CRA permits the commercial portion of a “housing project” to be up to 20% for MIC purposes

S. 130.1(6)(f) requires that a mortgage investment corporation hold at least 50% of the cost amount of all its property in bank deposits or other money, and in mortgages on “houses” as defined in s. 2 of the National Housing Act or on property included within a “housing project” (as defined in s. 2 as it read on June 16, 1999.) In this regard, CRA stated:

[C]ommercial facilities that form part of a housing project, such as an apartment or condominium complex should not exceed 20% of the gross floor area of the housing project.

Neal Armstrong. Summary of 12 January 2018 External T.I. 2016-0669431E5 under s. 130.1(6)(f).