National Housing Co-Investment Fund – revitalization

Long term, low-interest loans to help revitalize affordable housing.

This fund prioritizes partnerships between governments, non-profits, private sector, among others and provides low-cost loans and/or forgivable loans. 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 7-Step Process

Pre-application:

Application Readiness: Required Documentation Checklist

Before applying, work with your CMHC specialist to prepare your application and gather relevant documentation. You will need to complete the required documentation checklist (PDF). The required checklist outlines the minimum documentation required at each stage of the process in order to move forward.

Additionally, complete these forms before signing in or creating an account in the CMHC portal:

Financial Viability Assessment Calculator and Scoring Grid (XLS)
Need help using the scoring grid? Access our interactive guide for more information.
Integrity Declaration (PDF)

Application submission and post-application:

Application Intake and Review
After receiving confirmation from your CMHC specialist, please submit your application. Application submission takes time. There are more than 200 questions across multiple pages and you have to upload several documents. All applications are prioritized upon application submission prior to proceeding to the next stage of the process, the preliminary review.
Preliminary Review (14 DAYS)
Financial Analysis (30-125 DAYS)
Funding Commitment (Letter of Intent) (60 DAYS)
Contract in Preparation (Term Sheet) (30 DAYS)
Funding Agreement (Loan Agreement) (up to 60 DAYS)
Funding Agreement Finalized

This process takes time. In order to speed up your application, be prepared to submit specific documents throughout the process. Inability to provide the outlined documents at each stage in the process will inhibit progression of the file and may result in withdrawal of the submission. Refer to the required documentation checklist (PDF)

Required Documentation 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

Considerations for Indigenous and Northern Housing Solutions Clients
In addition to a Ministerial Loan Guarantee (MLG), Canada Mortgage and Housing Corporation (CMHC) is now accepting four additional alternative types of security for projects on First Nation lands.

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

FINANCIAL INFORMATION

There are several possible repayable loan and/or forgivable loan combinations. There is:

$3.46 billion available through low-cost repayable loans over 10 years
$2.26 billion available through forgivable loans over 10 years

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

Repayable loan: a form of loan that is to be repaid on a monthly basis within a specific time frame.

Forgivable loan: a form of loan that could be forgiven, if you meet program criteria and targets.

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 repayable 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 repayable loans first. Forgivable loans may be available in addition to a repayable 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 a forgivable loan is needed to attain break-even cash flow

Your project may be eligible to receive a forgivable loan without a repayable loan in the following cases:

where a repayable loan is not a feasible option
where the project has external funding to cover the majority of total project cost, but a forgivable loan is required to bridge the gap
additional funding as an incentive for higher performing projects

PRO TIPS:

Use this scoring grid to determine the maximum low-interest repayable loan and/or forgivable loan amount
Need help using the scoring grid? Access our interactive guide for more information.
Find more detailed on funding eligibility.
Review the Product Highlight Sheet for further details on the repayable 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: