BUSINESS COMMUNITY AS A CRUCIAL PARTNER Romy says the problem needs the kind of capital that only the private sector can provide – especially here in Canada where this sector supplies about 96 per cent of housing. “The government can incentivize this – and indeed there are already measures in place to encourage more much needed purpose-built rentals for middleincome Canadians,” says Romy. “For example, the Rental Construction Financing Initiative provides low-interest loans for developers at the early stages of a project. Additionally, the new Housing Accelerator Fund provides incentives to municipalities to do what they can to cut red tape and speed up things like permitting and zoning changes.” Also, CMHC provides a mortgage loan insurance product, MLI Select, that offers developers reduced premiums and longer amortization periods based on their commitment to affordability, accessibility, and climate compatibility. Recently Finance Canada has added additional incentives by making the construction of purposebuilt rentals GST-exempt, and by unlocking billions 7
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