National Housing Co-Investment Fund - Repair and Renewal Stream

The National Housing Co-Investment Fund provides low-cost loans and/or financial contributions to support and develop mixed-income, mixed-tenure, mixed-use affordable housing. This housing must be energy efficient, accessible and socially inclusive. The National Housing Co-investment Fund prioritizes projects that support partnerships between governments, non-profits, private sector, and others to make federal investment go further. It covers a broad range of housing needs, from shelters to affordable homeownership.

The National Housing Co-Investment Fund will:

• repair 240,000 units
• create 60,000 new units
• create or repair at least 4,000 shelter spaces for victims of family violence
• create at least 7,000 new affordable units for seniors
• create at least 2,400 new affordable units for people with developmental disabilities

The fund supports the needs of the strategy’s vulnerable populations. Projects funded through the initiative will also:

• support Canada’s climate change goals 
• improve accessibility of housing for people with disabilities by promoting accessibility, universal design and visitability

There are two streams within the fund:

• The Housing Construction Stream is for new construction
• The Housing Repair and Renewal Stream is for the preservation and renewal of the existing community and affordable housing supply

Applications for both streams are accepted and reviewed on a continuous basis. CMHC will prioritize completed applications monthly.

NOTE: For funding for new construction, please apply through the Housing Construction Stream of the National Housing Co-investment Fund.

Proponents are eligible for loans and/or financial contributions depending on the needs of the project and the level of achievement of the National Housing Strategy outcomes. Different combinations of loans and/or contribution are possible. There is:

• $3.46  billion available through low-cost repayable loans over 10 years 
• $2.26 billion available through capital contributions over 10 years 

Low-interest loans will be available for up to 20 years to fund projects demonstrating financial viability and long-term affordability.

Each loan offers:

• A 10-year term (closed to pre-payment) with a fixed interest rate locked in at first advance.  The term will be renewable for another 10 years and the interest rate will be reset when renewed.
• Up to a 40-year amortization for smaller monthly payments and long-term viability.
• Up to 95% loan to cost for residential space and up to 75% loan to cost for non-residential space. There is up to 75% loan to cost (residential) for municipalities, provinces, territories, and private sector.

When feasible, a loan should be considered as the first option by proponents and may be combined with a contribution. Capital contributions may be available in addition to a Co-investment loan in the following circumstances:

• additional funding for higher performing projects to offset higher costs of meeting or exceeding minimum requirements
• where cash flow is insufficient and contribution is needed to attain break-even cash flow

A project may be eligible to receive a contribution without a Co-investment loan in the following cases:

• where a loan is not a feasible option
• as a top-up contribution where the project has external funding to cover the majority of total project cost
• additional funding as an incentive for higher performing projects

The maximum eligible low-interest loan and/or contribution amount will be determined through a scoring grid. Click here for more information on the funding eligibility. The Product Highlight Sheet provides further details of the loan characteristics.

Contact an affordable housing specialist today to learn more about submitting an application for funding. Our affordable housing specialist can help assess your need, identify possible solutions and help you navigate the application process.

The National Housing Co-Investment Fund – Housing Repair and Renewal Stream is open to:

• community housing providers (i.e. Public or private non-profit housing organizations or rental co-operatives)
• municipalities
• provinces and territories
• Indigenous governments and organizations
• private sector

The following projects can be considered for funding:

• existing community and affordable housing
• urban indigenous community housing
• mixed use market / affordable rental 
• shelters
• transitional and supportive housing

Minimum Requirements

All projects must:

• have a minimum of 5 units/beds (including scattered units/properties)
• have primary use as residential
• meet minimum requirements for partnerships, financial viability, affordability, energy efficiency, and accessibility (as outlined below)

Partnerships

Partnerships are a central feature of the National Housing Co-Investment Fund. Partnerships maximize investments, ensure coordination of efforts and remove barriers to the development process. Partners will be required to contribute to the project (monetary or in-kind) and the level of contribution may vary from project to project.

Projects must have support from another level of government (such as municipalities, Provinces and/or Territories, Indigenous Government) to ensure a coordination of investments. Support can be financial in nature (monetary or in-kind) or in the form of a letter demonstrating support of the project. For financial support (capital or operating), funding would need to be confirmed at the assessment stage prior to receiving a final approval from CMHC.

