MCFN members that attended the zoom session on Friday August 20, 2021 made inquiries about the Rapid Housing Initiative (RHI).  Please see the update / summary below related to that inquiry.

 

MCBC/MCFN’s original application was submitted on December 31, 2020 and was not selected as part of the initial $500 million dollar allotment however could be considered in the additional $1.5 billion received by RHI in April, 2021.

 

CMHC delayed the application approval process which included MCFN’s application. Instead, MCBC/MCFN’s RHI application will need to be resubmitted by August 31, 2021 with a final decision occurring end of September, 2021. MCBC is working with R-Hauz and MCFN Housing to update our previous submission.

 

As mentioned the new submission date is August 31, 2021, there are no current stats on number of applicants, etc. Information on the first round of applicants is shown below.

 

  • In the Projects Stream of funding, under which MCBC/MCFN applied , there was $500 million available.

 

  • There were a total of 679 applications across the country. The total financial ask of all the applicants was $4,270,575,894.

 

  • In Ontario alone, there were 178 applications with a financial ask of $1,272,140,391.

 

  • To this point, 179 applications were accepted across the country, accounting for the $500 million available.

 

  • In Ontario, there were 17 approved applications, meaning fewer than 10% of the applications in Ontario have been approved so far. CMHC

 

MCBC is hopeful our application will be approved through the second tranche of $1.5 billion. Pending any further CMHC delays there will be no further updates until end of September 2021.