Ottawa is asking the development industry for input on how to design its new housing entity, Build Canada Homes.
Prime Minister Mark Carney first introduced BCH during the election campaign with a promise to double the country’s homebuilding and get the federal government back in the business of building properties.
But very little has been revealed about how BCH will operate, including whether it will actually become a federal developer and construct homes.
In a six-page document made public on its website Monday, the Housing Ministry says BCH could act as a developer in varying capacities.
That includes potentially working with contractors, operators, investors and other developers to build housing, develop land, procure materials, share risks and provide expertise, according to the document posted on the Housing, Infrastructure and Communities Canada website.
The document outlines options for BCH, such as contracting builders to construct housing and leasing it to affordable-housing providers, as well as acting as a facilitator to bring together land and financing to help get a project off the ground.
The document does not say whether BCH would takeover some of the functions of federal housing agency Canada Mortgage and Housing Corp. – which was part of the plan outlined in the Carney campaign’s housing pledge.
In terms of financing, the document said one of BCH’s objectives would be ensuring that there are low-interest loans and contributions for the development of affordable-housing projects.
Another initial objective would be ensuring long-term commitments and financial partnerships that would allow the affordable-housing sector to “plan and scale with confidence,” the document said.