Apartment Construction Loan Program: Seniors Rental Housing

Who can apply

Eligible borrowers include for-profit developers, non-profit developers, and other levels of government.

All projects must:

1. Provide accommodation for seniors to live independently. While services may be included, they should not be related to personal or medical care.
2. have a minimum of 50 units (Fully self-contained units only)
3. have a loan size of at least $1 million
4. respond to a need for seniors housing
5. primary purpose of the project must be considered residential with the non-residential component not to exceed 30% of total gross floor space nor 30% of total cost
6. must be permanent in nature (long-term stay)
7. meet the minimum documentation requirements

Financial viability

1. You must have the financial and operational ability to carry the project without ongoing subsidies and the ability to meet debt coverage ratio requirements.

Affordability

You must meet and maintain one of the following affordability requirements for at least 10 years:

Option 1:

1. At least 20% of units must have rents at or below 30% of the median total income of all families in the subject market.

Option 2:

1. Alternatively, the requirement may be met if rents are established pursuant to an affordable housing program or other initiative (federal, provincial, territorial or municipal) that approves the proposal and provides support for the development of the seniors housing project.