Briefing Note and Frequently Asked Questions Canadian Housing Bank Proposal
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1 Briefing Nte and Frequently Asked Questins Canadian Husing Bank Prpsal Backgrund: Husing Partnership Canada (HPC) is seeking supprt t explre the feasibility f creating a dedicated lending institutin fr affrdable husing prviders acrss Canada t finance the regeneratin and develpment f their assets. This entity wuld fcus n pling capital requirements f a diverse grup f brrwers and giving them access t capital lending markets efficiently and cst-effectively. Such a dedicated lending institutin will als ffer prspective investrs an investment pprtunity with direct ties t a scial return. The Challenge: The need fr a dedicated lending institutin grws ut f the current state f the Canadian affrdable and scial husing sectr: Gvernment funding cmmitments are ending: Over the next 17 years, perating funding frm senir levels f gvernment is being phased ut. Jurisdictins acrss Canada need t make majr decisins n hw t meet the grwing need fr affrdable husing and maintain their aging scial husing prtflis. Current funding mdel shrtfalls: Research indicates that the Canadian husing sectr is facing a multi-billin dllar unmet capital funding need. Relying n gvernment subsidies, grants and revenue tls cannt cver these capital requirements r thse ging int the future. Prviders must unlck and leverage equity f existing assets: Due t the fragmented nature f the affrdable husing sectr, mst Canadian husing prviders lack the knwledge and scale necessary t carry ut cmplex financial transactins and t bear the assciated csts. The sectr needs a financing ptin built t meet its needs. Lenders have been challenged by the cmplexity f the sectr -- different jurisdictins, prvider sizes and wnership structures t ffer a large-scale financial slutin. In the absence f a lender that gets the sectr, prviders dn t have efficient lw cst access t capital t fund their develpment and grwth. 1
2 The Opprtunity: Husing Partnership Canada, in partnership with the Husing Services Crpratin and BC Husing are explring the bnd market as an alternative surce f capital fr scial and affrdable husing in the Canadian cntext. Raising capital in the bnd market is a cmplicated and sphisticated prcess that requires significant time, effrt and resurces. Any effective capital funding prgram needs significant scale in rder t prvide investrs with liquidity and address therwise prhibitive transactin csts. The Prpsal A Canadian Husing Bank: The creatin f a dedicated lw cst lender that gets the sectr. A Canadian Husing Bank wuld fcus n pling capital needs thrugh the private capital markets t prvide a sustainable, lng term surce f funding specifically tailred t the needs f the sectr. Scial and affrdable husing prviders wuld have access t: Financing n a predictable basis that exceeds the capabilities f existing lending surces; Lw cst, lng term funds available fr all prviders regardless f size; Expert staff that can prvide investment advice tailred t the realities f the scial and affrdable husing perating envirnments; Other Jurisdictins: The Husing Financing Crpratin (THFC) in the UK is a nt-fr-prfit financial intermediary that raises mney in the capital markets and lends t UK husing assciatins. Since inceptin in 1987, THFC has raised ver 3.3B fr registered husing assciatins and maintained an A+ credit rating frm S&P, all with a current staff f 17. In the Canadian cntext, BC Husing has als established a very efficient scial husing finance mdel in which BC Husing serves as a Natinal Husing Act insured lender, ffering bth cnstructin financing and CMHC insured financing at excellent rates with lw transactin csts. Next Steps: In rder t analyze and assess the need, shape and scpe f a Canadian Husing Bank, a detailed Feasibility Study is required (wuld be cmpleted ver 4-5 mnths). 2
