CMHC AFFORDABLE Housing INNOVATION FUND

The Affordable Housing Innovation Fund is a $200 million fund that will be instrumental in creating the next generation of housing in Canada. The goal of the Innovation Fund is to encourage new funding models and innovative building techniques in the affordable housing sector.

The Innovation Fund will:

  • support the development of innovative approaches to affordable housing

  • create inclusive and accessible communities

  • contribute to the fight against homelessness

Criteria

Innovation Fund applications must meet the following minimum criteria:

  • Affordable units: At least 5 new units, renovations or retrofits must be considered affordable.

The Innovation Fund defines Affordability based on the affordability criteria of the municipality where the project is located. Failing such municipal criteria, the provincial criteria may be used. Where no affordability criteria exist, we will determine affordability for rental housing projects based on the Median Market Rent (MMR). The subject property rent must be below the MMR for new construction, based on CMHC MAC data for the area in question.

  • Innovative design or financing models: You must demonstrate the use of innovative solutions for affordable housing. This includes novel financing models or unique designs used to overcome barriers and lower the costs and risks associated with housing projects.

  • Unit affordability maintained for at least 10 years: You must demonstrate how your project will remain affordable for at least 10 years.

  • Resource Efficiencies in the design: You must demonstrate how your project will achieve a minimum 10% decrease in energy intensity and greenhouse gas (GHG) emissions relative to the National Energy Code of Canada for Buildings 2015 (NECB)

  • Accessibility features must be included: At least 10% of the units of a project must meet accessibility requirements. Accessible features can include ramps, lifts, modified kitchens, bathrooms, and home automation (for more information on accessibility please see the application guide).

  • Plans for viability and sustainability without long-term government subsidies: Units must demonstrate that they can be viable while decreasing or eliminating the need for ongoing government subsidies.

  • Other factors that may be included in scoring: Projects with replicable designs, easy access to transit or have a focus on social inclusion.

Projects with added value, for example where designed with higher impact through replicable designs, easy access to transit or where it serves vulnerable constituents, will be reviewed more favourably.

For more information on this initiative, click here