With almost one third of Canadian households renting their homes, preserving existing rental stock and increasing rental supply have never been more important to building healthy communities in Canada. This is why Canada Mortgage and Housing Corporation (CMHC) is excited to announce the launch of its latest Multi-Unit Mortgage Loan Insurance product, MLI SELECT.
MLI SELECT is an innovative multi-unit mortgage loan insurance product that incentivizes the preservation and creation of rental supply while also addressing the need for affordable, accessible and climate compatible housing. MLI Select uses a point system to rate a rental housing provider’s commitment to affordability, accessibility, climate compatibility or a combination of the three. The greater the social and environmental outcomes of a rental housing property, the broader the incentives are, including lower insurance premiums and longer amortization rates. Incentives will be available for both new construction and existing properties.
One of the key new aspects of MLI SELECT is basing affordability qualifications on median renter household income, for both existing and new properties. With median renter household income being considerably less than overall median household income, MLI SELECT aims to stimulate the preservation and creation of affordable rental housing for all Canadians.
SOURCE Canada Mortgage and Housing Corporation
