The Shared Equity Mortgage Provider (SEMP) Fund program helps eligible Canadians achieve affordable home ownership.
This $100-million lending fund assists shared equity mortgage providers that offer an alternative homeownership model. The Fund will help attract new providers of shared equity mortgages and encourage additional housing supply. The Shared Equity Mortgage Provider Fund is a 5-year program to be launched on July 31, 2019.
The program will offer eligible proponents loans from two possible funding streams:
Stream 1 – Preconstruction
Preconstruction costs to commence new housing projects that provide shared equity mortgages to home purchasers.
Stream 2 – Shared Equity Mortgages (SEM)
Funding of shared equity mortgages provided by the proponent directly to home purchasers.
Note: No stacking is permitted between Stream 1 and Stream 2 under the SEMP Fund. In addition, where there is more demand than available funding, CMHC may prioritize eligible applications to determine where commitments will be made.