province. SHC looks forward to the opportunities that lie ahead and will ensure that programs have the flexibility to meet Saskatchewan’s unique needs. In addition to its work in affordable and social housing, SHC also looked more broadly at market development in 2019. According to the Act, Regulations and our objectives, we must include this key area to ensure Saskatchewan has appropriate market housing in development. Our work with the building industry helps us influence development plans and building types and volumes to produce the right type of housing to ensure all people in Saskatchewan have homes that meet their needs. Looking forward, I am confident that SHC will continue to display the many attributes that have made it the strong organization that it is today. As the Board, we will work diligently to fulfil our responsibilities in corporate governance and accountability, consistent with SHC’s values and business practices. I thank our partners, Board members, management and staff for moving SHC forward and supporting the housing needs of Saskatchewan people. By continuing to work together, we can ensure a healthy housing system for all. Keith Hanson, P.Eng. Chair, Board of Directors Saskatchewan Housing Corporation 4 Annual Report for 2019 Introduction This Annual Report for the Saskatchewan Housing Corporation (SHC) presents the results and outcomes of the Corporation’s activities for the fiscal
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