Wood & Water Affordable Rental Housing, Surrey, BC. $27,462,000 CMHC MLI Flex Construction Financing, funded March 2022. Citifund is pleased to have arranged the CMHC MLI Flex insurance for the construction of “Wood Water” – a 65-unit residential plus commercial rental project in the Fleetwood neighbourhood of Surrey, BC. The subject development received entitlement from the City of Surrey under an affordable agreement allowing the borrower to qualify for CMHC’s MLI Flex construction program with no additional affordability requirements. The 20-month construction loan is priced at Prime minus 0.75%.