National Housing Act

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Definition of 'National Housing Act'

The National Housing Act (NHA) is a Canadian law that provides financial assistance to people who are unable to afford a home. The NHA was first enacted in 1938, and it has been amended several times since then. The NHA is administered by the Canada Mortgage and Housing Corporation (CMHC).

The NHA provides a number of different types of financial assistance to homebuyers, including:

* **Down payment assistance:** The NHA can provide up to 5% of the purchase price of a home as a down payment. This can help homebuyers who do not have a large down payment saved up.
* **Mortgage loan insurance:** The NHA can insure mortgage loans for homebuyers who have a down payment of less than 20%. This insurance protects lenders from losses if a homebuyer defaults on their mortgage.
* **Refinancing assistance:** The NHA can provide assistance to homebuyers who want to refinance their mortgage. This assistance can help homebuyers lower their interest rate or reduce their monthly payments.

The NHA is a valuable resource for homebuyers who are unable to afford a home on their own. The NHA can provide financial assistance that can make homeownership a reality for many people.

In addition to providing financial assistance to homebuyers, the NHA also promotes affordable housing in Canada. The NHA does this by providing funding for the construction of new affordable housing units, and by providing support to existing affordable housing projects.

The NHA is a key player in the Canadian housing market. The NHA helps to make homeownership a reality for many Canadians, and it also promotes affordable housing in Canada. The NHA is an important part of the Canadian economy, and it plays a vital role in ensuring that everyone has a place to call home.

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