Affordable Housing Fund.
The Affordable Housing Fund — formerly the National Housing Co-Investment Fund — is CMHC's flagship capital program for deep affordability. It blends low-interest repayable loans, forgivable loans, and targeted contributions to make projects viable for non-profits, co-ops, municipalities, and Indigenous governments.
The program is funded at $14.6 billion. As of September 2024, CMHC had committed $10.34 billion — creating 40,000+ new units and repairing 166,000+ existing units. AHF is one of the few CMHC pathways that pairs below- market debt with forgivable capital, materially lowering the break-even rents a non-profit must charge.
Repayable loans can be sized up to 95% LTC, amortized up to 50 years, at below-market interest rates. The forgivable component is $25,000 to $75,000 per unit, capped at 40% of total eligible project costs.
Three components that stack.
AHF delivers capital in three distinct forms. Most projects combine a repayable loan with a forgivable loan plus, where applicable, contributions for priority populations.
Low-interest financing amortized up to 50 years at below-market rates. Used as the primary debt component alongside other public contributions.
Deep-affordability top-up — up to 40% of total eligible project costs — forgiven over the term if affordability covenants are maintained.
Additional CMHC contributions for priority populations (Indigenous, women-led, accessibility, climate resilience) stack with the loan components.
Who qualifies.
AHF is restricted to mission-driven borrowers — for-profit developers cannot access the forgivable components. Projects must demonstrate deep affordability (typically measured against Area Median Income or low-income thresholds) with long-term covenants.
Non-profits and co-ops also benefit from more readily available limited-recourse lending, net worth flexibility at 100+ points on MLI Select, and access to CMHC's direct lending programs with forgivable components.
- Non-profit housing providers
- Registered charities
- Housing co-operatives
- Municipalities
- Provincial and territorial governments
- Indigenous governments and organizations
Where the money has gone.
Program budget
Committed as of September 2024
New units created · plus 166,000+ repaired