The Affordable Housing Innovation Fund is a $200 million fund that will be instrumental in creating the next generation of housing in Canada. The goal of the Innovation Fund is to encourage new funding models and innovative building techniques in the affordable housing sector. The Innovation Fund will:
- support the development of innovative approaches to affordable housing
- create inclusive and accessible communities
- contribute to the fight against homelessness
The Fund is looking for unique ideas and approaches that will support the evolution of the affordable housing sector. In the process, we anticipate that the Fund will help create up to 4,000 new affordable units over five years and reduce reliance on long-term government subsidies.
The Fund’s scope of eligible projects includes affordable homeownership, retrofit models and affordable rental projects.
Due to overwhelming interest and its success, the Affordable Housing Innovation Fund is not accepting new applications at this time. Applications previously submitted are currently being assessed.
Other funding solutions offered by CMHC may be suitable for your rental housing projects under the National Housing Strategy, including the Rental Construction Financing Initiative and the National Housing Co-Investment fund (New Housing Construction Stream and Housing Repair and Renewal Stream).
Below are some examples of innovative projects that the Fund has supported.
View the complete list of projects here.
New Lending Institution for Affordable Housing
The Housing Investment Corporation has created a new lending institution to support the creation or renewal of affordable housing across Canada.
Unique Funding Model for Affordable Student Housing
From a down payment from a student association, raise private capital to finance affordable student housing and create an investment fund that will support other student housing projects.
Advanced Technologies for Northern Housing
Advanced building technologies like high thermal resistance and sensors for monitoring permafrost, are being tested for the first time in residential buildings in the North.
Passive House Retrofit High Rise
Canada’s first multi-residential high-rise building retrofit to Passive House standard.