In its 2016 budget, the federal government announced a renovate and retrofit (reno/retro) program of forgivable loans administered by the Canada Mortgage and Housing Corporation (CMHC).  CMHC issued a one‑time call for applications in June 2016 and made its final decisions on applications in June 2017.   Not surprisingly, the demand for funding greatly outstripped the available funds; we’re told that highest priority was given to projects in greatest financial need for work that addresses the risk of losing units (due to health and safety issues, regulatory or legislated requirements). By now, those who were lucky enough to be given the nod are busy working towards starting their projects quickly – all funds are to be spent by Nov 30, 2017.

We’re busy helping many with the paperwork to register these forgivable loans as mortgages on the title to their property.  If you’re a housing provider looking for legal support on these, please give us a call.