Funding is Now Available to Canadian Municipalities to Cover 100% of Affordable Housing Project Costs

October 29, 2020

In Canada Funding Program News Federal Grants Funding for Municipalities

The Rapid Housing Initiative (RHI) provides funding to expedite the delivery of affordable housing units to vulnerable populations in Canada

The Government of Canada, through CMHC, has launched the Rapid Housing Initiative (RHI).  This is a $1 billion program to help address urgent housing needs of vulnerable Canadians, especially in the context of COVID-19, through the rapid construction of affordable housing. The initiative provides capital contributions, with a minimum request of $1 million, to expedite the delivery of affordable housing. The RHI will:

  • Support the creation of up to 3,000 new and permanent affordable housing units
  • Cover the construction of modular housing, as well as the acquisition of land, and the conversion/rehabilitation of existing buildings to affordable housing
  • Aim to commit all funds before March 31, 2021, and ensure housing is available within 12 months of agreements

Eligible Recipients - Projects Stream 

The Rapid Housing Initiative is open to the following on a competitive basis:

  • Municipal, Provincial, and Territorial Governments including their agencies
  • Indigenous governing bodies and Organizations
  • Non-profit organizations

Eligible Projects

CMHC will provide up to 100% in capital contribution funding to cover eligible residential construction costs. Eligible recipients will receive funding for one of three eligible project types:

New Construction (only Modular):

  • Funding to support the construction of a modular multi-unit rental project, which includes the acquisition of the land

Conversions

  • Funding to support the acquisition and conversion of a non-residential building to an affordable rental project

Rehabilitations

  • Funding to support the acquisition of an existing building in state of disrepair or abandoned for the purpose of rehabilitation where units were previously lost from the housing stock

Deadline

CMHC will accept applications until December 31, 2020. Applications will be reviewed by January 31, 2021. CMHC will aim to distribute all funds before March 31, 2021

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