No Need For a Mortgage – Update to the Canada Emergency Commercial Rent Assistance (“CECRA”) Program
May 19, 2020 - Jennifer Williams
Scrutinized criteria regarding the eligibility of the CECRA Program appears to have been subtly addressed in recent days. The Canada Mortgage and Housing Corporation (“CMHC”) – the entity charged with administering the Program – had previously published criteria for eligible commercial landlords and tenants on their website. Among those conditions stood the requirement for the commercial property (which housed the affected commercial tenant) to have been used to secure a mortgage loan.
Previously, CMHC’s webpage contained a footnote next to this requirement with the following:
“For those property owners who do not have a mortgage, an alternative mechanism will be…