What critical role did the Canada Mortgage and Housing Corporation (CMHC) serve after its establishment?

The Canada Mortgage and Housing Corporation (CMHC) was established primarily to administer the National Housing Act. This act was pivotal in shaping housing policy and ensuring access to affordable housing in Canada. The CMHC's responsibilities included promoting the construction of residential properties, offering mortgage loan insurance to protect lenders, and providing financial assistance to low-income Canadians.

By administering the National Housing Act, CMHC played a key role in stabilizing the housing market and facilitating homeownership through various programs and initiatives. This included supporting the development of social housing and ensuring that Canadians had suitable housing options. The actions taken by CMHC in this regard have had a lasting impact on housing policies and practices across the country.

The other options, while related to housing, do not accurately represent the primary role of CMHC. For example, interest rate caps and regulating rental prices are not direct functions of CMHC, and providing tax benefits for homeowners falls under government fiscal policy rather than the specific mandate of the organization.