A new $1.5-billion fund aimed at preserving affordable rental housing across Canada has officially opened for applications, marking what organizers describe as the first time the community housing sector has taken the lead on a national investment initiative of this scale.
The Canadian Housing Acquisition Fund (CHAF) was announced as the organization selected to make investment decisions for the Canada Rental Protection Fund (CRPF), following an open call for applications. The announcement was made in Ottawa alongside Gregor Robertson, federal Minister of Housing and Infrastructure, and Build Canada Homes (BCH), the federal entity under which the CRPF was created as one of its first initiatives.
The fund is designed to give non-profit, co-operative and Indigenous housing providers access to capital so they can purchase existing rental properties and keep them affordable over the long term. According to CHAF, the fund has the potential to protect 7,000 affordable rental homes across the country over its first five years, depending on market conditions and available opportunities.
How the Funding Will Work
Through CHAF, the CRPF will finance eligible property acquisitions brought forward by community housing providers nationwide. The funding structure can combine repayable and forgivable loans, intended to close the gap between what an organization can finance on its own and the total capital required to acquire and renew a property.
Minister Robertson said the initiative reflects government action to preserve affordable rental stock and help renters stay in their communities. CHAF Board Chair Ray Sullivan said the effort is meant not just to protect existing affordability but to grow the community housing sector over time, with each acquired property becoming a permanent part of Canada’s community housing stock.
Organizers point to rising rents, redevelopment pressure and increasingly competitive housing markets as key drivers behind the loss of affordable rental units across the country. While new housing construction remains a priority, backers of the fund say acquiring existing affordable units is one of the quickest ways to prevent further losses and stabilize housing for current tenants.
Built From Existing Sector Experience
CHAF was established by organizations already active in Canada’s community housing space, including the Canadian Housing and Renewal Association, National Indigenous Collaborative Housing Inc., the Co-operative Housing Federation of Canada, and the BC Rental Protection Fund. Its board also includes members with backgrounds in real estate, finance and investment, intended to provide broader oversight alongside sector-specific expertise.
The approach builds on the track record of the BC Rental Protection Fund, which has helped protect nearly 2,200 affordable rental homes in British Columbia. CHAF’s interim CEO, Julie Favreau, said the national fund extends that model across the country, combining sector expertise with capital to support long-term affordability.
Canada Rental Protection Fund by the Numbers
Application Process Now Underway
With the launch, CHAF has opened its first stage of intake for organizations seeking to access CRPF funding. Eligible community housing providers can apply to become pre-qualified, a step meant to demonstrate their organizational readiness to pursue property acquisitions.
CHAF is working with the Community Housing Transformation Centre to review these pre-qualification applications. Once approved, organizations will be able to bring forward specific properties for funding consideration through regular intake cycles beginning in October 2026. Properties that advance will go through detailed due diligence and financing review before final investment decisions are made by CHAF’s independent Investment Committee.
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