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 launched 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.
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.
As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC's aim is that by 2030, everyone in Canada has a home they can afford, and that meets their needs.