Great news – the federal government has announced a new funding initiative to build 3,000 new, permanent affordable housing units across the country! The Rapid Housing Initiative is part of the economic recovery program to create new jobs and stimulate growth, while at the same time addressing the expanding homelessness crisis across Canada. The Initiative will fund the development of new modular units, hotel and commercial space conversion into affordable housing units, rehabilitate older buildings, the acquisition of land, and other similar projects.
The $1-billion investment in divided equally across two streams:
- Major Cities stream ($500 million) – provides immediate support for a list of pre-determined cities
- Project Stream ($500 million) – for provinces, territories, municipalities, Indigenous governing bodies and organizations, and non-profit organizations.
Non-profit housing providers interested in applying to the Project Stream must have:
- Property Management Experience
- Construction Management Experience
* Experience may be acquired through a third party.
Other eligibility criteria include the following property type and size requirements:
- Standard rental, transitional, permanent supportive housing, single room occupancy and seniors housing (that requires light to no care)
- Must have a minimum of five units or beds*
- Minimum contribution request of $1 million
- Primary use is residential
- Permanent housing (long-term tenancy, 3 months or more)
For more information, please visit the RHI website
Time is of the essence!
The turnaround time on the application process is very quick. The application process is open as of October 27, 2020 and closes December 31st 2020. Strong proposals will be evaluated as they come in, rather than being evaluated after they receive a number of proposals. The Community Housing Transformation Centre has shared that a strong proposal is one that will allow people to live in the building 12 months after the proposal has been accepted by CMHC.
The Community Housing Transformation Centre Can Help
Have a project in mind and need help with your application? The Community Housing Transformation Centre can help!
The Community Housing Transformation Centre (CHTC) is offering up to $50,000 to any organization eligible under the Project Stream that can reasonably demonstrate they have a potentially winning proposal. The $50,000 is intended to support the organization to free up staff time or hire a consultant to build their business plan and develop the CMHC application. CHTC program managers will be fast-tracking applications for this funding.
Interested? Contact the Centre to speak to one of the program managers before you apply.