In 2017 the Canadian Government launched a National Housing Strategy – a 10-year, $40-billion plan that aims to provide safe and affordable housing for all Canadians.
The strategy includes targets to reduce chronic homelessness by 50% and provide housing for up to 530,000 households in need. It aims to create up to 100,000 new housing units and repair or renewal of 300,000 units. The plan includes new initiatives like the National Housing Co-Investment Fund and the Canada Community Housing Initiative, which aims to promote diverse and sustainable communities. The strategy prioritizes the most vulnerable Canadians, including women and children fleeing family violence, Indigenous peoples, seniors, people with disabilities, and those dealing with mental health and addiction issues.
The success of the plan requires collaboration from many partners, including the provinces and territories, municipalities, the community housing sector, co-operative movement, private sector, and research community. The National Housing Strategy also commits to funding and continuing the work of co-developing distinctions-based housing strategies for First Nations, Inuit, and Métis Nation partners.
To read more about this strategy click HERE
CMHC rental construction financing provides low cost funding to eligible borrowers during the most risky phases of product development of rental apartments (construction through to stabilized operations). The minimum loan is $1,000,000, and a maximum of up to 100% of Loan to Cost (for residential loan component).
The initiative focuses on standard rental apartment projects in Canada with general occupants where there is a need for additional rental housing supply.
On November 21, the 2023 Fall Economic Statement announced the renaming of the Rental Construction Financing Initiative (RCFi) to the Apartment Construction Loan Program with an additional funding of $15 billion in new loan funding, starting in 2025-26, to build more rental apartments, faster.
Funding is still available under the current RCFi. The federal government intends to announce reforms to the Apartment Construction Loan Program in early 2024.
To read more about this initiative click HERE