Are you looking for financing or loan renewals for an affordable housing project in your community? Apply for what you need through our Direct Lending Program.
While Aboriginal Capital Corporations, banks, credit unions and other Approved Lenders can provide financing, we offer the lowest rates. That means you can reduce your subsidy expenditures and optimize your financial resources.
Who’s eligible for the Program?
Financing is available to First Nation councils as well as sponsors of on-reserve affordable housing projects. Councils and sponsors can use the financing to meet new housing project commitments or renew existing project loans.
How does the Program work?
Loans that are financed or renewed at the same time and for the same term have the same rate. This is the case no matter the size of the loan or the community in which the project is located.
For loan renewals, you’ll get an information package from us reminding you about your upcoming renewal. Have a loan for an existing housing project with overdue payments? If so, you must make all of the overdue payments before transferring to our program.
For commitments under our Non-Profit Housing Program, interest rate costs are important to consider. Because these costs determine the amount of subsidy you’ll receive, a lower interest rate is better. If your project is a new construction, these rates also determine the number of units you can build.
For more information about this program, please contact your local CMHC office or CMHC consultant.