IMPORTANT
On November 21, the 2023 Fall Economic Statement announced the renaming of the National Housing Co-Investment Fund (NHCF). The program is now known as the Affordable Housing Fund. It includes an additional $1 billion in funding over 3 years, starting in 2025-26, to build more affordable housing.
Funding is still available. The federal government intends to announce reforms to the Affordable Housing Fund in early 2024.
Federal Budget 2023 Boosts Funding
Projects can now get up to:
- base funding of $25,000 per unit for meeting minimum social outcome requirements
- an additional $25,000 for exceeding affordability standards
- an additional $25,000 for exceeding efficiency standards
This New Construction option of the Affordable Housing Fund provides low-interest loans and forgivable loans to build new affordable housing. The Fund prioritizes partnerships between governments, non-profits, the private sector and other partners.
To qualify, you need to partner with a level of government to ensure coordination of investments.
The Affordable Housing Fund focuses on developing energy-efficient, accessible (PDF) and socially inclusive housing that is:
- mixed-income
- mixed-tenure
- mixed-use that includes affordable housing
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IMPORTANT
The Affordable Housing Fund has several options available for new construction and renovations, repair and/or renewal of existing buildings.
Talk to a specialist to see which option is right for you.