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.
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:
- 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).
The National Housing Co-Investment Fund – New Construction Stream is open to:
- community housing providers (i.e. public or private non-profit housing organizations or rental co-operatives)
- provinces and territories
- Indigenous governments and organizations
- private sector
We consider the following projects for funding:
- community and affordable housing
- urban indigenous community housing
- mixed use market / affordable rental
- ·new construction and/or conversion from a non-residential use to affordable multi-residential
- transitional and supportive housing
All projects must:
Three are several possible loan and/or contribution combinations. There is:
- $5.19 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 reset when renewed.
- Up to a 50-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.
- Interest-only payments once loan is fully advanced.
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
The New Construction 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
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:
- the achievement of National Housing Strategy outcomes
- Provincial and Territorial input
- energy efficiency
- proximity to transit, amenities and community supports
- social inclusion
- supporting federal priority groups
We give higher scores to applications that exceed minimum requirements.