Loans of up to $100,000 are available for affordable housing
[PDF 124 Kb] project proposals by non-profit or private sector proponents who can demonstrate that their intended housing project is affordable.
PDF loans will be made available to any proponent who can demonstrate that their proposed housing project will be affordable, including:
- A not-for-profit organization
- A housing cooperative
- A First Nation
- A private entrepreneur
- any other housing proponents who can demonstrate their ability to produce a viable affordable housing project which meets CMHC's criteria
What projects are eligible?
There are no restrictions on tenure type or building form. The PDF funds must be used to develop proposals for housing units that will increase the stock of affordable housing, including new construction, conversion from a non-residential use, or conversion from non-affordable housing to affordable housing. Any type of housing is acceptable, as long as it meets the following criteria:
- the project must have at least five (5) housing units.
- the majority of units in a rental project must be below CMHC's Level 1 or Level 2 rent limits for units of a similar type, size, and number of bedrooms in the subject housing market.
- the sale price of homeowner units must be below the market value for similar housing.
- units - whether rental or homeowner - must be modest in size and design
- there must be a demonstrated need for the proposed housing project
- an initial viability analysis must demonstrate how the housing will be produced to meet CMHC's definition of affordability
Application Procedure You will be asked to provide a comprehensive description of your affordable housing project proposal, along with confirmation of need and demand for the planned housing. You will also be expected to provide a preliminary viability analysis to demonstrate how the housing produced will meet CMHC's affordability criteria. A CMHC Affordable Housing Centre Representative can help you with the application. An application package
[PDF 332 Kb] can be downloaded or to obtain a printed copy at your local CMHC office.