The Federal Community Housing Initiative (FCHI)-2 is the new rental assistance program that continues CMHC subsidies to low-income co-op households from September 1, 2020 through March 31, 2028. If you were among the first group of federal program co-ops to receive a program agreement by email from CMHC, you have until July 15, 2020 to return the signed agreement.
If you miss this deadline you may experience an interruption in funding from CMHC, so it’s important to act now!
CHF BC has reviewed the FCHI-2 program agreement, and it is considerably more flexible than the current program. While the number of assisted households and the amount of assistance is fixed at the outset, the amount of assistance will increase as household incomes fall or as housing charges increase. This is much closer to a pure rent supplement program design than the traditional subsidy pool model used in the federal section 95 program.
Contact CHF BC at email@example.com, or your Agency contact for more information on FCHI-2, and be sure not to miss that July 15 deadline!