Whitehorse, February 9, 2010-The Yukon Housing Corporation is generally managing its day-to-day operations well, but long-term strategic issues need attention, says Sheila Fraser, the Auditor General of Canada, in her Report delivered today to the Speaker of the Legislative Assembly.
"On the whole, social and staff housing units are well managed and maintained, and most wait lists are short," said Ms. Fraser. "The Corporation's lending programs have a good track record on collection, and defaults on loans are uncommon."
The audit found that the Corporation has properly assessed applications and allocated units for social housing using its rating system, and that overall, it keeps its housing units in good repair. Further, the audit found that the Corporation is generally adhering to the polices and procedures it has in place for its lending programs, but the risks of joint venture loans need to be better identified and mitigated.
The Report notes that the Corporation has not carried out adequate analysis to determine how well it is meeting the need for social housing in the territory, particularly in Whitehorse. The Corporation also needs to do a better job of determining the type and number of social and staff housing units that are needed in each community.
Furthermore, the Corporation needs to improve its identification and management of key risks facing the organization. For example, while federal funding under the Economic Action Plan in the next two years will allow the Corporation to build new housing, the large number of construction projects to be undertaken presents significant risks that the Corporation will need to manage.
"It is critical that the Corporation improve its long-term planning to address the needs of Yukoners for affordable, adequate housing," said Ms. Fraser.
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The report on the performance audit of the Yukon Housing Corporation is available on the Office of the Auditor General of Canada website. It is also available on the Web site of the Yukon Legislative Assembly.
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