Affordable Rental Housing Program Invites Applications

The Canada Mortgage and Housing Corporation (CMHC) is accepting applications under the Affordable Rental Innovation Fund. 

The goal of this program is to encourage new funding models and innovative building techniques in the rental housing sector. The $200 million fund is expected to help create up to 4,000 new affordable units over 5 years and will reduce reliance on long-term government subsidies.

Who is eligible?

Funding is available to eligible individuals, corporations and organizations that want to build affordable rental housing in Canada in response to demonstrated community need. Eligible applicants will include local governments, private sector developers and builders and non-profit housing providers (including faith-based organizations).

Selection criteria

Applications to the Fund must be for affordable rental housing and must meet the minimum criteria:

  • New affordable rental housing units (5 minimum)
  • Innovative and unique models of design or financing
  • Unit affordability maintained for at least 10 years
  • Resource efficiencies in the design
  • Accessibility features included
  • Plans for viability and sustainability without long-term government subsidies Projects with added value, for example where designed with higher impact through replicable designs, easy access to transit or where it serves vulnerable constituents, will be reviewed more favourably.

Funding amounts

Applicants must be able to support the level of funding they require to ensure the project will be viable. The amount and type of contribution will vary based on proposals received and CMHC may require security depending on the proposal. In addition to forgivable loans and contributions, innovative funding options will be available to proponents. These options may include: equity capital investments, minority ownership models, dividend payments or other innovative arrangements.

For more information on the Innovation Fund, funding amounts, selection criteria, eligibility and the application and approval process please visit CMHC’s website.

Innovation Fund consultants are available to provide more information and guide applicants through the process.

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