3 The Feasibility Study will cmprise f tw phases: Market canvas and initial prduct assessment t test the feasibility f the sectr bank, assess interest based n brad-based utreach Financial frecast, initial credit rating and resurce/gvernance assessment, based n satisfactry results frm the first phase The verall cst t study the feasibility is $250,000. A cnsrtium f funders frm the federal, prvincial, municipal and lcal levels have cmmitted sufficient funding fr the cmpletin f the first f the tw phases f the Feasibility Study. Additinal cntributins t fund the secnd phase f the Feasibility Study are being sught. All funders will serve as members f the Steering Cmmittee which will advise the selectin f the financial advisr t undertake the Feasibility study and n the cmpletin f Phase 1 f the Feasibility Study. If financial supprt is nt pssible, sme ther ways that yu can supprt this wrk are: Pass a bard r cuncil reslutin that recgnizes the challenges facing the sectr and supprts an explratin int alternative financing slutins such as the Canadian Husing Bank. Prvide data t feed int the market analysis prtin f the Feasibility Study; capital prject types (new builds/re-develpment/regeneratin), funding needed and reginal area. Cntact: Fr mre infrmatin r t arrange a presentatin t cmmittee r cuncil, please cntact Husing Partnership Canada representatives: Shayne Ramsay, CEO, BC Husing and Chair, Husing Partnership Canada at sramsay@bchusing.rg; r Hwie Wng, CEO, Husing Services Crpratin which is supprting this initiative at hwng@hscrp.ca. 3
4 Frequently Asked Questins Canadian Husing Bank Prpsal August, 2015 Q. What is the need that the Canadian Husing Bank is trying t meet? A. The Canadian scial and affrdable husing sectrs are facing an unmet capital funding need that is expected t measure in the billins f dllars. In additin, the sectr is managed by peple wh ften are utside f their cmfrt znes in dealing with financial institutins. Existing lending facilities have in mst cases been unwilling r unable t fill this funding need. We believe that a financing vehicle must be develped that is specifically designed t meet needs f the husing sectr; underwriting lan administratin and plicies that reflect the realities f scial and affrdable husing perating envirnments, and expert staff that can supprt husing prviders thrugh the financing prcess. Q. Are there nt already financial institutins prviding financing t scial and affrdable husing? Why create smething in additin t that? A. Prir t develping the prpsal t undertake a Feasibility Study, Husing Partnership Canada cmmissined a review which lked at the effectiveness f current funding surces t meet the husing funding challenge. This review lked at cmmercial banks, direct capital markets, as well as gvernment prgrams and nn-bank cmmercial lenders. We fund that nne f these funding surces culd meet the needs f the sectr. A Canadian Husing Bank culd meet all f the needs f the sectr by: Prviding lng term and lw cst funds Adapting its underwriting lan administratin and prtfli management plicies t the realities f the scial and affrdable husing perating envirnments Ensuring funding is available t all husing prviders, regardless f their lcatin r size. Being staffed by experts wh will assist husing prvider brrwers f any size in understanding and meeting the underwriting requirements. 4
5 Q. Wh wuld wn the Canadian Husing Bank? Hw wuld it be structured? A. The gvernance and perating structure f the Canadian Husing Bank is a key element t be identified. The Feasibility Study is t be cnducted in tw phases; Phase 1 will explre the market canvas and initial prduct assessment, phase and then the financial frecast, initial credit rating and resurce/gvernance assessment. Phase 2 will explre the legal and gvernance requirements in detail; including wh will wn and manage the Bank and wh its stakehlders and ptential sharehlders wuld be. Q. Can yu expand n key details n quantum f lans needed, credit rating, lan guarantees etc.? A. The Canadian Husing Bank prpsal is still at the cnceptual stage. The purpse f the first phase is t undertake a cmplete market analysis; including ptential brrwers, prduct types, gegraphic scpe and identify, review and analyze the need fr a centralized capital funding mechanism. A decisin t mve t the secnd phase f the Feasibility Study will nt be made until this first phase is cmplete. The Feasibility Study will be verseen by a Steering Cmmittee made up f funders f the Study. There will be all three levels f gvernment represented n this Steering Cmmittee and engaged in the develpment f the Bank and in defining the best rle fr gvernment ging frward. The feasibility study will help us determine key details including: The quantum f lans needed fr the Canadian Husing Bank t be launched The credit rating f the bank Gvernment and sectr supprt needed i.e., municipal/prvincial/federal lan guarantee 5
