Timelines are approximations and will depend on the complexity and completeness of the application.

This process takes time. To speed up your application, be prepared to submit specific documents throughout the process. Inability to provide the outlined documents at each stage of the process will inhibit progression of the file and may result in withdrawal of the submission.

Refer to the Required Documentation Checklist (PDF) 

Projects must have support from another level of government (such as municipalities, provinces and/or territories or Indigenous governments) to ensure coordination of investments. Support can be in the form of investment of resources but could also be in the form of a letter stating endorsement for the project.

Organizational requirements

The Affordable Housing Fund – Renovation, Repair and Renewal Stream is open to:

• community housing providers (for example, 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:

• 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
• have primary use as residential
• meet minimum requirements for partnerships, financial viability (XLS), affordability (PDF), energy efficient (PDF) and accessible (PDF). 

Prioritization of applications

In addition to meeting mandatory minimum requirements, the Fund prioritizes projects with higher scores based on the achievement of social outcomes within the following priority areas:

• provincial and territorial input
• greater affordability
• greater energy efficiency
• greater accessibility
• proximity to transit, amenities and community supports
• stronger financial partnerships with other funders
• integrated support and services for tenants on site
• supporting priority groups

Considerations for Indigenous and Northern Housing Solutions clients
In addition to a Ministerial Loan Guarantee (MLG), CMHC is now accepting 4 additional alternative types of security for projects on First Nation lands.

Considerations for municipalities
In instances where municipalities are unable to provide the required forms of mortgage security, debentures may be considered as an alternative, on a case-by-case basis.

There are several possible repayable loan and/or forgivable loan combinations. 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 loan that is to be repaid monthly within a specific time frame.
• Forgivable loan: a loan that could be forgiven if you meet program criteria and targets.

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 50-year amortization for smaller monthly payments and long-term viability.
• Co-operatives, non-profits and Indigenous groups can receive up to 95% loan-to-cost for residential space and up to 75% loan-to-cost for non-residential space.
• Municipalities, provinces, territories and private sector can receive up to 95% loan-to-cost for residential space and up to 75% loan-to-cost for non-residential space.
• Interest-only payments once loan is fully advanced.

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

For Application Step number 4 only

PRO TIP! The loan package will generally also include:

• Operating Agreement: a stand-alone agreement with the borrower that extends beyond the term of the loan agreement to ensure they continue to meet CMHC’s required social outcomes (affordability, energy efficiency and accessibility).
• Assignment of Rents and Leases: security interest in all the interest of the borrowers in any leases or occupancy rights now or hereafter affecting the whole or any part of the project.
• General Security Agreement: secures all inventory, equipment and any other personal property arising from the property and allows for remedies in the event of default. Also known as the Movable Hypothec in Québec.
• Mortgage Charge Terms: sets out the mortgage terms to be registered on title. Also known as the Immovable Hypothec in Québec.
• Contractors Acknowledgment: this is signed by the Contractor acknowledging they are aware the borrower has assigned their contract to CMHC.
• Assignment of Insurance: assigns insurance proceeds to CMHC.
• Officers Certificate and Directors Resolution: confirms the borrower’s legal and financial status and their authority to borrow from CMHC.

NOTE: The above list is not exhaustive and other documents may be required to address the specifics of the project(s).