Every CMHC multi-family pathway — documented.
CMHC operates six distinct multi-unit pathways. Two are insurance products (MLI Standard and MLI Select) where approved lenders originate the loan and CMHC insures it. Three are direct-lending programs (ACLP, AHF, CHDP) where CMHC itself is the lender, often at below-market rates with integrated insurance. A sixth covers specialized property types (retirement, student, supportive, SRO) on their own premium schedules.
Picking the right pathway is the single highest-leverage decision in a CMHC-financed project — it determines LTV/LTC, amortization, recourse, rate type, and whether forgivable capital is on the table. The cards below summarize each program; the comparison matrix and decision framework help you narrow down.
The foundational CMHC multi-unit product. Covers new construction, purchases, and refinances with no affordability commitment required.
- Max LTV
- 85%
- Amortization
- 50yr new / 40yr existing
- Affordability
- Not required
- Borrowers
- For-profit, non-profit
Launched March 2022 and now dominant. Scaling benefits in exchange for affordability, energy-efficiency, or accessibility commitments. Minimum 50 points to qualify.
- Max LTV
- 95%
- Amortization
- 50 years (100 pts)
- Affordability
- Optional (most common path)
- Borrowers
- For-profit, non-profit
Formerly RCFI. CMHC directly lends at below-market fixed rates with integrated insurance. $55B program targeting 131,000+ homes by 2031-32.
- Max LTV
- 100% of residential cost
- Amortization
- 50 years
- Affordability
- Required — 20% of units ≤30% MFI
- Borrowers
- All
Formerly NHCIF. Low-interest/forgivable loans + contributions. Repayable up to 95% LTC, plus forgivable $25–75K/unit (up to 40% of costs).
- Max LTV
- Up to 95%
- Amortization
- 50 years
- Affordability
- Required (deep)
- Borrowers
- Non-profit, gov't, Indigenous
Largest federal co-op housing investment in 30+ years. Repayable + forgivable loans up to 100% of eligible costs. Target 3,200 new co-op units by 2031.
- Max LTV
- Up to 100%
- Amortization
- 50 years
- Affordability
- Required
- Borrowers
- Co-ops only
Standard insurance for retirement housing (50+ units/beds), student, supportive, and single-room occupancy — all with higher premium schedules than standard rental.
- Max LTV
- Varies
- Amortization
- 40 years
- Affordability
- Varies by product
- Borrowers
- For-profit, non-profit
Which pathway fits your project?
The right CMHC program depends on borrower type, affordability appetite, rate sensitivity, and whether the project is new construction or existing. Work through these filters in order.
Co-ops only: CHDP. Non-profits, municipalities, Indigenous governments: AHF or ACLP. For-profits: MLI Standard, MLI Select, or ACLP.
No commitment: MLI Standard. Moderate (10–25% of units): MLI Select. Deep and long-term: ACLP, AHF, CHDP.
Need below-market rate: ACLP / AHF / CHDP (CMHC direct). Need speed and lender flexibility: MLI Select or Standard via an approved lender.
New construction: all six programs available. Existing rental (purchase/refi): MLI Standard or MLI Select (existing-property scoring thresholds are higher).
Only AHF ($25–75K/unit, up to 40% of costs) and CHDP (up to one-third of project costs) include forgivable components.
CMHC direct programs can stack with provincial and municipal grants (Toronto RHSP, Vancouver CHIP, Edmonton AHIP). MLI Select stacks cleanly with municipal DCL waivers and property tax incentives.