The Fund prioritizes partnerships between Indigenous and northern housing providers and other partners such as governments, non-profits and other such organizations.

The Co-Investment Fund prioritizes affordable housing that is:

• energy efficient
• accessible
• socially inclusive

Your project may qualify for several repayable and/or forgivable loan combinations. This depends on meeting program requirements and level of need.

• repayable loan – a loan that is to be repaid within a specific time frame
• forgivable loan – a loan that may be forgiven if you meet program criteria and targets

We consider repayable loans first.

Low-interest repayable loan:

• available for a term of 10 years
• may be renewed for an additional 10 years
• can be available for 20 years to fund projects demonstrating financial viability and long-term affordability

A 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 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 the private sector.

A forgivable loan may be available in addition to a repayable loan when:

• additional funding for higher performing projects are required to offset higher costs of meeting or exceeding minimum requirements
• a repayable loan is not a feasible option
• the project has external funding to cover the majority of total project costs, but a forgivable loan or direct contribution is required to bridge the gap

Your specialist can help you:

• confirm that your project aligns with this program
• explain the application, approval and funding process
• understand the required documents by:
• assisting you to gather and complete the CMHC application documents
• assisting you with the application portal
• supporting you through the approval process

Eligible applicants include:

• Indigenous governments and organizations
• provinces, territories and municipalities serving Indigenous and/or northern populations
• community housing providers such as public or private non-profit housing organizations or rental co-operatives serving Indigenous and/or northern populations
• private sector housing providers serving Indigenous and/or northern populations

Eligible projects include repair of existing or construction of:

• new community and affordable housing
• new urban Indigenous community housing
• mixed use market / affordable rental
• conversion from a non-residential use to affordable residential
• shelters
• transitional and supportive housing

To be eligible your project must:

• have a minimum of 5 units/beds
• be primarily for residential use
• meet minimum requirements for:
• Affordability (PDF)
• energy efficiency and accessibility (PDF)
• project details and funding eligibility spreadsheet (XLS)

Your projects must have support from another level of government such as:

• an Indigenous government
• a municipality
• a province or territory

Partners will be required to contribute to the project including monetary or in-kind contributions.

Application preparation and submission takes time and depends on the readiness of your project. You will need to complete the required documentation checklist (PDF), which outlines the minimum documentation required at each stage of the process to move forward. Additional documents may be required to address the specifics of a particular project(s).

Here are the recommended steps to take:

• Before applying, work with a CMHC Indigenous and Northern Housing specialist to prepare your application and gather relevant documentation.
• When starting your application in CMHC's application portal please select the correct choice from the program drop-down list: "Indigenous or Northern - NHCF (National Housing Co-investment Fund)."
• Complete these forms before signing in or creating an account in the CMHC portal:
• Integrity Declaration (PDF)
• Project details and funding eligibility spreadsheet (XLS)

Submit your application on the application portal after receiving confirmation from your CMHC specialist. You must upload all documents identified in the checklist.

You will hear from CMHC within approximately 14 days of submitting your application.

If at any time during additional documentation or clarification is needed during the application process, CMHC will get in touch with you.

The minimum expected time between receipt of a completed submission to CMHC’s issuance of a funding package is approximately 150 days. This timeline varies on a project-by-project basis.

1. PRELIMINARY REVIEW (YOU WILL HEAR FROM US WITHIN 14 DAYS FROM SUBMISSION)

Applications are reviewed for readiness, eligibility and completion.

2. FINANCIAL ANALYSIS/CREDIT RISK ASSESSMENT (APPROXIMATELY 30-120 DAYS FROM YOUR APPLICATION SUBMISSION)

Credit risk assessment of your application takes time. Selected, eligible applications are assessed based on:

• financial viability
• minimum requirements
• details of the socio-economic outcomes in your project
• local community need
• available funding

Provinces and territories also provide input and concurrence on projects in their jurisdiction.

3. LETTER OF INTENT

Successful applicants will receive a letter of intent confirming CMHC’s conditional offer based on the assessment up to that point.

The letter of intent generally includes details of:

• loan amounts
• conditions to funding
• details of the socio economic outcomes in your project
• list of security required by CMHC to secure the loan obligations

Security documents may include but are not limited to :

• mortgage security
• ministerial loan guarantee
• assignments of rents and leases
• material contracts and insurance
• where applicable, guarantees, and/or inter-creditor agreements

You will have approximately 60 days to satisfy the conditions listed in the letter of intent.

Your application will go through a final approval process once you provide all required documentation.

Failure to satisfy conditions within the set timeframe may lead to a cancellation of the application.

4. FUNDING AGREEMENT/LOAN DOCUMENTS

Upon final approval by CMHC, we will then prepare your package of loan documents, typically within 40 days. Timing is dependent on the complexity of your application.

The funding agreement will detail items such as:

• interest rate
• the advancing mechanics
• security for the loans
• reporting requirements
• standard terms and conditions, among other terms, including those specific to your project

You have 30 days to accept and return the signed loan documents to CMHC.

The loan package contains several documents that will generally include:

• funding agreement
• operating agreement
• assignment of rents and leases
• general security agreement
• mortgage charge terms
• contractor’s acknowledgment
• assignment of insurance

5. FIRST ADVANCE

The fully executed loan agreement between CMHC and the successful applicant will contain a drawdown schedule.

The drawdown schedule itemizes when and in what amount funds are expected to be advanced against CMHC repayable and forgivable loans.

You must satisfy all conditions required prior to initial funding. At both initial funding and at the time of each subsequent funding, you must submit a draw request to CMHC, along with:

• a current project status report prepared by your Quantity Surveyor/Cost Consultant
• the drawdown notice
• the project status certificate
• the project consultant’s certificate
• a notarized CCDC statutory declaration
• any other documentation that CMHC may deem necessary – all of which are specified in the loan agreement

Required documentation must be provided 10 days before each draw down date. Your specialist will let you know if other documents are required.