Canada Mortgage and Housing Corporation (CMHC) – Rental Construction Financing Initiative

ByMaurice

Description:

CMHC’s Rental Construction Financing Initiative provides low cost loans to eligible borrowers during the most risky phases of product development of rental apartments (construction through to stabilized operations). The initiative focuses on standard rental apartment projects in Canada with general occupants where there is a need for additional rental housing supply.

Comments on Funding:

Funding is a loan of $1,000,000 up to 100% for residential loan component.

Eligibility:

Applicants include but are not limited to:

  • private entrepreneur/builder/developer;
  • public or private non-profit housing organization;
  • rental co-operative; and
  • Municipality.

Applicants’ projects must:

  • have at least 5 rental units;
  • have a loan size of at least $1 million;
  • respond to a need for rental supply;
  • have zoning in place, a site plan in process with municipality and a building permit available. The first construction draw must be within six months of date of the executed loan agreement;
  • meet minimum financial viability and social outcome requirements;
  • meet minimum requirements: financial viability, affordability and energy efficiency.

Program Contact:

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    Rental Construction Financing Initiative | CMHC

    About the author

    Maurice

    Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Ontario to identify and maximize government grants to grow their business. Click here to learn more about Moe’s background and how he can help your business.

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