CMHC recognizes that many Canadian homeowners and renters are facing challenges as a result of the COVID-19 outbreak. We also acknowledge that market fluctuations may impact your ability to provide housing solutions to Canadians.
We want to assure you we are monitoring these issues and are prepared to exercise flexibility in finding favorable solutions for you. Solutions that will continue to ensure affordability in the housing market.
We communicated earlier this week that we have a series of tools and relief measures for our multi-unit mortgage loan insurance lenders. We ask all Approved Lenders to contact [email protected] for assistance.
We would like to share additional information for our valued clients:
If you currently have an application with CMHC for advancing:
·Our teams are working hard to continue operations at a level of service with minimal disruptions. This includes continuing to advance funds according to signed funding agreements.
·We are open to finding alternatives for physical condition reviews and on-site progress validation inspections, such as limiting scope to visiting the exterior of the buildings and common areas only, or in some cases suspending temporarily.
·Should you have any operational challenges during this unique period, please contact your CMHC specialist and we will work together to find alternative solutions.
If you are a housing provider or co-op who is receiving financing or support from CMHC:
·We will work with each of you individually to be able to find the best solution. We have a series of tools and relief measures for housing providers including deferral of loan payment, capitalization, special payment arrangements, advancing flexibilities, and any combination of tools.
·We will ensure that eligible housing providers who have opted-in the Phase 2 of the Federal Community Housing Initiative, and who have federally administered operating agreements expiring in the coming months, continue to receive their current level of financial assistance so that there is no disruption in assistance to households. Additional information will be shared in the coming weeks. Any questions in the interim can be directed to: [email protected].
·On a case-by-case basis, CMHC will consider flexibility for subsidy suspensions for new accounts as a result of a breach in their agreements.
Importantly, we expect any housing provider who has received financing or support from CMHC, directly or via provinces and territories, to act compassionately and refrain from eviction.
As expressed by our President, Evan Siddall, in his note to clients earlier this week: “CMHC exists in part to buffer the effects of these events. This is what we do. We are part of a federal team that works well, trusts each other and is earnestly and impressively working together for Canada.”