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Co-op Housing Development Program │ Canada Mortgage and Housing Corporation (CMHC)

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Value

There is $1.5 billion in funding available in the form of forgivable and low-interest repayable loans through a callout application-based process.

Description

Access forgivable loans along with low-interest repayable loans to build rental co-operative housing. This program supports a new generation of non-profit co-operative housing.

Eligible Applicants

  • New and existing non-profit housing co-operatives:
    • As stand-alone co-operatives or in partnership with another non-profit
    • Student housing co-operatives
    • Senior’s housing co-operatives
    • Indigenous co-operatives, including those in partnership with Indigenous governments and organizations
  • Land Trusts
    • Note: If you are a Land Trust and plan on having a different operator run the property after construction this must be communicated to CMHC as soon as possible.

Eligible Expenses

  • CMHC will fund up to 100% of eligible costs
  • The program uses a combination of forgivable and repayable loans
  • Forgivable loans will be the lesser amount of:
    • One-third of the total contract amount, or
    • The amount needed for the project to be financially viable
  • Funding will be committed over 4 years starting in 2024 – 25

 

Eligible project types

  • New construction
  • Densification
  • Conversion of non-residential buildings

Deadline Date

The Co-op Housing Development Program operates with periodic intake windows. The first application window closed on September 15, 2024. Additional intake windows are expected in 2025 and beyond, with applications accepted at least twice per year until 2028. Specific dates for future intakes have not yet been announced. Please visit the official CMHC website for the most current information on future application dates and program guidelines.

Contact

Contact Name: CMHC specialist

Phone Number: 1-800-668-2642

E-mail Address: contactcentre@cmhc.ca

Website: https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/funding-programs/all-funding-programs/co-op-housing-development-program

Industry:

Housing, Indigenous, Non-Profit

Location:

Alberta, British Colombia, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Nunavut, NWT, Ontario, PEI, Quebec, Saskatchewan, Yukon

Tags:

Forgivable loans

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