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Monday, January 25, 2010

CMHC Introduces Mortgage Loan Insurance for Student Housing Projects

On January 21, 2010 the Canada Mortgage and Housing Corp (CMHC) announced new mortgage loan insurance policies to facilitate the financing of student housing projects.

CMHC Muti-Unit Student Housing will enable the borrower to obtain loans of up to 85% of the lending value for the construction, purchase or refinancing of housing specifically built for students. These properties support the housing needs of Canadian publicly funded educational institutions, including universities and colleges.

This annoucement comes at a great time given the shortage of available student housing, and will allow developers and borrowers to access competitive interest rates for the life of the mortgage and lower renewal risk.

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Garamark Property Management is located in Winnipeg, Manitoba and successfully balances protecting the investment of an owner while retaining happy tenants.

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