CMHC - Advanced Affordable Housing Solutions - City of Terrace
CMHC - Advanced Affordable Housing Solutions - City of Terrace
CMHC - Advanced Affordable Housing Solutions - City of Terrace
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CANADA MORTGAGE AND HOUSING CORPORATIONAdvancing <strong>Affordable</strong> <strong>Housing</strong><strong>Solutions</strong>Lee F. KingBC Corporate Representativelking@cmhc.ca
Taking the ChallengeFacing the challenge <strong>of</strong> producing affordablehousing in CanadaCANADA MORTGAGE AND HOUSING CORPORATION
BC <strong>Housing</strong> ContinuumCANADA MORTGAGE AND HOUSING CORPORATION
Affordability<strong>CMHC</strong>’s affordability criteria -CANADA MORTGAGE AND HOUSING CORPORATION
<strong>Housing</strong> Award Program (HAP)1. <strong>City</strong> <strong>of</strong> Langford <strong>Affordable</strong> <strong>Housing</strong> Strategy2. Vancouver Performing Arts Lodge3. Ucluelet First Nation Revisionary <strong>Housing</strong> Project4. The Cornerstone Initiative, Victoria5. Verdant @ Univer<strong>City</strong>, BurnabyCANADA MORTGAGE AND HOUSING CORPORATION
Cornerstone – 2008 <strong>Housing</strong> Awards• Historic neighborhood at the core <strong>of</strong> Victoria revitalizedby community supportCANADA MORTGAGE AND HOUSING CORPORATION
<strong>City</strong> <strong>of</strong> Langford – 2008 <strong>Housing</strong>AwardsA policy for smart growth builds on support from thelocal development industryCANADA MORTGAGE AND HOUSING CORPORATION
Performing Arts Lodge – 2008 <strong>Housing</strong>AwardsAn artistic communityrallies to bring affordablehousing to its seniormembersCANADA MORTGAGE AND HOUSING CORPORATION
<strong>City</strong> <strong>of</strong> Abbotsford – <strong>Affordable</strong> Ownership Flex <strong>Housing</strong> Development• Partnership between the <strong>City</strong>, Habitat for Humanity, <strong>CMHC</strong> and aprivate developer• 11 affordable ownership townhouse units• 6 finishable suites as mortgage helpers & affordable rental housing forseniors/persons with disabilities• <strong>CMHC</strong> seed funding, Proposal Development funding, RRAP secondarysuites• <strong>City</strong> owned land, sold below market value• Private sector development partnerCANADA MORTGAGE AND HOUSING CORPORATION
C Side at coal harbour• 30 storey tower contains a total <strong>of</strong> 284 units, including 31townhomes at the base <strong>of</strong> the concrete tower.• 113 subsidized rental units for families on the first 11 floors.• 171 market based rental units on the top 19 floors.CANADA MORTGAGE AND HOUSING CORPORATION
Making It Work<strong>CMHC</strong> <strong>of</strong>fersfinancial assistanceto help cover some<strong>of</strong> the upfrontcosts incurredduring thedevelopment <strong>of</strong> ahousing projectproposal.CANADA MORTGAGE AND HOUSING CORPORATION
Seed Funding<strong>CMHC</strong>’s Seed Fundingprogram <strong>of</strong>fersfinancial assistance togroups who are in thevery early stages <strong>of</strong>developing anaffordable housingproposal.CANADA MORTGAGE AND HOUSING CORPORATION
Proposal Development Funding<strong>CMHC</strong>’s PDF program provides repayable interestfreeloans to help with up-front expenses.CANADA MORTGAGE AND HOUSING CORPORATION
<strong>CMHC</strong> Mortgage Loan InsuranceTo support the creation <strong>of</strong> affordable housing units, <strong>CMHC</strong> enableslenders to <strong>of</strong>fer even more financing flexibilities to home buyersas well as developers <strong>of</strong> rental projects.CANADA MORTGAGE AND HOUSING CORPORATION
Residential Rehabilitation Funding• Financial assistance is also available from <strong>CMHC</strong>to fund repairs, renovations and accessibilitymodifications for the creation <strong>of</strong> low-incomerental units and home adaptations.Residential Rehabilitation Assistance Program (RRAP)• Rental (RRAP)• RRAPConversion• RRAP Rooming House• RRAP-Disabilities• (RRAP) — Secondary/Garden SuiteCANADA MORTGAGE AND HOUSING CORPORATION
Canada’s Economic Action Plan (EAP) 2009• Municipal Infrastructure LendingProgram• Support for Seniors, Personswith Disabilities and Northern<strong>Housing</strong>• Renovation and Retr<strong>of</strong>it <strong>of</strong>existing Social <strong>Housing</strong>CANADA MORTGAGE AND HOUSING CORPORATION
Your Key ToAdvancing <strong>Affordable</strong> <strong>Housing</strong> <strong>Solutions</strong>Call on our experts. They want to help.• Contact your Corporate RepresentativeStephen Hall 604-737-4118 (shall@cmhc.ca)Debra YipLee King604-737-4061 (dyip@cmhc.ca)250- 363-8050 (lking@cmhc.ca)www.cmhc.gc.caCANADA MORTGAGE AND HOUSING CORPORATION
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