6 Q. Wh wuld be eligible fr a lan? A. This is part f what will be determined by the feasibility study, hwever, the gal is t create a financing vehicle that is able t meet the needs f all types f scial/affrdable husing prviders and prgrams. Decisins abut eligibility will be dependent n whether there is sufficient cash flw since new lans will be repaid by prviders frm either current free cash flw and/r new cash flw generated frm the new lan prjects. The eligibility test is whether a financial business case exists fr the use f the lan prceeds regardless f whether the prject is scial, public r affrdable husing; nnprfit r c-p. Q. Will lans be secured r unsecured? A. One f the chief reasns behind the desire t explre the creatin f a Canadian Husing Bank is t prvide a financing vehicle that can meet all f the unique needs f the husing sectr, including recgnizing the realities f scial and affrdable husing perating envirnments. Fr that reasn, ur gal is fr the lans t be unsecured. Q. Wh is cnducting the Feasibility Study? A. A public tender clsed n July 31, 2015 t secure a financial advisr t undertake the Feasibility Study. Key criteria t be used in the selectin f the financial advisr will be as fllws: capital market financing experience, experience in senir management rles with majr Canadian banks, demnstrated experience in raising capital fr the scial and affrdable husing sectrs. Q. What is the anticipated date fr the launch? A. Once the financial advisr is selected, it is expected that bth phases f the Feasibility Study will be cmpleted within 4-5 mnths nce the financial advisr is in place. Bth phases f the Feasibility Study will infrm the decisin abut a launch. If there is merit t mving frward, it is expected that it will take anther 8-10 mnths t create the lending platfrm (including peratinal and gvernance structure) and launch the initial transactins. 6
7 Q. What will be the lending rate and terms under the new Bank? A. Infrmatin n the market demand and lending structure, which will drive lending rates and terms, will be knwn fllwing bth phases f the Feasibility Study. Hwever, the full details n the lending rate and terms will nt be fully knwn until we mve t the creatin f the lending platfrm stage. In this stage the financial frecasts, credit rating prfiles and initial transactins will be determined, as they are necessary t firm up the final lending rates and terms. Q. What kind f supprt are yu asking fr? A. Husing Partnership Canada is reaching ut t the sectr acrss Canada; at the municipal, prvincial and federal levels. Our gal is t get yur supprt in further explring the cncept. The supprt can be in any f the fllwing ways: Offer financial supprt t fund the Feasibility Study, in the range f $2,500 t $10,000. Help t pass a bard r cuncil reslutin that recgnizes the challenges facing the sectr and supprts an explratin int alternative slutins such as the Canadian Husing Bank. Prvide data t feed int the market analysis prtin f the Feasibility Study, such as capital prject types (new builds/re-develpment/regeneratin), funding needed and reginal area. Q. Wh are the funders fr the Feasibility Study? A. As we engage with the sectr acrss Canada n the gals and benefits f explring the feasibility f a Canadian Husing Bank the number f funders cntinues t grw. Currently the fllwing rganizatins have cnfirmed funding: 1. Canada Mrtgage and Husing Crpratin 2. Prvince f Ontari 3. BC Husing 4. Manitba Husing 5. Cperative Husing Federatin f Canada 6. Husing Services Crpratin 7. Regin f Peel 8. City f Trnt 9. City f Lndn 10. Thunder Bay DSSAB 11. Cchrane DSSAB 12. Kenra DSAB 13. Parry Sund DSSAB 14. Manitulin-Sudbury DSAB 7
8 15. Nipissing DSSAB 16. City f Greater Sudbury 17. Ottawa Cmmunity Husing Crpratin In additin t this list, there are frmal prpsals pending apprval with a number f additinal partners. Q. What is Husing Partnership Canada? A. Husing Partnership Canada (HPC) is a peer-based netwrk and business cperative fr CEOs frm Canada s majr affrdable husing rganizatins. Its members represent rganizatins whse stck represents mre than half f Canada s scial husing assets. HPC is a member f the Internatinal Husing Partnership (IHP), which brings tgether husing CEOs frm the United Kingdm, the United States, Australia and Canada. Q. Wh shuld I cntact if I want further infrmatin r a presentatin t cuncil? A. Shayne Ramsay, CEO, BC Husing and Chair, Husing Partnership Canada at sramsay@bchusing.rg; r Hwie Wng, CEO, Husing Services Crpratin which is supprting this initiative at hwng@hscrp.ca. 8
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