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TORONTO, Oct. 13, 2022 – CIBC Mellon today announced that it has been selected to provide asset servicing to the First Nations Market Housing Fund (FNMHF), including institutional accounting, custody services and investment information data access via the enterprise NEXEN® platform.
The First Nations Market Housing Fund was developed with input from First Nations communities and organizations across Canada to support financing arrangements for housing on reserve and settlement lands where appropriate, while respecting the communal ownership of land.
“Enabling self-sufficiency and wealth creation is at the core of reconciliation. The foundational blocks of loan-based housing are growing for Canada’s First Nations, representing a transformative opportunity to serve our communities and stakeholders,” said Travis Seymour, Acting / Executive Director, FNMHF. “To date, we have partnered with over 41 per cent of Canada’s First Nations, leveraging $1 billion in available credit to finance home loans, and deliver on our mission to make homeownership opportunities more accessible.”
“We are proud to support the First Nations Market Housing Fund as they work toward their key objectives and build strong relationships with community partners, lenders and other stakeholders,” said Darlene Claes-Mckinnon, Executive Director, Relationship Management and Co-head Asset Owner Segment, CIBC Mellon. “CIBC Mellon is pleased to bring our investment operations solutions to help the First Nations Market Housing Fund efficiently access advanced financial solutions with enhanced resiliency, efficiency and transparency.”
About The First Nations Market Housing Fund
The First Nations Market Housing Fund is a registered not-for-profit trust established by the Government of Canada in 2008. The Fund is led by a board of 9 Indigenous trustees from across Canada with a mandate to help facilitate access to financing for loan-based housing in First Nations communities; and to create the capacity in First Nations communities to support and sustain loan-based housing programs.
The Fund helps First Nations families overcome the barriers to home ownership and close the housing gap. The federal government’s one-time investment of $300 million in the Fund has the potential to leverage $3 billion of investments in homes on reserve and on settlement lands and lands set aside for First Nations across Canada.
The Fund is an important part of the mix of housing solutions necessary to provide homes, strengthen communities, and empower First Nations across Canada. For the past 14 years, the focus of the Fund has been to provide First Nations with support in the areas of housing Capacity Development and Credit Enhancement. More recently, the Fund has embarked on a series of research projects and reforms that will enable the Fund to better serve the housing needs of Indigenous homeowners.
Learn more about the First Nations Market Housing Fund at www.fnmhf.ca.
About CIBC Mellon
CIBC Mellon is a Canadian company exclusively focused on the investment servicing needs of Canadian institutional investors and international institutional investors into Canada. Founded in 1996, CIBC Mellon is 50-50 jointly owned by The Bank of New York Mellon (BNY Mellon) and Canadian Imperial Bank of Commerce (CIBC). CIBC Mellon’s investment servicing solutions for institutions and corporations are provided in close collaboration with our parent companies, and include custody, multicurrency accounting, fund administration, recordkeeping, pension services, exchange-traded fund services, securities lending services, foreign exchange processing and settlement, and treasury services. As at June 30, 2022, CIBC Mellon had more than C$2.3 trillion of assets under administration on behalf of banks, pension funds, investment funds, corporations, governments, insurance companies, foreign insurance trusts, foundations and global financial institutions whose clients invest in Canada. CIBC Mellon is part of the BNY Mellon network, which as at June 30, 2022, had US$43 trillion in assets under custody and / or administration. CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY Mellon trade-marks, is the corporate brand of CIBC Mellon Global Securities Services Company and CIBC Mellon Trust Company, and may be used as a generic term to refer to either or both companies.
For more information, including CIBC Mellon’s latest knowledge leadership on issues relevant to institutional investors active in Canada, visit www.cibcmellon.com
Media Contact FNMHF:
Travis Seymour, A/Executive Director, 613-740-0584
Media Contact CIBC Mellon:
Alexandra DeCata, Corporate Communications, 416-643-6126,