BC Builds: rental supply program financing
A provincial program for rental developers in British Columbia, delivered by BC Housing. Here is how the financing fits together.
The short answer
BC Builds is a BC Housing initiative that can provide interim construction financing for rental housing up to 100 percent of the cost to complete, with take out financing through National Housing Act approved lenders and CMHC mortgage loan insurance. In return, rents and affordability terms are capped for a set period.
| Term | What BC Housing states |
|---|---|
| Construction financing | May be approved up to 100 percent of the cost to complete |
| Take out | Through National Housing Act approved lenders with CMHC mortgage loan insurance |
| Capital grants | Up to 225,000 dollars per unit, for a limited number of units in select non profit projects |
| Affordability | Rents at or below 30 percent of the Middle Income Limits, for a minimum of 10 years, or 35 years for grant recipients |
What is BC Builds?
BC Builds is an initiative delivered through BC Housing that leverages government, community and non profit owned and under used land to speed up the delivery of housing.
The BC Builds Rental Supply Program aims to deliver a supply of market and below market housing at an accelerated pace, and is delivered by BC Housing through BC Builds.
The Province announced 2 billion dollars of provincial low cost construction financing, 950 million dollars of provincial investment, and 2 billion dollars of federal financing.
Who can take part
BC Housing partners with non profits, private developers, faith groups, First Nations, and federal, provincial and local governments.
How the financing works
Interim construction financing for rental housing may be approved up to 100 percent of the cost to complete the project. Once the building is complete, BC Housing facilitates take out financing through National Housing Act approved lenders with CMHC mortgage loan insurance.
That is the same two stage shape as a conventional rental build: a construction loan followed by an insured mortgage, the kind described on MLI Select financing.
The affordability rules
- Rents must not exceed 30 percent of the Middle Income Limits.
- Affordability terms run a minimum of 10 years, or 35 years for grant recipients.
- Grant recipient projects include at least 20 percent of units rented at 20 percent below market.
The Middle Income Limits are published by BC Housing and change over time, so check the current figures before you model rents.
BC Builds and the CMHC Apartment Construction Loan Program
On January 23, 2025, British Columbia and CMHC signed the ACLP BC Builds Collaboration Agreement. The two programs are separate: BC Builds is delivered by BC Housing, and the CMHC Apartment Construction Loan Program is a direct CMHC loan.
Where a broker fits
Canadian Commercial Mortgages arranges financing in British Columbia only. On a BC rental project we help developers compare BC Builds, ACLP, and conventional or MLI Select routes, and we package the file for whichever route fits. Approval rests with the program and the lender.
Test the numbers first with the construction loan calculator and the MLI Select points estimator.
Sources: BC Housing, BC Builds Rental Supply Program Framework, February 2024 and Province of British Columbia news release, 2024. Checked October 2026. Program terms change; confirm current terms with BC Housing.
BC Builds questions.
Related reading
Let's fund your next deal
Send the site, the unit count and the budget. A senior broker will tell you which route fits your BC rental project, usually the same day.