This program is designed for PURPOSE BUILT RENTAL PROJECTS with 5 OR MORE UNITS. The Project must be focused on either Affordability, Climate Compatibility or Accessibility – or a sprinkling of all three. It can be applied to new builds as well as existing property purchases / refinances.

This product works on a Scoring System – the more you bring to the table, the more CMHC will offer in the way of lending incentives.

New Build Example:
–Developer agrees that 10% of the units will be priced at 30% of the Median renter income for 10 years (currently $50K as per Stats Can) = $1250/month in rent = 50 POINTS
–Developer agrees to building 20% above code (Energy Efficiency and GHGs Reductions over 2017 NECB / 2015 NBC) = 30 POINTS
–Developer agrees that 15% of units will be Accessible = 20 POINTS

Based on the above agreement, 100 POINTS can now be “spent” and the Project will receive ALL of the following incentives:
1) Reduced Down payment – up to 95% Financing available
2) Lower Premiums – only 1.5% Premium charged
3) Longer Amortizations – up to 50 year amortization
4) Recourse or Limited Recourse – Limited Recourse

What works in YOUR market? When you think of this program, think of the following types of properties:
• Affordable Housing
• Market Housing with lower affordability component (e.g. student or retirement)
• Supportive Housing
• Community Housing
• Homeless Shelter
• Emergency Shelter
• Transitional Shelter

CMHC Website for MLI Select Project Funding HERE
CMHC MLI Select FACT SHEET HERE
CMHC POWERPOINT Presentation available on my Dropbox HERE