Background

Emma Patel, a real estate investor based in London, Ontario, aimed to build a 60-unit affordable housing complex. Her vision was to create a sustainable and accessible living environment while ensuring the financial viability of the project.

The Challenge

Emma faced significant hurdles securing cost-effective financing that aligned with her project’s goals of providing affordable, energy-efficient, and accessible housing. Traditional lenders were unable to offer the tailored incentives she needed.

Solution: Applying for MLI Select

Emma turned to CMHC’s MLI Select Program, attracted by its point-based incentive system that rewards commitments to affordability, energy efficiency, and accessibility.

Key Project Commitments:

• Affordability: 40% of units designated for below-market rents for at least 10 years.
• Energy Efficiency: Exceeded building code requirements with 30% greater energy efficiency.
• Accessibility: 15% of units designed for individuals with mobility challenges, including accessible entryways and amenities.

Results

By qualifying for MLI Select, Emma received:

• Reduced Borrowing Costs: Lower mortgage insurance premiums, cutting upfront expenses.
• Extended Amortization: A 40-year amortization period, reducing monthly debt payments.
• Improved Cash Flow: Lower monthly expenses allowed for reinvestment in property maintenance and future projects.

Impact

The housing complex was completed within budget and now provides 60 affordable, energy-efficient, and accessible rental units. Emma’s development strengthened her community’s housing supply while boosting her business portfolio.

Emma’s Takeaway

“The MLI Select program helped me realize a project I thought would be financially out of reach. Its tailored incentives allowed me to build a development that supports the community and my business goals.”