Canada Mortgage and Housing Corporation's (CMHC) Municipal Infrastructure Lending Program
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Canada Mortgage and Housing Corporation's (CMHC) Municipal Infrastructure Lending Program Speaker: Mark Salerno, National Sales Team Leader, Municipal Infrastructure Lending Program, CMHC Part of the 2010 Community Power Finance Forum at MaRS: http://www.marsdd.com/communitypower
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Canada Mortgage and Housing Corporation's (CMHC) Municipal Infrastructure Lending Program
- 1. Community Power Finance Forum Mark Salerno, CMHC
- 3. CANADA MORTGAGE AND HOUSING CORPORATION /housingactionplan/ http://www.cmhc.ca CMHC & Canada’s Economic Action Plan
- 4. CANADA MORTGAGE AND HOUSING CORPORATION CMHC & Canada’s Economic Action Plan
- 10. Municipal Infrastructure Lending Program Housing-Related Infrastructure CANADA MORTGAGE AND HOUSING CORPORATION
- 12. Municipal Infrastructure Lending Program Housing-Related Infrastructure CANADA MORTGAGE AND HOUSING CORPORATION
- 15. Municipal Infrastructure Lending Program Housing-Related Infrastructure CANADA MORTGAGE AND HOUSING CORPORATION
- 18. Community Power Finance Forum Mark Salerno, CMHC
Notas del editor
- I’m going to first cover the four broad areas that CMHC is responsible for under Canada’s Economic Action plan that was announced as part of the 2009 budget. Access to this information is available directly from CMHC’s website.
- General Background on the economic action plan: Immediate focus is to stimulate the economy primarily through job creation. Housing related work as well as infrastructure projects produce high numbers of jobs. Equally important is the fact that funding is being made available to assist with and address some of the infrastructure needs faced by Canada’s municipalities; opportunity to create additional affordable housing units and to help fund much needed repairs and energy retrofit needs of existing social housing stock. Most of the programs are well underway at this time however agreements still need to be signed with several Provinces in order to get moving on several of the initiatives. Overall, Canada’s Economic Action Plan provides a total of $7.8 billion to build quality housing, stimulate construction, create jobs, encourage home ownership and enhance the energy efficiency of Canadian homes. In the process, it will provide new and renovated housing for more than 200,000 Canadian households. Of the $7.8 billion, more than $2 billion is provided through CMHC to build new and renovate existing social housing. This will include: $1 billion for social housing renovation; $600 million for new housing and repairs to existing social housing on-reserve and in the North broken down as follows: $400 million for on-reserve communities $200 million for the North $400 million for housing for low-income seniors; and $75 million for housing for people with disabilities. Most of this funding, $1.525 billion of the more than $2 billion, is being delivered by provinces and territories through amendments to existing agreements. Provinces and territories will design and deliver these initiatives, as well as cost-match the federal investment. The federal government will directly deliver the remaining $550 million of this $2 billion funding: $150 million for the renovation and retrofit of social housing projects administered by Canada Mortgage and Housing Corporation (CMHC), and $400 million in new construction and repair for housing on-reserve through CMHC and Indian and Northern Affairs Canada. The Government of Canada, through CMHC, spends approximately $1.7 billion annually to support almost 625,000 low- and moderate-income households in existing social housing across Canada. In Ontario, the federal government provides almost $739 million annually to support some 238,500 households.
- For terms other than 15-years, our flexibility around timing is reduced where the loan is less than $5 million i.e. we would have to match up that loan with another bigger loan to get it funded.....definitely doable but less flexible in timing.