In 2024, the Fund added a blog – in fact, this very blog – to keep our communities and partners up to date on the Fund’s activities.
In this spirit, this blog entry shares some notable successes to celebrate from the 2024 Annual Report, entitled Our Fund. Our Homes. Our Future.
Progress toward autonomy in First Nations housing
As recorded in the May 2024 blog about changes at the Fund, the 2024-2028 business plan identified organizational transformation as an action to increase reserve homeownership. 2024 saw more progress in fully transitioning the Fund to the control of First Nations:
- The establishment of a working committee – The Transfer of Care and Control Working Committee (WC-TCC) brought together management and technical staff from the Fund, the Canada Mortgage and Housing Corporation (CMHC), Indigenous Services Canada, and the Assembly of First Nations (AFN) to collaborate on the business case for Transfer of Care and Control of the Fund.
- An updated resolution for support from AFN – Supported by articles from the United Nations Declaration on the Rights of Indigenous Peoples, the Fund’s record of supporting First Nations through its Credit Enhancement tool, the Fund’s support of hundreds of home loans, and the Funds’ entirely First Nations trustees and Senior Management, the AFN supported Resolution 45/2024 in July 2024. This included a call for the federal government to co-develop requirements for the transfer of control of the First Nations Market Housing Fund to First Nations without delay and to “transfer the Fund to First Nations with maximum flexibility to determine its priorities.”
📝 The original 2008 Indenture of Trust agreement between the CMHC and the FNMHF included eventual transfer of control from the federal government to the First Nations. The last AFN resolution supporting the transition was passed in 2013.
- Ongoing engagement with First Nations – Since the passing of the AFN resolution in 2024, the Fund has held two regional and five online engagement sessions with prospective First Nation homeowners and First Nation governments. Sessions responded to AFN’s direction to seek First Nations’ views on the role of the Fund and to consider options for First Nations control. They also explicitly sought feedback on draft membership models.
- A leading role in the 2025 business plan – The submission of the plan in the last quarter of 2024 gave notice to the Minister of Housing and Infrastructure that official paperwork for the Transfer of Care and Control is planned for later in 2025.
Formal steps to autonomy for the FNMHF are underway with CMHC and ISC, with continued cooperation from the most senior levels of government as the next step.
Internal talent investments
In 2024, the Fund continued to build internal capacity and increase Indigenous staffing. Bringing more services in-house reduces consultant costs and empowers front-line staff to get more involved in the uptake of housing loans. Expanding First Nations representation authentically reflects the Fund’s membership and builds capacity to meet regional needs.
The recruitment of a bilingual Marketing and Communications Specialist in 2023 reduced translation costs at the Fund. FNMHF CEO Travis Seymour announced in September that the whole team was enrolled in weekly French lessons. French-speaking communities are also better served with the addition of bilingual Senior Program Officer Melinda Martin.
In 2024, First Nations people filled key vacant positions, expanding the full-time staff to 22 members. Anthony Eneas, a member of the Okanagan Nation, brings financial and customer service expertise to helping First Nations achieve their homeownership dreams as a Homeownership Navigator. A former intern from Akwesasne joined the Communications team, and the HR Generalist, also from Akwesasne, transitioned from contract to full-time.
📝 Since the inception of the Fund, the CMHC held a managerial role in the day-to-day activities of the Fund. CMHC would charge the Fund for any costs incurred in performing this role. This agreement was terminated in 2021, increasing First Nations professional opportunities for First Nations people and reducing external spending.
Another contract position turned permanent in 2024 was the role of Controller. The promotion of a Compliance Officer to Senior Financial Analyst also boosted the Finance team. Finally, a corporate intranet seeks to inform and engage staff, facilitate internal communication, and foster collaboration.
Streamlining and modernizing operations
2024 marked a year of money-saving and continued Information Technology (IT) initiatives at the Fund.
A Junior IT Analyst joined the team that’s developing an internal database and implementing new programs. Overall, the Fund estimates that drawing from an internal pool of IT talent saved about $100,000. The updated database will eliminate paper-based procedures, reducing waste and streamlining approval processes for clients seeking loans backed by the Fund’s Credit Enhancement product.
A new Human Resources (HR) platform combines resources for managing employees, reducing administrative hours. Performance reviews are now automated for efficiency, and the system tracks employees’ time and leave information.
Remote work models that support staff to work from home have also contributed to a reduced need for space. A timely lease expiration allowed the FNMHF to relocate their Ottawa office to a smaller space.
[note emoji] The Fund is a self-sustaining, not-for-profit trust. The Fund operates on the interest earned on the investments made on the federal government’s founding investment of $300 million, plus reinvestments from revenues. A 2021 revision to the initial Indenture of Trust and Funding Agreement preceded the operational improvements that continue today.
Investing in the Fund
The FNMHF continues its efforts to inform and build membership through public communications. Invest in staying informed by signing up for newsletter updates and read Our Fund. Our Homes. Our Future for more details on what happened at the Fund last year.