(Adobe Stock)
The Canada Mortgage and Housing Corporation (CMHC) launched the Frequent Builder framework to accelerate the construction of affordable and rental homes by expediting the application process for established housing providers. The new framework will target experienced housing providers who access funding through the largest National Housing Strategy (NHS) programs, the Affordable Housing Fund (AHF) and the Apartment Construction Loan Program (ACLP).
Across Canada there is an urgent need for both affordable and rental homes. One the biggest challenges facing housing providers and the communities they supply homes to, is the time it takes to get new housing through planning and approval stages to being shovel-ready, with construction financing secured. With the significant housing supply shortages the country is facing, it is imperative we support the homebuilding industry to build more homes, faster.
We are excited to launch the Frequent Builder framework as it will better support housing providers in building the housing we need and do it more quickly,
says Coleen Volk, president and CEO of CMHC.
Housing providers with proven track records and who meet the criteria will be given the status of Frequent Builder, which will enable them to access a fast-tracked process for AHF and ACLP funding applications, a quicker approval process, underwriting and advancing flexibilities, and the possibility of funding commitments for future years to allow better planning for future projects.