The five main CMHC programs, side-by-side.
The right CMHC program depends on borrower type, affordability appetite, desired leverage, rate sensitivity, and whether forgivable capital is available. The matrix below lines up the most commonly-compared parameters; the decision framework underneath walks through the choice in five steps.
| Parameter | MLI Standard | MLI Select | ACLP | AHF | CHDP |
|---|---|---|---|---|---|
| Max LTV / LTC | 85% | 85–95% | 100% (residential) | Up to 95% | Up to 100% |
| Max amortization | 40–50 years | 40–50 years | 50 years | 50 years | 50 years |
| Minimum DCR | 1.10 – 1.30 | 1.10 | N/A (direct) | N/A (direct) | N/A (direct) |
| Affordability required | No | Optional (most common path) | Yes — ≥20% ≤30% MFI | Yes — deep | Yes |
| Forgivable loan component | No | No | No | Yes — $25–75K/unit | Yes — up to 1/3 of costs |
| Eligible borrowers | For-profit + non-profit | For-profit + non-profit | All | Non-profit + gov't + Indigenous | Housing co-ops only |
| Interest rate | Market (insured) | Market (insured) | Below-market | Below-market | Below-market |
| Lender | Approved lender | Approved lender | CMHC direct | CMHC direct | CMHC direct |
Minimum DCR applies only to insurance products — direct-lending programs size primarily on cost coverage, capital stack, and affordability requirements.
Pick the right pathway in five questions.
Each step narrows the field. Many projects qualify for more than one program — the question is which economics are most favourable for the specific deal.
Co-ops only: CHDP is the single best product. Non-profits / municipalities / Indigenous governments: AHF or ACLP. For-profits: MLI Standard, MLI Select, or (with affordability) ACLP.
No commitment: MLI Standard. Moderate 10–25% of units: MLI Select. Deep and long-term: ACLP, AHF, CHDP — each requires meaningful affordability covenants in exchange for concessional capital.
Below-market rate matters more than speed: ACLP / AHF / CHDP (CMHC direct, longer underwriting). Speed and lender flexibility matter more: MLI Standard / MLI Select (via approved lenders, typically faster closings).
Need forgivable capital: AHF ($25–75K/unit up to 40% of costs) or CHDP (up to 1/3 forgivable). Pure debt coverage: any of the five. Non-profits and co-ops also access more readily available limited-recourse lending and net-worth flexibility at 100+ MLI Select points.
Standard market rental (5+ units): MLI Standard / MLI Select. New construction only: ACLP / CHDP. Retrofit / preservation / SRO / retirement / student: specialized schedules, often stacked with Canada Greener Affordable Housing or Rental Protection Fund.
Non-profits and co-ops: additional flexibility.
Beyond program eligibility, mission-driven borrowers typically benefit from:
- More readily available limited-recourse lending — CMHC grants recourse reductions faster for non-profit and co-op sponsors.
- Net worth flexibility at 100+ points on MLI Select — the standard 25% net-worth-to-loan test is relaxed for mission-driven borrowers at tier 3.
- Access to CMHC direct lending under AHF and CHDP with forgivable components not available to for-profit developers.