CMHC Multi-Unit and Affordable Housing Product Updates
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1 CMHC Multi-Unit and Affordable Housing Product Updates
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5 Financial Information Networks
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10 KNOWLEDGE TRANSFER & OUTREACH
11 Affordable housing project profiles, testimonials & videos Strategies & case studies Interactive web forums Checklists & fact sheets
12 Meet new contacts Learn about best practices, innovations Uncover community and developer partnership opportunities
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15 Paula Gasparro Manager, Multi-Unit Client Relations Rental Construction Financing Initiative
16 What is the Rental Construction Financing Initiative? $1M $2.5B minimum loan In low-cost loans to municipalities and housing providers for the construction of affordable 4 Year rental housing in initiative Canada
17 Who is this initiative targeting? Middle-class Canadians
18 What shelters or project types are eligible? Standard Apartments Excludes retirement homes, single room occupancy, equity co-ops, hotels, social housing and student housing
19 What is the product offering? Loan + Insurance Low-cost loans with terms up to 10 years including CMHC mortgage loan insurance from the onset.
20 Who are the eligible borrowers? MUNICIPALITIES PRIVATE SECTOR DEVELOPERS + BUILDERS SOCIAL INVESTMENT ORGANIZATIONS NON-PROFIT HOUSING PROVIDERS
21 Minimum mandatory requirements 1 Affordability 2 Financial Viability 3 Energy Efficiency SOCIAL OUTCOME DRIVEN 4 Accessibility
22 Affordability definition 1 Or 2
23 Definition criteria supports flexible rental options
24 Where to access median household income
25 Financing Initiative Minimum eligibility requirements >
26 Financing Initiative Minimum eligibility requirements
27 Rewarding greater social outcomes
28 Collaboration and partnerships
29 Financing Terms and Client Benefits A fixed rate provides interest rate certainty during the most risky periods of development.
30 Financing Terms and Client Benefits A fixed rate provides interest rate certainty during the most risky periods of development.
31 Financing Terms and Client Benefits A fixed rate provides interest rate certainty during the most risky periods of development.
32 Financing Terms and Client Benefits A fixed rate provides interest rate certainty during the most risky periods of development.
33 Financing Terms and Client Benefits A fixed rate provides interest rate certainty during the most risky periods of development.
34 Financing Terms and Client Benefits A fixed rate provides interest rate certainty during the most risky periods of development.
35 Financing Terms and Client Benefits A fixed rate provides interest rate certainty during the most risky periods of development.
36 For more information:
37 Paula Gasparro Manager, Multi-Unit Client Relations Affordable Housing Flexibilities
38 Expanded definition of affordability Extended to existing properties Enhanced underwriting flexibilities
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40 A Total residential rental income must be at least 10% below its potential residential rental income; and a minimum 20% of units have rents at or below 30% of the median household income B Proposal approved under other housing programs/ initiatives (federal, provincial, territorial or municipal) that provide support for the development of affordable rental housing Must be maintained for a minimum of 10 years from the date of first occupancy
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42 Project approved under other housing programs/initiatives (federal, provincial, territorial or municipal) that support the development/maintenance of affordable rental housing
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48 NEW NEW Standardized minimum DCR requirement according to housing type.
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51 NEW
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54 What is potential residential rental income, and how is it determined? These are rents the subject property could potentially achieve. This is different then current market rents for the area. In determining the potential rental income, consideration should be given to the building s age, amenities, proximity to transit, desirability etc. An appraisal will be required to establish potential rental income.
55 Where can I access market data on 30th percentile of rents? This data will be made available on CMHC s website. These rent levels are derived from the most recent data gathered from CMHC s rental market survey and will be published annually.
56 What is the median household income and what is the difference between this and average household income?
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58 For more information:
59 Paula Gasparro Manager, Multi-Unit Client Relations Policy Changes
60 Standard apartments Single room occupancy Retirement homes Student housing Supportive housing
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67 Non-residential space Max. 30% total floor space/total lending value Furnished suites Considered for all project types Bulk leases When in direct support of housing objectives Amortization periods Up to 40 years considered for all project types
68 Off-campus student housing Greater location and bedroom flexibility Second mortgage term Not required to mature with term of first mortgage Rental Achievement Holdback Released when projected rents achieved
69 Limited recourse lending Increased threshold to 65% of lending value Personal Guarantees No longer mandatory with other risk mitigations Guarantee Amount 40% of outstanding loan amount
70 Schedules for: Standard Rental Housing LTV Retirement Homes/Supportive Housing Market Rental Affordable Student Housing*/Single Room Occupancy (SRO) Rental LTV Up to and incl. 65% Student and Single Room Occupancy Housing Retirement and Supportive Housing Sorted by: Loan-to-value Market vs. Affordable Rental Purchase/Refinance vs. New Build Up to and incl. 70% Up to and incl. 75% Up to and incl. 65% incl. 80% UpUp to to andand incl. 70% incl. 85% UpUp to to andand incl. 75% UpUp to to andand incl. 80% incl. 90% UpGreater to and incl. 85% than 90% Up to and incl. 90% Greater than 90% Purchase/ Market Rental New Refinance Purchase/Re finance New Purchase/ Affordable RentalNew Refinance (SRO Only) Purchase/ New Refinance
71 Rental achievement Construction advances Extended amortization Student housing Commercial space Senior/ Long-term care Second mortgages
72 New Request Certificate of Insurance (form 60335) Consolidated Required Documentation Checklist
73 Flexibility in Financing Competitive Interest Rates Guaranteed Renewal
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