Financial Viability

Applicants will have to: 

• demonstrate their financial and operational ability to carry the project 
• provide evidence of the financial viability of the proposed project itself
• have the capacity to deal with development risks, such as cost over-runs and delays in construction

Affordability

Applicants must:

• keep rents for a minimum of 30% of units below 80% of the Median Market Rental rate (as described in the most recent CMHC Rental Market Survey for the market and unit type in question)
• commit for a minimum of 20 years.

Accessibility:

Proponents will be expected to meet the minimum accessibility requirement that:

• 20% of all units within the project meet or exceed accessibility standards as prescribed in Table A
• access to the project and its common areas is barrier free

View our infographic to learn about some common misconceptions concerning Universal Design.

Energy Efficiency: 

Existing projects are required to achieve a 25% decrease in energy consumption and greenhouse gas (GHG) emissions relative to past performance levels.  

Note: Once your project is selected, we require a confirmation of the energy efficiency and GHG emissions reduction by a qualified energy professional. Click here to learn more about Energy Efficiency requirements.

When your project is selected to proceed, you may also wish to apply for Solutions Labs or Demonstrations to allow you to overcome barriers to your projects or capitalize on opportunities to improve performance and enhance outcomes. 

Urgent Repairs

For urgent repairs that are required to maintain the safety of occupants and/or viability of housing, flexibility in the minimum requirements for Energy Efficiency and Accessibility will be considered.

Examples of urgent repairs could include but are not limited to:

• balcony railings and slabs,
• exterior windows and doors,
• unstable cladding/siding systems,
• fire safety systems,
• building envelope to address water leakage, moisture, mould/bacteria problems,
• structural systems including concrete, steel and wood,
• leaking or failed potable and sewage water systems,
• faulty heating and ventilating systems,
• faulty electrical systems,
• correcting flood and storm damage,
• gas, water or electricity supplies,
• elevator and lift repairs.

If you have a project that is considered urgent or would like more information on submitting an urgent repair application, please contact your local Affordable Housing Specialist for assistance. Our specialists are available to help assess your needs, identify possible solutions, provide information on how CMHC can support your goals and help you navigate our application process.

CMHC will accept and review applications on a continuous basis and will follow this selection process:

• Completed applications will be prioritized at the end of each month by CMHC.
• Once prioritization of the applications is complete you will be informed whether your application was:
  • selected to proceed for further assessment
  • retained for the next prioritization window
  • declined

Selected applications must be provided with a list of required documents that must be submitted. These are subject to approval based on a financial and borrower assessment.

Prioritization of applications

All applications for funding will be prioritized based on the achievement of National Housing Strategy outcomes. Provincial and Territorial input on regional housing need will also be considered in prioritization of applications. A higher score will be assigned to those that exceed minimum requirements. Factors used to prioritize and select applications for further assessment include:

• affordability
• energy efficiency
• accessibility
• proximity to transit, amenities and community supports
• collaboration/partnerships
• social inclusion
• supporting federal priority groups

CMHC will use a scoring grid to determine the eligible loan and/or contribution amount. The score obtained will determine the amount of funding your project could be eligible to receive. Learn more about funding eligibility.

The following resource are available to help you prepare your application:

• Product Highlight Sheet (PDF)
• Required Documentation Listing (PDF)
• Energy Efficiency and Accessibility Requirements Guide (PDF)
• CMHC Rental Market Survey
• Scoring Grid/Viability Assessment Calculator (XLSX)
• Funding eligibility (PDF)
• National Housing Co-Investment Fund Application Guide (PDF)
• Integrity Declaration (PDF)
• Median Market Rents – Pooled Small CA's and Cities (XLSX)

For help in completing your application, contact your Affordable Housing Specialist. They can help you understand and assess your needs, identify possible solutions, provide information on how CMHC can support your goals and help you navigate our application process.

General inquiries about the National Housing Strategy or technical support

• Phone: 1-800-668-2642 (Business hours (ET): 8:00 a.m. to 7:00 p.m.)
• Email: contactcentre@cmhc.ca.