$75,000 Canada Proposal Development Fund Loan
$75,000 Canada Proposal Development Fund Loan
Great Source for Canadian investors.
What is it?
It’s an interest-free loan to help organizations and individuals prepare a detailed proposal to develop affordable housing for senior, persons with disabilities, and persons with low incomes.
Who is eligible?
The following:
- private non-profit corporations
- non-profit co-operative housing associations
- individuals who represent organizations that will be incorporated as non-profits in the future
- non-profits organizations working in partnership with private developers and/or municipalities
Who’s not eligible?
The following:
- provincial and municipal governments
- public non-profit housing organizations
- consultants
- developers
How much loan funding is available?
Up to $75,000 is available to develop each proposal, depending on the size and complexity of the housing project. Organizations should be prepared to contribute at least 10 percent to cover any additional proposal development costs.
What benefits can the non-profit group expect from the loan?
Check out the following:
- access to professional experts and resources to guide you through the available financing options
- interest-free financing for pre-development expenses
- no requirement to pay back the loan until the housing project is started
What activities can the loan funds be used for?
There must be an existing demand for housing for seniors, persons with disabilities, or low-income households. The loan is intended to help defray costs of bringing a proposal to the financing stage. Eligible costs may include:
- soil and environmental testing
- architectural design and specifications
- Legal and financial services. Some activities are not eligible for the loan; what are they? Activities that are not eligible include:
- initial feasibility studies (e.g. to determine the need for the project)
- activities undertaken before the proposal development loan was approved
How to apply?
Deborah L. Taylor, Director
Assisted Housing Division
Canada Mortgage and Housing Corporation
700 Montreal Road
Ottawa, Ontario
K1A 0P7
Tel: (613) 748-2586
Fax: (613) 748-4879
E-mail: dtaylor@cmhc-schl.gc.ca">dtaylor@cmhc-schl.gc.ca
Information provided by John Michael
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