Submissions will be evaluated by BC Housing using the Evaluation Criteria below, based on the information in the submission/proposal corroborated as required and through meetings with Society representatives. Those proposals that exceed a score of 60% may be given Provisional Project Approval (“PPA”) and asked to fully develop their proposals within a fixed timeframe.

It is to BC Housing discretion’s if proposals which meet the required score are advanced to the next stage of approvals, due to consideration of reasonable distribution of projects across the province, and the available financing capacity under this program.

When the conditions of the PPA have been met, projects may be eligible for Final Project Commitment.

Mandatory Criteria

Society is a registered non profit society.
An ownership interest or substantial commitment in the property (substantial commitment refers to an undertaking, contract of Purchase and Sale or letter from the owner).
The proposal has sufficient information to assess against the BC Housing CPI lending criteria1.
The project demonstrates clear need and demand with affordable rents, within the community.

Once the above mandatory criteria have been met the project will be evaluated based on the matrix below.

Evaluation Criteria	Description	Weighting

Financial	The project meets a minimum Debt Coverage Ratio (DCR) of 1.2 for market rents or 1.1 for below market rents, and demonstrates financial sustainability long term without any subsidy. Demonstrates a feasible capital budget and financial viability of the society through audited financial statements.	35

Purpose	The project demonstrates a clear need and demand within the region where the development is located for the affordable target market.	20

Society Capacity	The society has relevant and proven development, operating and management experience in affordable rental housing. The project team (if applicable) or key personnel identified has experience in this type of development.	15

Housing Concept (Construction and Design of the Development)	The development is appropriate for the target clients and program needs (as identified), i.e. location, unit design, layout and site conditions.	15

Partnerships and Equity	Partnership and equity has been confirmed by the society. This includes municipal support, equity and operating partners.	5

Procurement Strategy	The project shows a documented competitive procurement strategy and it has been followed to employ the project team and services or is described in the overall plan if not already engaged.	5

Schedule	The construction schedule and lease up period for the project identifies a reasonable duration for the interim construction financing.	5

Total		100%