The country’s mortgaging housing corporation are in search of an innovative idea to help with their construction advances and also fund models. CMHC is looking forward to having Toronto’s rental housing market be transformed and revolutionized.
During a summit that was held earlier on, Jean-Yves Duclous; who is the minister overseeing CMHC said that the agency is now open to receiving applications and submissions for its Affordable Rental Innovation Fund. An announcement concerning the fund was publicized in the budget at the start of this year. The fund includes a provision of $200 million to fund at least 4,000 reasonable priced rental units in the country.
In order for an application to be accepted, the developments should have at least five inexpensive units included, with cheap maintenance to last for at least a decade. The design should show effective supply, features that are easily accessed at the convenience of anyone, displays sustainability and viability, without continuous support from the government. Most importantly, the design and funding models for the project should also show innovation.