Right Hon. C. D. HOWE (Minister of Reconstruction and Supply) moved that the house go into committee at the next sitting to consider the following resolution:
That it is expedient to present a measure to amend the National Housing Act, 1944, and more particularly; to increase the ratio of loan to lending value under part I of the act, to include under part I houses having two family housing units, of which one is to be occupied *by the owner, to extend the period of amortization of home ownership and rental housing project loans to thirty years, to empower life insurance, trust and loan companies to purchase, improve and sell land to be used for residential housing developments, and to authorize Central Mortgage and Housing Corporation to guarantee to such companies the return of the principal invested in such land and improvements, together with interest thereon at a rate not to exceed two per centum per annum.
He said: His Excellency the Governor General, having been made acquainted with the subject matter of this resolution, recommends it to the consideration of the house.
Motion agreed to.