The goal of the Affordable Rental Innovation Fund is to encourage new funding models and innovative building techniques in the rental housing sector. Canada Mortgage and Housing Corporation (CMHC) is looking for unique ideas that will revolutionize the sector moving forward. In the process, the $200M Fund is expected to help create up to 4,000 new affordable units over 5 years and will reduce reliance on long-term government subsidies.
Who is eligible?
Funding is available to eligible individuals, corporations and organizations that want to build affordable rental housing in Canada in response to demonstrated community need. Eligible applicants will include municipalities, private sector developers and builders, and non-profit housing providers (including faith-based organizations).
Selection criteria
Applications to the Fund must be for affordable rental housing and must meet the minimum criteria:
- New affordable rental housing units (5 minimum)
- Innovative and unique models of design or financing
- Rental 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
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.
Funding amounts
Applicants must be able to support the level of funding they require to ensure the project will be viable. The amount and type of funding will vary based on proposals received and CMHC may require security depending on the proposal. In addition to forgivable loans and contributions, innovative funding options will be available to proponents. These options may include: equity capital investments, minority ownership models, dividend payments or other innovative arrangements.
Application and approval process
The call for proposals opened on September 30, 2016. Online applications will be reviewed on an ongoing basis, and funding announcements will be made every quarter. CMHC will require the ability to use information and ideas submitted by the applicant for research and evaluation, while taking intellectual property rights and confidentiality into consideration. Proposals that meet the criteria will be referred to the i3 Committee for further review. Proposals that may not meet all the criteria but show potential will be referred to an Innovation Lab for further refinement and potential resubmission to the i3 Committee for consideration. If your proposal is not chosen to move forward at either of these levels, you may be invited to resubmit at a later date based on the feedback received.
Funds are available for 5 years or until all funds are assigned, whichever comes first. CMHC has final decision-making authority on the selection of proposals.
Questions? Contact an Innovation Fund Consultant
Innovation Fund consultants are available to give you more information, guide you through the process and help you to take your idea from vision to reality. You can contact a member of the Innovation Fund team at innovationfund@cmhc.ca.
For further information and to apply, visit: Affordable Rental Innovation Fund