|
Home > About MCAP > What's New > Archived News
|
05/11/2006 |
MCAP Selected to Provide Financing for Affordable Housing
We are pleased to announce that MCAP has been selected, along with another financial institution, to have the exclusive right to provide more than $600 million in CMHC insured financing for the construction of affordable housing in Ontario. MCAP was chosen after a tendering process conducted through the Ontario Mortgage and Housing Initiative (OMHI), an innovative program launched in June 2006 by the Province of Ontario to help developers of affordable housing access lower-cost, long-term financing both for construction and term mortgages insured by CMHC.
We are very proud that the partnership between the Federal and Provincial governments, under the Canada-Ontario Affordable Housing Program, has shown confidence in selecting MCAP as its Expert Partner. This is a significant achievement by MCAP and a tribute to the expertise developed by REFG in this area.
Through all three levels of government, at least $734 million will be invested under the life of this program by 2010. The OMHI will help 20,000 Ontario households over the next five years and provide them with a chance at a better life. MCAP is a leader in this field and combines our real estate finance expertise with an opportunity to contribute to the betterment of communities across Ontario.
|
|
|
|
|