APCHQ — Apartment Construction Loan Program: Student Housing

• Integrity Declaration
• Required Documentation Checklist
• Project Assessment Workbook – Student Housing
• Appraisal report
• Financial statements and development experience documents

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.

• Step 1: Prepare application documents
  • Review the Required Documentation Checklist to identify all documents needed at the application stage.
  • Complete the Project Assessment Workbook – Student Housing.
  • Complete and sign the Integrity Declaration.
• Step 2: Create account and draft application in CMHC portal
  • Sign in or create an account on the CMHC portal.
  • Start a draft application for the Apartment Construction Loan Program: Student Housing.
  • Enter project and borrower information as required in the portal.
  • Upload the completed Project Assessment Workbook, Integrity Declaration and other required documents listed in the Required Documentation Checklist.
  • Work with your CMHC specialist to ensure your draft application is complete.
• Step 3: Submit complete application
  • After your CMHC specialist confirms that your draft application is complete, submit the application through the CMHC portal.
  • Upload any remaining required documents to ensure the application is complete.
• Step 4: Prioritization and conditional approval
  • CMHC reviews the application for readiness, eligibility and completeness.
  • Respond to any CMHC requests for clarification or additional information, if applicable.
  • If selected, receive a conditional approval within 30 days of complete submission.
  • Review the conditional approval to understand the terms, conditions and additional documents required for underwriting.
• Step 5: Underwriting by CMLS
  • Provide CMHC’s external service provider, CMLS, with all documents required for underwriting as outlined in the conditional approval.
  • Pay the application fees in accordance with the Program Highlight Sheet.
  • Submit all underwriting documentation within 90 days of conditional approval.
  • Await completion of the underwriting process by CMLS, which may take up to 60 days after all documents are received.
• Step 6: Review and sign term sheet
  • Receive the term sheet from CMHC if the application is successful.
  • Review the key financing terms and conditions in the term sheet.
  • Sign the term sheet and return it to CMHC.
• Step 7: Loan agreement issuance and acceptance
  • Wait for CMHC to issue the loan agreement within 40 days of receiving the signed term sheet.
  • Review the loan agreement to confirm that it reflects the agreed terms.
  • Sign the loan agreement and return it to CMHC within 30 days.
• Step 8: First advance and loan servicing
  • After the loan agreement is fully executed, begin the funding process with monthly construction draws.
  • Coordinate with CMLS, which will administer the loan on behalf of CMHC.
  • At the end of the loan term, arrange to transfer the CMHC-insured mortgage to a CMHC-approved lender.

• CMHC reviews applications for readiness, eligibility, and completeness.
• Selected applications receive a conditional approval within 30 days of complete submission.
• The application is then sent to CMLS for underwriting, which can take up to 60 days after all required documents are received.
• Successful applicants receive a term sheet, followed by a loan agreement from CMHC.
• After the loan agreement is fully executed, monthly construction draws begin and CMLS administers the loan.

• 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.