The Community Partnership Initiatives (CPI) Program provides advice, referrals to partnership opportunities and long-term financing to help non-profit societies create self-sustaining, affordable housing developments.
Quick Links
- Community Partnership Initiatives (CPI) - Program Framework
- Affordable Rental Housing - Fact Sheet
- Community Partnership Initiatives - Lending Criteria Guide
- Housing Need and Demand Study - Template
- Community Partnership Initiatives - Financing for Fully Funded Licensed Care Facilities - Fact Sheet
- Low and Moderate Income Limits - definition
The CPI Program has contributed to over 5,200 new units of affordable housing in B.C. This achievement is a testament to the importance of partnerships with the non-profit housing sector.
Units funded through this program provide a range of housing options along the housing continuum that can promote self-sufficiency, and help households move along the housing continuum. CPI also expands the supply and range of affordable housing in B.C.
For more information, please read the Community Partnership Initiatives (CPI) - Program Framework .
*Please note that to be considered for CPI funding, a project must be considered self-sustaining. CPI funding is not applied toward capital
Vancouver Coastal & Fraser Regions
Naomi Brunemeyer
Director, Regional Development
Phone: 604-456-8849
Email: [email protected]
James Forsyth
Director, Regional Development
Phone: 778-452-6467
Email: [email protected]
Interior Region
John McEown
Director, Regional Development
Phone:604-456-8854
Email: [email protected]
Northern Region
Amy Wong
Director, Regional Development
Phone: 604-456-8843
Email: [email protected]
Vancouver Island
Malcolm McNaughton
Director, Regional Development
Phone: 778-452-2744
Email: [email protected]
Affordable rental housing financing
Read our Financing for Affordable Rental Housing Fact Sheet so you’re familiar with the program guidelines before you begin the application process. Here are the steps necessary to obtain CPI financing for your housing development:
Step 1 – Arrange a meeting
Arrange an initial meeting with the BC Housing director of regional development who is responsible for your community. At this meeting, you will be able to obtain further information about the CPI Program, and we can learn about your specific business plan and financing requirements.
Step 2 – Analyze your business plan
Following this meeting, we will conduct an analysis of your business plan and financing requirements using the affordable rental evaluation matrix. Your society may be required to submit additional information.
Step 3 – Review your Provisional Project Approval
If your business model is feasible, we will issue a Provisional Project Approval letter that outlines the specific terms and conditions your society must meet for us to finance your project.
Step 4 – Request Final Project Commitment
Once your society has met the Provisional Project Approval conditions, you may request Final Project Commitment from us.
Step 5 – Receive funding
We will disburse the funds after we issue your Final Project Commitment and you complete any outstanding conditions.
Financing rates
| Year | Assumed interest rates for take-out financing |
Rates for interim financing |
|---|---|---|
| 2022 | 3.55% | 1.50% |
| 2023 | 3.75% | 2.30% |
| 2024 | 3.95% | 2.50% |
| 2025 | 4.00% | 2.60% |
Note: the forecasted rates are subject to change.
Evaluation and selection
We evaluate submissions using the evaluation criteria below and through meetings with your representatives. Proposals that exceed a score of 60 per cent may receive Provisional Project Approval. We may then ask you to develop proposals within a fixed timeframe.
It is at BC Housing’s discretion whether proposals that meet the required score move to the next stage of approvals. We must consider a reasonable distribution of projects across the province and the available financing capacity under this Program. When the conditions of the Provisional Project Approval have been met, your project may be eligible for Final Project Commitment.
Mandatory criteria
- The Society is a registered non-profit society.
- Your society has 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).
- Your proposal provides sufficient information to assess against our CPI lending criteria.
- The project demonstrates clear need and demand, with affordable rents, within the community.
Once you meet the above mandatory criteria, we will evaluate your project 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 long-term financial sustainability without any subsidy. The audited financial statements demonstrate a feasible capital budget and financial viability of the society. | 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 have 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), including location, unit design, layout and site conditions. | 15% |
| Partnerships and Equity | The society has confirmed partnership and equity. This includes municipal support, equity and operating partners. | >5% |
| Procurement Strategy | The project shows a documented competitive procurement strategy that has been followed to employ the project team and services. If not already engaged, the strategy is described in the overall plan. | 5% |
| Schedule | The construction schedule and lease-up period for the project identifies a reasonable duration for the interim construction financing. | 5% |
| Total | 100% |
Licensed care facility financing
Read the Community Partnership Initiatives - Financing for Fully Funded Licensed Care Facilities - Fact Sheet to learn about additional requirements for receiving financing in this category. Here are the steps necessary to obtain CPI financing for your facility:
Step 1 – Arrange a meeting
Arrange an initial meeting with the BC Housing director of regional development who is responsible for your community. At this meeting, you will be able to obtain further information about the CPI Program and we can learn about your specific business plan and financing requirements.
Step 2 – Analyze your business plan
Following this meeting, we will conduct an analysis of your business plan and financing requirements. Your society may be required to submit additional information.
Step 3 – Review your Provisional Project Approval
If the business model is feasible, we will issue a Provisional Project Approval letter that outlines the specific terms and conditions that your society must meet for us to finance your project.
Step 4 – Request Final Project Commitment
Once your society has met the Provisional Project Approval conditions, you may request from us a Final Project Commitment.
Step 5 – Receive funding
We will disburse the funds after we issue your Final Project Commitment and you complete any outstanding conditions.
Financing Rates
| Year | Assumed interest rates for take-out financing |
Rates for interim financing |
|---|---|---|
| 2021 | 2.75% | 0.80% |
| 2022 | 3.35% | 1.00% |
| 2023 | 3.55% | 1.65% |
| 2024 | 3.75% | 2.05% |
| 2025 | 3.80% | 2.50% |