Are you a not-for-profit housing provider in Ontario? Or perhaps this is something you’re planning?
The Ontario government is looking for feedback on whether existing sources of capital financing (direct investment, commercial loans, government loans) are sufficient. They’re also looking for opportunities to better support not-for-profits that need to access this financing.
There are two specific areas of feedback along with seven questions.
The two areas of feedback are:
- Challenges and barriers not-for-profit housing providers face in accessing capital
- Ideas, solutions, and proposals on ways government could help address those challenges: loan guarantees? Focused investments? Improved government coordination?
The seven questions are:
- Could easier or less costly access to lending increase the supply of not-for-profit housing?
- What are the key barriers and gaps that prevent not-for-profit housing providers in accessing the capital financing needed to build and repair more housing (for example, through commercial and government loans or through capital financing and funding provided by federal and provincial programs)?
- Do the issues around access to financing differ for not-for-profit development of affordable rental housing compared to home ownership or other types of development? Are they different for private sources of financing (e.g., commercial lending) compared to government sources?
- What role could government play in addressing those barriers? Is there an opportunity for various levels of government to work together to address barriers?
- How could the government prioritize its financial assistance to not-for-profit housing providers?
- For not-for-profit developers: does your not-for-profit organization have long-term financing need for capital expenditure? If yes, then:
- Does your organization have surplus cash flows to service loan repayment?
- Does your organization have a third-party entity, such as a municipal government, that can provide a financial guarantee?
- Do you have other suggestions for ways to improve non-profits housing providers’ ability to build and repair more housing?
When & How to Submit Your Comments
Comments are due by April 29, 2022. You can submit them by email (upload a PDF, Word doc or enter text) or send them by snail mail to:
Ministry of Municipal Affairs and Housing
Housing Programs Branch
777 Bay Street, 14th Floor
Toronto, ON M7A 2J3
Noteworthy is provided for general information purposes and does not constitute legal or professional advice. Every organization’s circumstances are unique. Before acting on the basis of information contained in this blog, readers should consult with a qualified lawyer for advice specific to their situation.