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APCHQ — Apartment Construction Loan Program: Seniors Rental Housing
Last Update: March 3, 2026
Canada
Low-cost financing for building and converting seniors rental housing
Loans and Capital investments
Overview
The Apartment Construction Loan Program: Seniors Rental Housing offers low-cost loans of up to 100% of residential construction costs (and up to 75% of non-residential space costs) to support building or converting non-residential properties into permanent, self-contained rental housing for seniors. Eligible activities include the construction of new seniors’ rental buildings or the conversion of existing non-residential buildings into sustainable seniors’ housing projects of at least 50 units.
At a glance
Funding available
Financing goals
- Increasing community impact
- Obtain certifications
- Reduce the ecological footprint
Eligible Funding
- Minimum amount : 1,000,000 $
- Up to 75% of project cost
Timeline
- Open continuously
Eligible candidates
Eligible Industries
- Real estate and rental and leasing
Location
- Canada
Legal structures
- Non-profit
- Public or Parapublic institution
- For-profit business
Annual revenue
- All revenue ranges
Organisation size
- All organization sizes
Audience
- Canadians
Non-profit candidates
Sector of operation
- All industries
Target groups
- All the groups
Revenue structures
- All structures
Scope
- All dimensions
Activities funded
- Construction of new seniors’ rental housing buildings with fully self-contained units.
- Conversion of existing non-residential buildings into permanent seniors’ rental housing.
- Development of mixed-use projects where the primary use is seniors’ residential rental housing, with a limited non-residential component.
Eligibility
- The borrower must be a developer (for-profit or non-profit) or another order of government.
- The project must consist of permanent seniors’ rental housing that allows seniors to live independently (services may be included but not personal or medical care).
- The residential complex must contain at least 50 fully self-contained rental units and be primarily residential in use (non-residential space must not exceed 30% of total floor area and 30% of total costs).
- The applicant must demonstrate sufficient financial and operational capacity to operate the housing complex without ongoing operating subsidies and to meet required debt coverage ratios.
- The project must meet one of the program’s affordability conditions for at least 10 years, such as having at least 20% of units with rents at or below 30% of the area’s median total family income or being approved under another recognized affordable housing program or initiative.
Who is eligible?
- For-profit developers
- Non-profit developers
- Other orders of government
Eligible expenses
- Up to 100% of eligible costs related to residential spaces in the seniors’ rental housing project.
- Up to 75% of eligible costs related to non-residential spaces within the same building.
- Interest payments during construction, which are financed through the loan until the project reaches 12 months of stable gross income.
Eligible geographic areas
- Businesses located anywhere in Canada, as this is a federal program administered by the Canada Mortgage and Housing Corporation (CMHC).
Selection criteria
- Projects must meet or exceed the program’s mandatory minimum requirements.
- Projects should be among the strongest applications overall, based on CMHC’s assessment.
- Projects are expected to generate strong social outcomes that help create vibrant and socially inclusive neighbourhoods.
- Projects must address a demonstrated need to increase housing supply in the target market.
How to apply
1
Review eligibility and documents
- Review the program information and fund details for the Seniors Rental Housing stream
- Confirm that your project and organization meet all eligibility criteria
- Download and consult the checklist of required documents (PDF)
2
Prepare application documents
- Complete the Project Evaluation Workbook (Excel) as required
- Fill out the Integrity Declaration (PDF)
- Gather all documents listed in the checklist of required documents (PDF)
3
Submit application on portal
- Create an account or sign in to the CMHC portal
- Upload all required forms and supporting documents to the portal
- Submit the complete application once your CMHC specialist confirms readiness
4
Application prioritization review
- CMHC reviews your application to confirm it is complete, eligible and ready
- CMHC may redirect you to a different program if more suitable
- Receive conditional approval within 30 days for selected projects
5
Underwriting by CMLS Financial
- After conditional approval, your file is transferred to CMLS Financial for underwriting
- Pay the application fees as outlined in the program information sheet (PDF)
- Submit all underwriting documents within 90 days or risk rejection
- Allow up to 60 days after CMLS confirms receipt for underwriting to be completed
6
Review and sign term sheet
- Receive a term sheet from CMHC outlining key financing terms
- Review all conditions and ensure you can meet them
- Sign and return the term sheet to CMHC
7
Finalize and sign loan agreement
- CMHC prepares the loan agreement within 40 days of receiving the signed term sheet
- Review the loan agreement and complete all required signatures
- Return the fully signed loan documents to CMHC within 30 days
8
Receive advances and administer loan
- Begin the construction financing process with monthly progress advances
- Work with CMLS Financial, which administers the loan on CMHC’s behalf
- At term end, transfer the insured mortgage to a CMHC-approved lender
Additional information
- CMHC mortgage loan insurance is automatically included with the loan; the borrower does not pay the insurance premium but may have to pay applicable provincial sales tax on it.
- At term maturity, borrowers must obtain post-construction mortgage financing from a CMHC-approved lender to take over the insured loan.
- Interest payments during construction are financed by the loan itself until occupancy permit and then paid by the borrower until the project reaches 12 consecutive months of stable gross revenue.
- The program is administered operationally by CMLS Financial as CMHC’s external service provider once conditional approval is issued.
