Year in Review: Accomplishments since the launch of Canada’s first National Housing Strategy Tuesday, November 27th, 2018 www. www.cmhc-nhs hs.ca
A Vis isio ion for I Incl nclusiv ive H e Housin ing www. www.cmhc-nhs hs.ca
Two new websites www.cmhc-nhs.ca www.placetocallhome.ca www. www.cmhc-nhs hs.ca
National Housing Co-Investment Fund www. www.cmhc-nhs hs.ca
National Housing Co-Investment Fund Three intake windows completed Launched: May 2 nd 2018 Must meet accessibility, energy efficiency, and affordability requirements First 2 windows: 130 applications www. www.cmhc-nhs hs.ca
Rental Construction Financing Initiative Supporting Canada’s middle class Financing of New Rental Housing Projects Making Low Cost Loans available www. www.cmhc-nhs hs.ca
Rental Construction Financing Initiative Budget 2018 added $1.25 billion New projects are accessible, energy efficient, and affordable. 40 projects, 5500 units since 2017 K-W Habilitation Services project in Kitchener (22 units) www. www.cmhc-nhs hs.ca
Which Program Works for Your Project? Rental Construction Financing Initiative Low-cost insured loans To encourage construction of rental housing Middle Class Canadians National Housing Co-Investment Fund Loans, Contributions To create or repair a broad range of housing Targets vulnerable groups www.cmhc-nhs www. hs.ca
Affordable Housing Innovation Fund Reducing the number of Canadians in Housing Need Test Innovative Financing Models and Unique Designs Reduce Reliance on long-term government subsidies www. www.cmhc-nhs hs.ca
Affordable Housing Innovation Fund Innovation Fund projects announced in Victoria, BC and Banff, Alberta. Innovation Fund Student Challenge 220 Terminal Avenue, Vancouver www. www.cmhc-nhs hs.ca
Tiny home team balances green technologies and affordability 30-35 permanent homes, ranging from 380-600 square feet in size. Goal is a replicable model that could produce similar communities across Canada Vagabond’s custom mobile unit was built to demonstrate the tiny home concept. www.cmhc-nhs www. hs.ca 11
Partnerships May 9, 2018 – Multilateral Framework Launched Bilateral agreements signed with British Columbia, Ontario and New Brunswick New partnerships with non-profit, private sector, and philanthropic groups to maximize investments. www. www.cmhc-nhs hs.ca
Human Rights-Based Approach to Housing In-person consultations with Canadians from March 2018 to June 2018. Several hundred online submissions received from Canadians. www. www.cmhc-nhs hs.ca 13
Human Rights-Based Approach to Housing More to come National Housing Council Federal Housing Advocate Legislation Community Based Tenant Initiative Public Engagement Campaign www.cmhc-nhs www. hs.ca 14
Looking ahead to 2019 Provincially Delivered (Part of Bilateral Agreements under negotiation) Canada Community Housing Initiative Canada Housing Benefit PT Priority Funding Federally Delivered Technical Resource Centre and Sector Transformation Fund ( RFP completed; provider selected) . www.cmhc-nhs www. hs.ca 15
Our Transformation to Better Serve Canadians [Insert picture of CMHC staff] www. www.cmhc-nhs hs.ca 16
CMHC Housing Solutions www. www.cmhc-nhs hs.ca
Ho Hous usin ing Co Cont ntinu inuum www. www.cmhc-nhs hs.ca 18
Co Cont ntin inuum o of ho hous usin ing s solu lutio ions FUNDING SOLUTIONS MORTGAGE LOAN INSURANCE • Seed Funding • Flexibilities for affordable • Co-Investment Fund housing • Innovation Fund • Mortgage loan insurance • Federal Lands Initiative for market properties • Rental Construction Financing www. www.cmhc-nhs hs.ca 19
Phase ses o of develop opment nt and C d CMHC HC p produc oduct o offerings gs Phases of development Rent up/ Pre-development Construction stabilization Seed Funding (for soft costs) Co-Investment Fund Innovation Fund Affordable Housing Solutions Federal Lands Initiative Rental Construction Financing initiative (loan + insurance) Mortgage Loan Insurance for Affordable Housing Commercial Mortgage Loan Insurance for Market Rental Housing Products www. www.cmhc-nhs hs.ca 20
SEED Funding www. www.cmhc-nhs hs.ca
Over erview ew New construction stream Non-repayable a contribution of up to $150K and/or contributions an interest-free loan of up to $350K and/or Preservation stream up to $50K per community housing project Interest free loans a contribution of up to $75K in some cases www.cmhc-nhs www. hs.ca 22
