affordable innovation lab - passive house canada · • the lab will include a virtual network of...

AFFORDABLE RENTAL INNOVATION FUND

INNOVATION LABThe Innovation Lab will only be available to applicants who have not met all criteria.

• The Innovation Lab will serve as an incubator, providing expert assistance to proponents to further develop and refine projects that present innovative approaches.

• Experts will aid applicants in refining their proposals, providing dedicated expertise and mentorship until the project is ready to appear before the i3 Committee.

• The Lab will include a virtual network of experts that proponents can use for proposal development throughout the life of the initiative.

i3 COMMITTEE The i3 Committee is the last step in the process review.

• The i3 Committee will be comprised of leading experts from various sectors (e.g. financial, lending, academia and innovation).

• Select proponents will get the opportunity to present their ideas in front of the i3 Committee.• The i3 Committee will make the final recommendations about projects to CMHC.

Visit cmhc.ca/innovationfund for more details and to submit your innovative ideas online today! Contact us for more information:

Canada Mortgage and Housing Corporation Attention: Affordable Rental Innovation Fund 700 Montreal Road, Ottawa, Ontario K1A 0P7

1-800-668-2642 (Business hours 8 a.m. – 7 p.m. ET) [email protected]

VISIT cmhc.ca/innovationfund EMAIL [email protected] 1.800.668.2642 (8 a.m. – 7 p.m. ET)

BE ONE OF THE FIRST TO INITIATE INNOVATIVE IDEAS + APPROACHES

TOGETHER WE CAN REVOLUTIONIZE AFFORDABLE RENTAL HOUSING • CMHC.CA/INNOVATIONFUND

The goal of the Affordable Rental Innovation Fund is to encourage new funding models and innovative building techniques in the affordable rental housing sector

• CMHC is challenging you to develop the most innovative housing solutions that will achieve the best outcomes

• CMHC has a $200M fund to help turn your innovative ideas into reality

• Showcase and submit your unique ideas for building affordable rental housing

Funding is available to individuals and organizations who want to build affordable rental housing in Canada in response to demonstrated community need.

Eligible applicants include municipalities, private sector developers and builders, non-profit housing providers (including faith-based organizations) and innovators.

LET’S REVOLUTIONIZE AFFORDABLE RENTAL HOUSING TOGETHER!

CRITERIA Applications for the fund must meet the following criteria:

NEW AFFORDABLE RENTAL HOUSING UNITSNew units must be created to qualify for the Fund (renovation or retrofit projects may not be eligible if new units are not created)

INNOVATIVE MODELS OF DESIGN OR FINANCING MODELS Applicants must demonstrate the use of innovative solutions for affordable rental housing. This may include the use of customized financing models or unique designs to overcome rental barriers and lower the costs and risks associated with housing projects.

UNIT AFFORDABILITY MAINTAINED FOR AT LEAST 10 YEARSApplicants must demonstrate how their project will remain affordable rental for at least 10 years.

RESOURCE EFFICIENCIES IN THE DESIGNApplicants must demonstrate how their projects will achieve a minimum 10% decrease in energy intensity and greenhouse gas (GHG) emissions relative to similar projects constructed to building code requirements of their respective jurisdictions.

ACCESSIBILITY FEATURES MUST BE INCLUDED At least 10% of the units of a project must meet accessibility requirements. Accessible features may include: ramps, lifts, modified kitchens, bathrooms, and home automation.

PLANS FOR VIABILITY AND SUSTAINABILITY WITHOUT LONG-TERM GOVERNMENT SUBSIDIESUnits must demonstrate that they can be viable without the need for ongoing government subsidies.

OTHER FACTS THAT MAY BE INCLUDED IN SCORINGProjects with replicable designs, easy access to transit or a focus on urban Indigenous occupants.

APPLICATION INFORMATION Information that could be included with your application package:

FINANCIAL INFORMATION • Executive summary, business plan or project plan• Current financial statements or a project/construction budget • Pro forma financials or projections (multiple year projections of revenues/expenses etc.)

• Organizational structure (sole proprietorship, limited liability, partnership etc.)

• Owners of the entity (including details of their participation in the project, percentage shared etc.)

PROJECT INFORMATION • Specific project details including a description of the property, detailed plans, designs etc.

• Details of energy efficiencies and accessibility (specifications regarding material, finishes and/or amenities)

• Evaluation report of the property, land, building etc.• Any information related to your intellectual property (trademarks, patents etc.)

FUNDING REQUEST • Type of investment and amount of funding required for the project. • Information about other sources of funding (mortgages, loans, contributions, etc.). • Agreement letters relating to operations or letters of intent from appropriate parties.

CMHC will contact you for additional documentation (if required).