Easier Applications for CMHC’s Preservation Funding

Date
16 May 2022

The Canada Mortgage and Housing Corporation (CMHC) has made some changes to the Community Housing Preservation Fund that will make it easier for you to apply.   

The Preservation Fund exists to help your co-op and other housing providers complete activities that support the preservation of your property and community. This typically includes the commissioning of various technical studies like energy audits, plans for age-friendly conversions and building condition assessments to support asset management plans and, if needed, obtain new financing.  

Eligibility Changes 

Co-ops with expired operating agreements can now qualify for this funding, including those in the Rental Assistance Program (FCHI-2) that were once only eligible for Preservation Seed Funding.  

Changes in the Application Process 

Overall, the application is now much shorter and you can complete it through CMHC’s Application Portal. The terms and conditions of the agreement between your co-op and CMHC appear on the final page of the application form. 

If your application is approved, your funding will be disbursed in full at the start of your agreement. The term of the agreement will be 18 months.  

Changes to Program Administration 

After your agreement is signed and the funds are in your hands, the Agency will oversee the administration if your co-op is already in the Rental Assistance Program or an older federal program.  

After we receive the signed agreement, our staff will reach out to you within 10 business days to review your next steps and help you get started. At that time, we will provide instructions on how your bookkeeper and auditor should account for the funds in your financial statements. We will also set up quarterly check-ins to discuss the project with your co-op until the funded activities are complete or the agreement comes to an end.  

Please remember to keep all your invoices for funded activities so that you can submit them when requested.  

Further Resources 

CMHC has several documents available on its website to help you complete your application: 

Directors in Arrears

8% of Agency clients have board members in arrears. Good work, especially in a COVID year. In 2007,  28% reported director arrears.