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CMHC's Seed Funding Expands Opportunities for Housing [Toronto]

TORONTO, Ontario, May 1, 2003 — Community groups and others looking for funding to help flesh out a proposal for a housing project can now access a new Seed Funding initiative announced by the national housing agency, Canada Mortgage and Housing Corporation (CMHC).

CMHC today announced a call for proposals from interested groups or individuals planning to develop a housing project that is innovative or community-based or affordable or any combination of these three characteristics. Successful applicants will be able to access a maximum of $20,000 in Seed Funding. This includes a grant of up to $10,000 in combination with a repayable interest-free loan of up to $10,000. Interested applicants will have until July 2, 2003 to submit an application for funding.

These funds help pay for activities in the early stages of housing project development including a community needs analysis and a preliminary feasibility study. Seed Funding, will be complemented by training for those housing proponents who need it, covering topics such as group organization, housing project development and housing project management. CMHC will cover the training costs for recipients of Seed Funding.

CMHC is looking to support the creation of projects similar to the Abbeyfield Houses Society project in Shanty Bay, Ontario near Lake Simcoe that has already received support from CMHC's Canadian Centre for Public-Private Partnerships in Housing (CCPPPH). The Abbeyfield Houses Society is now successfully meeting the housing needs of seniors and is one of many such projects from coast to coast to coast in Canada that can link their development to CMHC's efforts to facilitate the production of affordable housing.

"Seed Funding is part of a package of new options that will enable non-profit or private sector housing proponents to develop their housing project proposals", said Brett Barnes, Partnership Representative of CMHC's Business Centre in Toronto. "The more affordable the housing, the wider the range of tools and services available"

Applications for Seed Funding are being accepted by CMHC starting Thursday, May 1, 2003 but must be received at CMHC's Business Centre in Toronto no later than 4:00 p.m., Wednesday, July 2, 2003. For more information, please contact Brett Barnes at tel.: (416) 250-3288, fax: (416) 250-3204, e-mail: bbarnes@cmhc-schl.gc.ca.

CMHC, through its CCPPPH, has been promoting the development of affordable housing through partnerships since 1991. Over the past 12 years, the Centre has facilitated almost 500 projects with more than 25,000 housing units across Canada.

For more information:

Brett Barnes
CMHC
(416) 250-3288

News source: Canada Mortgage and Housing Corporation (CMHC)

 

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