IMPORTANT
On November 21, the 2023 Fall Economic Statement announced the renaming of the Rental Construction Financing Initiative (RCFi). The program is now known as the Apartment Construction Loan Program. It includes an additional $15 billion in new loan funding, starting in 2025-26, to build more rental apartments, faster.
Funding is still available. The federal government intends to announce reforms to the Apartment Construction Loan Program in early 2024.
The CMHC Apartment Construction Loan Program provides low cost funding to eligible borrowers during the riskiest phase of product development of rental apartments (construction through to stabilized operations).
The program offers loans ranging from a minimum of $1,000,000 up to 100% of the cost of the residential component.
The program focuses on standard rental apartment projects in Canada with general occupants where there is a need for additional rental housing supply.
Note: This program does not support construction of niche housing types such as retirement homes, single room occupancy and student housing. To learn about funding for niche housing types, please visit mortgage loan insurance for affordable and market rental housing.