New Affordable Housing Investment Corporation

The Federal Government has announced the creation of a new lending institution, the HPC Housing Investment Corporation, to increase affordable housing across Canada. The HPC is a federal non-share corporation that offers financing options for affordable housing providers at long-term fixed interest rates.

The HPC is headed by Shayne Ramsay, CEO of BC Housing, and has three founding members: BC Housing, Manitoba Housing and Renewal Corporation and Ontario’s Housing Services Corporation.

An initial commitment of $20 million by the Government of Canada is intended to create a $400 million funding pool for projects Canada-wide.  The first round of financing is now closed, and was valued at approximately $33.1 million for two separate projects. One of the initial projects is the Railyard Housing Co-op – Community Land Trust project in Vancouver, a 15-storey, 135-unit affordable housing building.

Prospective borrowers are required to be registered non-profits and have an ownership interest in the property. Applications are screened on evaluation criteria assessing fit with community housing goals, financial soundness, and degree of risk mitigation.

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