Key Takeaways
- The Canadian Housing Acquisition Fund was selected to deploy investments from the $1.5 billion Canada Rental Protection Fund.
- The program will help community housing providers acquire and renew existing affordable rental properties.
- The fund has the potential to protect 7,000 at-risk rental homes during its first five years.
Canadian Housing Acquisition Fund Selected
Build Canada Homes announced that the Canadian Housing Acquisition Fund was selected following an open call for applications to deploy investments from the $1.5 billion Canada Rental Protection Fund.
CHAF will use the federal investment to support community housing providers seeking to acquire and renew existing affordable rental housing.
The organization will also seek additional funding from charitable organizations, private investors and other levels of government.
Protecting Existing Affordable Rental Homes
The Canada Rental Protection Fund focuses on preserving affordable rental homes that could otherwise become unavailable to the community housing sector.
According to the Government of Canada, the initiative has the potential to protect 7,000 at-risk rental homes during its first five years.
The government notes that the actual number of homes protected will depend on market conditions and available acquisition opportunities.
A Revolving Model for Housing Investment
The Canada Rental Protection Fund is supported by a $1.5 billion federal investment and is designed to mobilize additional capital from charitable organizations, the private sector and other orders of government.
Funds that are repaid can be reinvested in future acquisitions, creating a revolving source of financing that can support additional affordable housing purchases over time.
This model is designed to maximize the impact of federal support beyond individual property acquisitions.
Community Housing Providers to Lead Acquisitions
CHAF will work with eligible community housing providers to support the acquisition and renewal of rental properties.
Its founding members include the Canadian Housing Renewal Association, the National Indigenous Collaborative Housing Inc., the Co-operative Housing Federation of Canada and the BC Rental Protection Fund.
Together, these organizations combine sector expertise with a proven acquisition model that has demonstrated success in protecting affordable rental housing at scale.
Application Process Begins
CHAF has launched an online intake portal and organizational pre-qualification process for eligible community housing providers.
Information on eligibility requirements, affordability criteria, application procedures, required documentation and intake timelines is available on CHAF's website.
Build Canada Homes will provide stewardship and oversight of the federal investment in the Canada Rental Protection Fund.
Part of Canada’s Broader Housing Effort
The Canada Rental Protection Fund is one of the first initiatives being advanced through Build Canada Homes, the federal Crown corporation focused on scaling up the supply of affordable housing.
While other housing initiatives focus on increasing supply, the Rental Protection Fund is focused on preserving existing affordable rental housing.
The government says these efforts are intended to work together to address housing affordability and protect affordable homes in communities across Canada.