CANADA MORTGAGE AND HOUSING CORPORATION

Advancing Affordable Housing Solutions

Creating Affordable Housing in BC Communities: Tales & “Tools” of Partnership Success March 1st - 2012

Joint Investment in Affordable Housing

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2011 to 2014 Framework Agreement $180 million funding agreement between Government of Canada and the Province of BC Provide matching contributions of $90 million each over the next 3 years Support housing needs for low income individuals, families, and seniors

CANADA MORTGAGE AND HOUSING CORPORATION

Affordable Housing Begins With A Vision  Community leaders of all types are taking up the challenge of

affordable housing  Private-sector developers  Non-profit service organization and housing providers  Faith-based groups  Municipalities

CANADA MORTGAGE AND HOUSING CORPORATION

Affordable Housing Begins With A Vision  Where can people go to find

information on all aspects of developing affordable housing  Where to get started?  Where to get guidance on

developing proposals?  What financial advice and assistance is available?  How have other affordable housing champions done it?

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Making It Work CMHC offers financial assistance to help cover some of the upfront costs incurred during the development of a housing project proposal.

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CMHC FUNDING – SEED GRANT

SEED FUNDING PROGRAM GRANT

$10,000 in the form of a grant for the following:  Housing market study  Development of a business plan  Exploration of funding sources  Environmental site assessment  Preliminary housing project design  Evaluation of procurement options  Preliminary financial viability analysis  Incorporation of a non-profit organization SOCIÉTÉ CANADIENNE D’HYPOTHÈQUES ET DE LOGEMENT

CMHC FUNDING – SEED LOAN

SEED FUNDING PROGRAM

SEED FUNDING PROGRAM

GRANT

LOAN

$10,000 in the form of a repayable loan for the following:  Environmental site assessment  Preliminary housing project design  Evaluation of procurement options  Incorporation of a non-profit organization

SOCIÉTÉ CANADIENNE D’HYPOTHÈQUES ET DE LOGEMENT

SEED PROJECT PROPOSAL CRITERIA

CMHC is looking for housing project proposals whose characteristics are consistent with factors that are critical to successful production of affordable housing..  Compatibility with Seed Funding Criteria  Applicant capability  Evidence of resources  Clarity of objectives

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CMHC FUNDING – PDF

SEED FUNDING PROGRAM

SEED FUNDING PROGRAM

PROPOSAL DEVELOPMENT FUNDING (PDF)

GRANT

LOAN

LOAN

Up to $100,000 in the form of a repayable, interest-free loan For private or non-profit developers of affordable housing who can demonstrate that their proposed housing project will be affordable. A portion of the loan may be forgiven if the proponent is successful in producing an affordable housing project that meets CMHC’s affordability criteria.

SOCIÉTÉ CANADIENNE D’HYPOTHÈQUES ET DE LOGEMENT

BC PDF DISBURSEMENT

Number of Units

PDF Funding

5 – 25 units

Approx. $25,000

25 to 50 units

Appox. $40,000 to $50,000

50 units +

Up to $100,000

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CMHC MORTGAGE LOAN INSURANCE

SEED FUNDING PROGRAM

SEED FUNDING PROGRAM

PROPOSAL DEVELOPMENT FUNDING (PDF)

GRANT

LOAN

LOAN

CMHC MORTGAGE LOAN INSURANCE

The last step is mortgage loan insurance, which is often required by lenders.

SOCIÉTÉ CANADIENNE D’HYPOTHÈQUES ET DE LOGEMENT

Mortgage Loan Insurance for Affordable Rental

CMHC’S Mortgage Loan Insurance Flexibilities were created to help facilitate the production of affordable rental projects. The flexibilities allow:  Reduced equity requirements / Larger loans  Premium discounts  Flexibility in cash flow requirements  Loan advancing flexibility

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Homeownership Flexibilities Proponents who create affordable homeowner projects may obtain a number of mortgage financing flexibilities to assist potential homebuyers, making homeownership even more accessible.  Greater flexibility in down

payment sources  Smaller monthly payments  Greater flexibility in qualifying borrowers

CANADA MORTGAGE AND HOUSING CORPORATION

Langford Affordable Housing Program Langford , BC MLI (for some homes)

Advancing Affordable Housing Solutions CMHC’s Affordable Housing Centre:  Unbiased information and advice  A comprehensive inventory of

information, tools and resources to advance affordable housing  Reliable housing information  Financial incentives and assistance through various CMHC programs and products

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Tools and Resources

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CMHC Tools and Resources Online Resources  Affordable Housing Success Stories & Videos  Affordable Housing Project Profiles  Housing Development Checklist & Fact Sheets  Affordable Housing Strategies and Case Studies  Research Highlights  Interactive Web Forums

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2011 Canadian Housing Observer  The Canadian Housing Observer,

CMHC’s flagship publication, presents a detailed annual review of housing conditions and trends in Canada and of the key factors behind them  The Observer and additional data resources are available online at www.cmhc.ca/observer  Print copies can be ordered free of charge either online or through 1-800668-2642 (#67508)

CANADA MORTGAGE AND HOUSING CORPORATION

Canadian Housing Observer – 2011 Content          

Overview and “Canadian Housing at a Glance” Special feature: Housing finance Household indebtedness (New) Housing markets Demographic and socio-economic influences on housing demand Trends in housing affordability and core housing need Sustainable housing and communities Seniors’ housing (New) The evolution of social housing in Canada (New) Appendix: Key housing and housing finance statistics (Expanded)

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Murakami Gardens Community Housing – Salt Spring Island, BC

 27 units of supportive housing for low-income families and

singles  Capital cost of ±$5 million  Partnerships with all three levels of governments, the Capital Regional District, Murakami Family, Real Estate Foundation of BC and Salt Spring Island Community Services CANADA MORTGAGE AND HOUSING CORPORATION

Cornerstone – 2008 Housing Award

 Historic neighborhood at the core of Victoria

revitalized by community support CANADA MORTGAGE AND HOUSING CORPORATION

Your Key To Advancing Affordable Housing Solutions Discover the solutions available from CMHC’s Affordable Housing Centre! Let us help make your affordable housing initiative a success, visit www.cmhc.ca/affordablehousing Or Reach Your Team of BC Corporate Representatives: Debra Yip

604-737-4061 [email protected]

Lee King

250-363-8050 [email protected]

Karen Ungerson

604 -737-4063 [email protected]

CANADA MORTGAGE AND HOUSING CORPORATION