Elig igibil ilit ity New construction stream Preservation stream Community Municipalities, housing provinces & providers territories Those previously under an operating agreement or transferred under a Social Housing Agreement Indigenous Private sector governments groups & organizations www.cmhc-nhs www. hs.ca 23
Benef nefits New construction stream Preservation stream Pre-development Preservation activities for new activities for affordable existing housing housing www. www.cmhc-nhs hs.ca 24
National Housing Co-Investment Fund www. www.cmhc-nhs hs.ca
Funding ng AVAILABLE THROUGH AVAILABLE THROUGH LOW-COST REPAYABLE CAPITAL CONTRIBUTIONS LOANS Combination of both to offset higher costs of meeting or exceeding minimum requirements or where cash flow is insufficient to support additional financing www. www.cmhc-nhs hs.ca 26
Elig igibil ilit ity Projects New construction and/or conversion Mixed-use market Urban Indigenous from a non- Transitional and and/or affordable Shelters community residential use to supportive rental housing housing affordable multi- housing unit housing www.cmhc-nhs www. hs.ca 27
Elig igibil ilit ity Groups Community Municipalities, housing providers provinces & (public, private, territories non-profit, rental, co-op) Indigenous Private governments sector & organizations www. www.cmhc-nhs hs.ca 28
Project ct r requirem emen ents Meet minimum requirements for: Have at least 5 units or Ensure primary use is Partnerships, financial beds. residential. viability, affordability, energy efficiency, and accessibility. www.cmhc-nhs www. hs.ca 29
Rental Construction Financing www. www.cmhc-nhs hs.ca
Rent ental Co l Cons nstruction F Fina nancin ing i init nitia iativ ive 4-year initiative In low-cost loans to $1M / 5 units municipalities minimum loan and housing providers for the amount, construction of 14,000 new minimum rental housing units in units Canada CMHC insured from the onset www.cmhc-nhs www. hs.ca 31
Elig igib ible le p proje jects STANDA NDARD D AP APAR ARTM TMENTS NTS Excludes niche-type housing such as retirement homes, single room occupancy and student housing www.cmhc-nhs www. hs.ca 32
Elig igib ible le b borr rrowers rs Private sector Non-profit housing Partnerships developers and Municipalities providers builders www.cmhc-nhs www. hs.ca 33
Minim nimum E Elig igib ibilit ility r requir irements SOCIAL OUTCOMES Financial Energy Affordability Accessibility viability efficiency Borrowers must demonstrate an affordability commitment for a minimum of 10 years from first occupancy under the CMHC Loan. www.cmhc-nhs www. hs.ca 34
Benefits ts Offers low-cost loans during the riskiest phases of financing development (construction and stabilization/rent-up) Delivers financing features not available in the private market, such as fixed-rate construction/stabilization loans and mortgage loan insurance from the onset Stimulates rental housing construction sector Complements and is compatible with local affordable housing initiatives Incents projects for great social outcomes www. www.cmhc-nhs hs.ca 35
Federal Lands Initiative www. www.cmhc-nhs hs.ca
Fede deral Lands ds Initiative Support the transfer surplus federal lands and buildings to eligible participants at discounted to no cost to encourage the development of affordable homes. Once transferred, the property will be The discount on the land will depend on developed into affordable, sustainable, the maximization of socio-economic accessible and socially inclusive and environmental outcomes achieved. developments www.cmhc-nhs www. hs.ca 37
Eligib ibilit ity Groups Municipal, Indigenous Non-profit provincial and governments Co-operative organizations or territorial and For profit housing registered governments organizations, organizations organizations charities including their including Tribal agencies Councils www.cmhc-nhs www. hs.ca 38
Eligib ibilit ity Projects Mixed-use (non- residential component should Mixed-income Mixed-tenure Shelters not typically exceed 30% of gross floor area) Affordable Transitional housing Supportive housing Rental housing homeownership www.cmhc-nhs www. hs.ca 39
Thank You Anthony Adrien CMHC Affordable Housing Consultant Tel: 416 605-9290 Email: aadrien@cmhc.ca Th www. www.cmhc-nhs hs.ca
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