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Federal Government Announces Interest-Free Loan Program to Supplement Greener Homes Program

On Friday, June 17, the Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), announced the launch of the first phase of the new Canada Greener Homes Loan for homeowners, which will provide interest-free loans of up to $40,000 per household.
The first phase, starting on June 17, 2022, will be open to eligible homeowners who are applying or have an open application (pre-retrofit stage) to the Canada Greener Homes Grant. The second phase, starting in early September 2022, will expand the eligibility to homeowners who have closed their application (those who have requested their post-retrofit evaluation or grant), but still have remaining eligible retrofits they are interested in pursuing, that have not yet commenced.
Budget 2021 provided $4.4 billion for a new loan program to help homeowners and affordable housing providers complete deep home retrofits.
The Canada Greener Homes Loan is an inclusive program designed to help up to 175,000 eligible homeowners undertake deeper, more costly retrofits that will have a significant impact in reducing a home’s environmental footprint, energy bills, and in improving home resiliency.

The Canada Greener Homes Loan is part of the Canada Greener Homes Initiatives. The program builds on the Canada Greener Homes Grant offered by Natural Resources Canada (NRCan) in helping Canadian Homeowners across the country improve the energy efficiency of their home. The Canada Greener Homes initiatives helps eligible homeowners make their homes more comfortable and affordable to maintain while supporting Canada’s environmental objectives, climate change plans and targets. These retrofits will also help stimulate the economy by creating good middle-class jobs in communities across the country.

 

For more information on this program, including helpful Q&As, click on the links below: