Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 30, 2016 10:25 ET

New Fund Aims to Revolutionize Affordable Rental Housing in Canada

OTTAWA, ONTARIO--(Marketwired - Sept. 30, 2016) - Canada Mortgage and Housing Corporation (CMHC) is looking for unique ideas, new funding models and innovative building techniques to revolutionize the rental housing sector. While speaking at the Toronto Housing Summit today, the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and the Minister responsible for CMHC, announced that CMHC is now ready to accept applications under the Affordable Rental Innovation Fund.

The Fund, part of Budget 2016 and administered by CMHC, totals $200M to help create up to 4,000 new affordable rental units over 5 years - reducing the number of Canadians living in housing need and the reliance on long-term government subsidies.

Funding is available to individuals and organizations who want to build affordable rental housing in Canadian communities where there is a demonstrated need.

Applications for the fund must meet the minimum criteria:

  • New affordable rental housing units (5 minimum)
  • Innovative and unique models of design or financing models
  • 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

For more information on the Fund, funding amounts, selection criteria, eligibility and the application and approval process please visit www.cmhc.ca/innovationfund

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

For more information, visit our website or follow us on Twitter, YouTube, LinkedIn and Facebook.

QUOTES

"Housing is an important component of our Government's overall approach to strengthening the middle class, promoting inclusive growth for Canadians, and helping to lift more people out of poverty. We're excited about this initiative because we believe that innovation is important to building a strong and vibrant housing sector for Canada."

Jean-Yves Duclos, Minister of Children, Families and Social Development, Minister responsible for Canada Mortgage and Housing Corporation

"Canada Mortgage and Housing Corporation is looking for unique ideas that will transform the affordable rental housing sector. Our hope is that the Innovation Fund will help harness and support revolutionary ideas from the best and brightest of Canada's business and housing industries. With this funding, we can take a project from brainstorm to bricks and mortar to create sustainable housing solutions for thousands of Canadians."

Simon Lahoud, Senior Manager, Innovation Fund, Canada Mortgage and Housing Corporation

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