Definition

1  In this Act:

"minister" includes a person designated in writing by the minister;

"nonprofit corporation" means a nonprofit corporation incorporated for providing homes for elderly citizens.

 Grants towards homes for elderly citizens

2  (1)  To assist in the construction or reconstruction of low rental housing units for elderly citizens of low income who are unable to purchase adequate accommodation according to their needs, the Lieutenant Governor in Council may make a grant to a regional district municipality or nonprofit corporation if

(a) the plans for the construction or reconstruction have been approved by the minister, and

(b) the Legislature has appropriated money for the purpose.

(2)  A grant made under this section must not exceed the prescribed amount for the class of housing for which the grant is made.

 Restriction on use of land of non-profit corporation in receipt of assistance

2.1  (1)  This section applies if the government has granted financial assistance to a non-profit corporation under this Act.

(2)  This section applies whether the assistance was granted before or after the coming into force of this section.

(3)  If subsection (1) applies, the Lieutenant Governor in Council may, by regulation, designate land with respect to which the financial assistance was granted as an affordable housing development under section 8.1 of the Ministry of Lands, Parks and Housing Act and, on designation, that section applies, the land is an affordable housing development and there is deemed to be an affordable housing agreement under that section which contains

(a) a restriction that the land must be used only for affordable housing for elderly citizens of low income unless the minister consents to another use,

(b) a provision that the non-profit corporation must not dispose of the land without the consent of the minister, and

(c) a provision that the amount payable to the government on disposition of the land is 1/3 of the fair market value of the land and improvements at the time of disposition.

(4)  If the minister and a non-profit corporation do not agree about the calculation of the amount referred to in subsection (3) (c), the minister or the non-profit corporation may submit the matter to arbitration under the Commercial Arbitration Act.

(5)  If land is designated under this section as an affordable housing development, as a condition of giving consent to the disposition of the land or to its use other than for affordable housing for elderly citizens the minister may require that the non-profit corporation

(a) pay to the government the amount payable under subsection (3) (c) or enter into a written agreement as to payment of that amount, or

(b) pay to the government an amount, or enter into a written agreement as to payment of and deferment of payment of the amount, to be determined by the minister by representing the value of the government assistance that was provided to the non-profit corporation as a percentage of the fair market value of the land and improvements or part of the land and improvements for which the assistance was provided at the time of the completion of the improvements and multiplying the fair market value of that land and improvements at the time of disposition by that percentage.

(6)  The minister must not give consent to a disposition unless

(a) the non-profit corporation has paid the amount payable under subsection (3) (c),

(b) the non-profit corporation has entered into an agreement under subsection (5) (b), or

(c) all or part of the debt has been forgiven under the Financial Administration Act.

(7)  It is conclusively deemed for all purposes, including for the purposes of the Expropriation Act, that land is not taken or injuriously affected because of its designation by or under this Act as an affordable housing development.

 Power to make regulations

3  (1)  The Lieutenant Governor in Council may make regulations referred to in section 41 of the Interpretation Act.

(2)  Without limiting subsection (1), the Lieutenant Governor in Council may make regulations as follows:

(a) prescribing the terms and conditions on which and the manner in which a grant may be made under this Act;

(b) for any other matter necessary or advisable to carry out this Act.