Guide to Affordable Housing
Funding Sources for Housing Providers
Canada Mortgage and Housing Corporation: Affordable Housing Centre
Up to $20,000 ($10,000 as a grant/$10,00 as an interest-free loan)
The successful development of housing requires appropriate skills, expertise and commitment. Proponents need to be organized, and must know how to evaluate housing need and demand in their community, and how to obtain the money and other resources to make their proposed housing project a reality. CMHC Seed Funding provides proponents with financial assistance to carry out these initial activities.
Proposal Development Funding (PDF)
Up to $100,000 (loan)
Proposal Development Funding (PDF) loans help with the up-front expenses incurred during the process of developing an affordable housing project proposal. A PDF loan enables housing proponents to carry out the activities required to bring their proposal to the point where they can apply for mortgage financing.
Saskatchewan Housing Corporation: Housing Development
Encouraging Community Housing Options (ECHO)
Feasibility Loan - Up to $10,000 (loan, repayable upon development)
Development Loan - Between $5,000 - $45,000 (loan)
Provides financial assistance to non-profit and private corporations, co-operatives and municipalities to determine the feasibility of developing and investing in a housing project in their community.
$96,000 per unit of new construction (forgivable loan)
$77,000 per unit acquisition and renovation (forgivable loan)
Provides one-time capital funding to help non-profit corporations, co-operative groups, municipalities, First Nations and the private sector to develop affordable rental units for low-to-moderate income people.
Provides financial assistance to eligible homeowners and rental property owners to construct or renovate secondary suites.
Offers a forgivable loan for 50% of the total construction/renovation costs to a maximum of $24,000 per suit.
Shelter Enhancement Program (SEP) - New Projects
Up to 100% of project capital costs (forgivable loan)
Provides financial assistance to increase the number of emergency shelters and second stage housing units available to victims of family violence.
City of Saskatoon: Affordable and Entry-Level Housing Initiatives
Affordable Housing Capital Contribution Incentive Program
Up to 10% capital cost contribution
Provides funding for the development of affordable and special needs housing for households with incomes below the provincial Maximum Income Limits.
Five-Year Tax Abatement for the Development of Affordable Rental Housing
Abatement varies according to project
The City of Saskatoon has implemented a city-wide five-year incremental tax abatement for the construction of new affordable rental projects. Any affordable rental project that is provided on a non-profit basis is eligible to receive the five-year tax abatement. Housing providers must apply to the City Planning Branch to receive the abatement.
New Rental Construction Land-Cost Rebate Program
Up to $5,000 grant per door
The City of Saskatoon will provide a grant of $5,000 per eligible rental unit for projects that involve new construction or additions to existing structures. The units must be located in a multi-unit development and must remain rental for a minimum of 15 years. Housing providers must apply to the City Planning Branch for the New Rental Construction Land-Cost Rebate Program. Applications must be approved prior to commencement of construction.
Incentives for the Development and Legalization of Secondary Suites
Rebate permit fees
To encourage the development of new secondary suites and the legalization of existing secondary suites, the City of Saskatoon will rebate development, building, and plumbing permit fees as well as a portion of the Legalizing and Existing Suite Occupancy Permit (LES) fees upon the completion of construction. Homeowners who wish to obtain rebates of permit fees must have a valid building permit or be engaged in the LES process and must apply to the City Planning Branch.
Mortgage Flexibility Support Program
In partnership with CMHC and SHC, the City of Saskatoon has developed this program to increase affordable homeownership in Saskatoon. On approved affordable housing projects a pre-qualified home-buyer is eligible to receive 5% down payment assistance towards the purchase of the home.
*Please note that each of the funding programs and initiatives listed above are assessed based on the requirements outlined by each organization managing the available funds. To access program details and requirements visit the links provided or contact the Canada Mortgage and Housing Corporation, the Saskatchewan Housing Corporation, or the City of Saskatoon respectively. The Saskatoon Housing Initiatives Partnership is available to assist housing proponents throughout the process of applying for funding and can be contacted regarding the above programs.
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Please contact Stacie Beever, Director of Development Services if you have any questions, or require assistance with pursuing any of the above avenues.
