ENERGY ANALYSIS for MLI Select (CMHC)
ORTAM’s competitively priced energy efficiency reports will ensure that your property reaches the necessary requirements to achieve the financing offered by CMHC and deliver the results in a timely fashion.
mli select program
The Canada Mortgage and Housing Corporation (CMHC) has introduced an innovative multi-unit mortgage loan insurance product known as MLI Select. This groundbreaking solution offers enhanced incentives for borrowers dedicated to social and environmental goals. With MLI Select, substantial savings are within reach.
Operating on a scoring system with a maximum of 100 points, MLI Select offers borrowers attractive terms, including a 95% loan-to-value ratio, 1.1 debt coverage ratios, and extended 55-year amortization periods. To qualify for MLI Select, borrowers must commit to achieving a minimum of 50 points through various social outcomes.
TYPES OF PROPERTIES ELIGIBLE FOR MLI SELECT
Standard rental housing, single room occupancy (SRO), supportive housing, and retirement homes are all eligible. However, student housing projects must meet specific criteria focusing on energy efficiency and accessibility.
Projects typically require a minimum size of 5 units, except for retirement homes, which necessitate a minimum of 50 units/beds.
To maintain a residential emphasis, non-residential components are capped at 30% of gross floor area and 30% of total lending value. Loans for non-residential components cannot surpass 75% of their lending value.
Refinances and Acquisitions
An outstanding feature of the MLI Select program is its flexibility to accommodate refinances and acquisitions of existing assets. This means that refinancing or acquiring existing assets becomes feasible through MLI Select financing. Canada ICI recognizes this as a significant advantage, particularly in certain markets, and anticipates high client interest in leveraging this program for both purchasing and refinancing assets that meet the qualification criteria.
For new loans on existing residential rental properties, CMHC requires a guarantee amount of 40% of the outstanding loan amount under the mortgage, as determined periodically
points required to qualify
Please see below a high-level summary of the benefits for achieving the 50-, 70- and 100-point level in the MLI Select program.
energy efficiency criteria
This outcome is assessed based on the improved performance over the baseline, which depends on if the building is new or existing.
New construction:
- Level 1 (20 points) – Min. 20% better than NECB/NBC
- Level 2 (35 points) – Min. 25% better than NECB/NBC
- Level 3 (50 points) – Min. 40% better than NECB/NBC
Existing properties:
- Level 1 (20 points) – Min. 15% decrease over current baseline levels
- Level 2 (35 points) – Min. 25% decrease over current baseline levels
- Level 3 (50 points) – Min. 40% decrease over current baseline levels
affordability criteria
This outcome is assessed based on the percentage of units within the project with rents equal to or below the established threshold for the subject market. In all cases, the borrower must commit to maintain affordability for a minimum of 10 years from the date of first occupancy of the project. Affordability commitments of 20 or more years will be awarded an additional 30 points.
New construction:
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Level 1 (50 points) – Min. 10% of units at max. 30% of median renter income .
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Level 2 (70 points) – Min. 15% of units at max. 30% of median renter income .
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Level 3 (100 points) – Min. 25% of units at max. 30% of median renter income.
Existing properties:
- Level 1 (50 points) – Min. 40% of units at max. 30% of median renter income.
- Level 2 (70 points) – Min. 60% of units at max. 30% of median renter income.
- Level 3 (100 points) – Min. 80% of units at max. 30% of median renter income.
accesibility criteria
This outcome is assessed based on the level of accessibility and adaptable building design.
A signed attestation will be required showing the commitment to achieve the accessibility criteria, or confirmation of achievement within the permitted timeframe and must be submitted by the time of application.
Level 1 (20 points):
- Min. 15% of the units are considered accessible in accordance with the CSA standard B651-18 .
- Min. 15% of units are universal design.
- The building receives Rick Hansen Foundation Accessibility Certification (60%-79% score).
Level 2 (30 points):
- Min. 15% of units are considered accessible in accordance with the CSA standard B651-18 and Min. 85% of units are universal design.
- 100% of the units are universal design or 100% of the units are accessible in accordance with the CSA standard B651-18.
- The building receives Rick Hansen Foundation Accessibility Certification “Gold” (score of 80% or better).
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ORTAM’s wide range of specialized services and team of highly trained professionals has made us industry experts when it comes to Commercial Asbestos Testing. We provide solutions and expertise in every aspect of our collaboration with clients. We work with cities, municipalities, real estate developers and brokers, insurance companies, and many other people in many industries to achieve their goals and complete their projects.
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