CMHC reviews its programs on an ongoing basis. We are required, through Treasury Board submissions, to evaluate programs and make sure that they continue to evolve in meeting the market needs. The apartment construction loan program is probably the program that takes on a lot more risk than any other type of program at CMHC or conventionally. To date, it has built over 53,000 units on a target of 131,000 units. It is scheduled to continue until 2032.
Some of the reforms we've announced just recently include the extension of term. We went from 10 years to 20 years. We've also introduced the concept of “frequent builder” to really accelerate the access to funding for builders who have been through our programs before.
We are promoting a portfolio approach. We have done some in the past. You've probably seen the Sen̓ákw program in Vancouver. There are more in Toronto that we've done. These are bundles of programs coming together.
We've also introduced some new carve-outs in ACLP to test innovative techniques in construction, like modular and panelization. There are also some carve-outs around conversion. I know there are some really nice projects going on in Calgary as a result.
Those are just examples of ACLP.