Due to a high volume of applications this year, we have extended our prioritization window, and it can take up to 60 days to receive a response. We still accept applications on a continuous basis and we welcome applications to increase Canada’s rental housing supply. You will be notified once we review your application, and we will inform you whether it was selected for underwriting, retained for the next prioritization window or declined.
Selected applications are subject to approval based on an underwriting assessment of the borrower, the property and the market. CMLS Financial has been contracted to complete the underwriting assessment on CMHC’s behalf.
RCFi Application Process
Prioritization of applications
The RCFi looks to prioritize projects that:
- Meet or exceed the mandatory minimum requirements for financial viability, affordability, energy efficiency and accessibility
- Demonstrate greater social outcomes that contribute to vibrant, socially inclusive neighborhoods and
- Address a need for supply in the market
Your project’s assessment from the Social Outcome Grid will also assist in determining your projects’ loan-to-cost ratio.
Documentation requirements
The required documentation provides the minimum information and documentation required when an application is selected for underwriting and before final credit approval.
Application fees
Once your application has been selected for an underwriting assessment, the following fees will be required:
Residential portion:
- $200/unit for the first 100 units
- $100/unit for subsequent units
- up to maximum of $55,000 for the residential portion of the application fees
Non-residential portion:
- 0.30% of the non-residential loan amount if it exceeds $100,000
- If your application is declined or withdrawn, we will retain a portion of the fees (minimum 10%) for the underwriting work rendered. Once CMHC has issued a commitment Letter of Intent, no refund will be available, even if the loan is not advanced.
Done!
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