Shared Equity Mortgage Provider Fund will be launched on July 31st, 2019

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Shared Equity Mortgage Provider Fund will be launched on July 31st, 2019

Post: # 48485Post Flipping4Profit.ca
Wed Jul 10, 2019 12:29 pm

Shared Equity Mortgage Provider Fund will be launched on July 31st, 2019

Shared Equity Mortgage Provider Fund,
a five-year, $100-million lending fund to assist providers of shared equity mortgages to help eligible Canadians achieve affordable homeownership.

This will support an alternative homeownership model targeted at first-time homebuyers,
help attract new providers of shared equity mortgages and encourage additional housing supply.

The fund will be launched on July 31st, 2019, and will be administered by CMHC.

Shared Equity Mortgage Provider fund program

The Shared Equity Mortgage Provider (SEMP) fund program will assist providers of shared equity mortgages in helping eligible Canadians achieve affordable homeownership.
The SEMP fund program is a 5-year program scheduled to launch on July 31, 2019.
This $100-million lending fund, administered by CMHC, will help attract new providers of shared equity mortgage and encourage additional housing supply.
The program will offer eligible proponents loans from two possible funding streams: Pre-construction (stream 1) and Direct Shared Equity Mortgages (stream 2)
Stream 1 is for pre-construction costs to commence new housing projects that provide shared equity mortgages to home purchasers.
Stream 2 is for funding of shared equity mortgages provided by the proponent directly to home purchasers.
Non-profit organizations, other level of governments and for-profit organizations may be eligible to apply.
Visit here for further Shared Equity Mortgage Provider Fund program details
The Government of Canada's National Housing Strategy (NHS) is an ambitious 10-year, $55 billion plan that will create 125,000 new housing units, repair and renew more than 300,000 housing units and reduce chronic homelessness by 50 percent, with the target of removing 530,000 families from housing need
The NHS is built on strong partnerships between federal, provincial and territorial governments, and on continuous engagement with others, including municipalities, Indigenous governments and organizations, and the social and private sectors, to make a meaningful difference in the lives of Canadians.

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