APCHQ — Apartment Construction Loan Program: Student Housing

• The applicant must be a post-secondary educational institution, a for-profit developer, a non-profit developer, or another level of government.
• The project must provide student housing, with at least 5 rental units, and clearly respond to a demonstrated need for student housing.
• The primary use of the project must be residential, with any non-residential space limited to a minority of the building’s floor area and total cost.
• The applicant must demonstrate sufficient financial and operational capacity to develop and operate the project without ongoing subsidies and to meet required debt coverage ratios.
• The project must meet and maintain one of the program’s defined affordability conditions for at least 10 years, including capped rent increases over that period.

Who is eligible?

• Post-secondary educational institutions
• For-profit developers
• Non-profit developers
• Other levels of government

Eligible expenses

• Construction costs for new student housing units in residential space.
• Costs to convert existing non-residential buildings into student housing.
• Development and construction expenses for non-residential components of the project, up to 75% loan-to-cost.
• Interest costs during construction, financed by the loan as interest-only payments.
• Principal and interest payments on the loan from stabilization to the end of the term.

Eligible geographic areas

• Businesses and organizations located in Canada (federally administered by Canada Mortgage and Housing Corporation).

• Applications are prioritized when they meet or exceed all mandatory minimum program requirements.
• Projects that demonstrate stronger social outcomes and contribute to vibrant, socially inclusive neighbourhoods are ranked higher.
• Projects that clearly address a need to increase student housing supply in the local market receive priority.

• CMHC mortgage loan insurance is automatically included; borrowers do not pay the insurance premium but may need to pay applicable provincial sales tax.
• Selected applications receive conditional approval within 30 days of submitting a complete application.
• For off‑campus projects, a post‑secondary institution must be involved, which can include roles such as developing, managing, leasing units or supporting student tenant selection.
• For off‑campus projects, units must be self‑contained and limited to a maximum of four bedrooms per unit.