The goal of NMF Rental Housing fund is to bring long-term affordable multi-family rental housing inventory to Canadian cities. Over the last 20 years, housing costs and rents have increased drastically while median income levels have remained relatively flat. This leads to housing accounting for a significantly larger share of household spend. There are three main points that distinguish NMF from other Canadian funds that are merely meeting market demand for housing:
- First, NMF seeks to fill community needs solely by working with community based housing providers-- not-for-profits and co-ops.
- Second, NMF seeks to address the affordability gap by insuring that the rental housing it provides is affordable to households earning, on average, 80% or less of the area median income.
- Third, to best preserve long-term affordability NMF will only exit to community-based ownership – not for profits, co-ops or government.
New Market Funds uses IRIS metrics as part of their impact measurement practice.