Prepayment Flexibility for Co-operative and Non-Profit Housing Providers
For Section 15, 15.1, 34.18 (Section 26, 27, 61) loans held by CMHC
Some co-operative and non-profit social housing providers can now apply to prepay their mortgage without incurring a penalty.
To eliminate the high cost of prepayment, the government is providing $150 million to allow non-profit and co-op housing providers to prepay their mortgages held with CMHC without penalty.
Waiving prepayment penalties will allow housing providers to access private market loans at current interest rates, which will lower mortgage expenses and help to keep rents affordable.
Lower interest costs give housing providers the opportunity to finance repairs with private capital, and offer flexibility to transition to more self-sustaining operating models.
Co-op and non-profit social housing providers who hold long-term, non-renewable mortgages with CMHC.
Refer to the application guidelines (PDF) for more information.
How to Apply
Download the application form. Complete it and return with all required supporting documentation (listed in the application) to CMHC by February 1, 2018.