Commercial Mortgage Strategy in Around Town
Your Weekly Construction Briefing
Who remembers the federal government’s M.U.R.B program from 1975 to 1980, introduced to stimulate construction of affordable rental housing in Canada by reducing income taxes on approved projects? Unfortunately, in recent years, that drastic shortage of affordable rental housing in many parts of Canada has acutely worsened.
As a response, in 2017, the federal government announced the $55+ Billion National Housing Strategy, using the Canada Mortgage & Housing Corporation (CMHC) as the primary conduit for implementation. This one massive program, made up of multiple initiatives, has radically changed mortgage financing of affordable and market rental housing, covering construction, purchase and re-financings. Now, not only will CMHC provide mortgage insurance to private lenders, it will directly invest and/or lend in rental housing projects that meet their criteria.
As a commercial mortgage broker on Vancouver Island specializing in CMHC insured multi-family mortgages now is a good time to contact Mortgage Alliance about these low-cost funding options.
R. Mike Mullin, CPA, CGA @ Phone: 250.650.6560
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