Co-Investment Fund – Repair and Renewal Stream

Long term, low-interest loans for the construction and revitalization of affordable housing

This fund prioritizes partnerships between governments, non-profits, private sector, among others and provides low-cost loans and/or financial contributions. The focus of this fund is to develop energy efficient, accessible and socially inclusive housing for mixed-income, mixed-tenure and mixed-use affordable housing uses.

PRO TIP! Reach out to your CMHC specialist to help you get the specific documentation required for your application to the Co-Investment Fund.

Application Process

Timelines are approximations and will depend on the complexity and completeness of the application. Talk to your specialist.

Co-Investment Fund 6-Step Process

Application Intake (UP TO 30 DAYS)
This application submission takes time. There are more than 200 questions across multiple pages and you have to upload several documents. Refer to the checklist document (PDF) for a complete list of documentation or get in touch with your CMHC specialist for the specific items you need for your application.

Complete these forms before signing in or creating an account in the CMHC portal:
- Financial Viability Assessment Calculator and Scoring Grid (XLS)
- Integrity Declaration (PDF)
Initial Review (14 DAYS)
Prioritization (35 DAYS)
Financial Analysis (30-90 DAYS)
Funding Commitment (60 DAYS)
Funding Agreement Finalized (up to 60 DAYS)

This process takes time but in order to speed up your application be prepared to submit specific documents. Refer to the checklist document (PDF).

Requirements Checklist (PDF)

Program Details

ELIGIBILITY

Projects must have support from another level of government (such as municipalities, provinces and/or territories, Indigenous government) to ensure a coordination of investments.
Partners will be required to contribute to the project (monetary or in-kind) and the level of contribution may vary from project to project.

Organizational Requirements

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

Project Requirements

We consider the following projects for funding:

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

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

PRO TIP: Learn about some common misconceptions concerning Universal Design (PDF).

FINANCIAL INFORMATION

Three are several possible loan and/or contribution combinations. 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.

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

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 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.

We consider loans first. Contributions can be included in the loan, if applicable. 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

Your 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

PRO TIPS:

Use this scoring grid to determine the maximum low-interest loan and/or contribution amount
Find more detailed on funding eligibility.
Review the Product Highlight Sheet for further details on the loan characteristics.

APPROVAL PROCESS

PRO TIP! Use this guide (PDF) to understand and complete the application process.

The Housing Repair and Renewal Stream Co-Investment application process is a lengthy one. Your CMHC specialist can help you gather the specific documentation required for your application to the Co-Investment Fund.

CMHC accepts applications on a continuous basis.

At the end of each month, we review and prioritize the applications. You application can be:

selected to proceed for further assessment
retained for the next prioritization window
declined

If we approve your application, we will provide you with a list of required documents to move to the next step. These are subject to approval based on a financial and borrower assessment.

Prioritization of applications

We prioritize applications based on: