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Scotiabank Commits C$10 Billion to Support Affordable Housing in Canada

By Colin Kellaher

 

Bank of Nova Scotia on Monday said it is committing 10 billion Canadian dollars (US$7.98 billion) to efforts to boost affordable housing across Canada.

Canada's third-largest bank by assets said it plans to support the goal of Canada Mortgage & Housing Corp., Canada's state-owned mortgage insurer, that everyone in Canada has a home they can afford and that meets their needs by 2030.

Scotiabank said it plans to mobilize C$10 billion over the next 10 years, adding that it is developing innovative lending, investing and underwriting solutions for retail, commercial and corporate clients who support the achievement of the affordable-housing objective.

CMHC is leading Canada's National Housing Strategy, under which the Canadian government is investing more than C$70 billion over 10 years, with additional funding committed by the provinces and territories.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

April 12, 2021 10:41 ET (14:41 GMT)

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