(the "Corporation")


A by-law to respecting the borrowing of money by the Corporation

1. In addition to, and without limiting such other powers which the Corporation may by law possess, the directors of the Corporation, subject to the Social Housing Reform Act, 2000 and the Articles of the Corporation, may without authorization of the shareholders,

a) borrow money upon the credit of the Corporation;

b) issue, reissue, sell or pledge debt obligations of the Corporation;

c) to the extent permitted by the Business Corporations Act (Ontario), give, directly or indirectly, financial assistance to any person by means of a loan, a guarantee or otherwise to secure the performance of an obligation; and

d) mortgage, hypothecate, pledge or otherwise create a security interest in all or any property of the Corporation, owned or subsequently acquired, to secure any obligation of the Corporation.

The words "debt obligation" as used in this paragraph mean a bond, debenture, note or other similar obligation or guarantee of such an obligation of the Corporation, whether secured or unsecured.

2. The directors may from time to time by resolution delegate the powers conferred on them by paragraph 1 of this by-law to a director, a committee of directors or an officer of the Corporation.

3. The power hereby conferred shall be deemed to be in supplement of and not in substitution for any powers to borrow money for the purpose of the Corporation possessed by its directors or officers independently of a borrowing by-law.


ENACTED this 14th day of December, 2006.


P. Palleschi

A. Macintyre