Affordable Rental Housing Program
Provides financial assistance to private entrepreneurs, private non-profit corporations (includes off-reserve Indigenous population), and co-operatives for the construction, rehabilitation, and conversion of rental housing projects.
A development proposal is eligible if it meets the following requirements:
- Eligible projects must create basic affordable rental units that would rent at or below the average market housing rents or prices for comparable housing in a community or area.
- Eligible tenants include families, seniors, non-elderly singles, disabled households, persons with special needs. Supportive housing programs may also be used to assist vulnerable seniors and adults to help them maintain or resume independent living it their own home.
- All new construction projects must conform to current design & building standards. Existing buildings must conform to acceptable standards, as determined by this department.
- Private non-profit organizations must incorporate under provincial or federal legislation.
A proposal is to contain the following specific information:
- information on sponsoring group
- development plans
- target group
- site selection consideration
- concept proposal
- additional cost effectiveness considerations
- development schedule
Assistance is in the form of a forgivable loan and is based on the cost of eligible work and the number of eligible self-contained units or bed units within a project. The maximum forgivable contribution for projects sponsored by non-profit groups is up to $70,000 per unit and may include 100% of the units within a project. Private entrepreneurs are eligible for a maximum forgivable contribution of up to $60,000 per unit, limited to no more than 50% of the total units within a project. Borrowers will enter into a Mortgage Agreement with this department to ensure that units remain affordable to low and moderate income households.
Interest free personal development funding loans are provided to assist eligible non-profit & co-operative sponsors of projects to carry out the activities required to develop a project proposal to the point where a commitment of assistance can be made.
Where situations warrant rental subsidies (Rent Supplements) may be provided to ensure units are affordable to low-income households. Tenants qualifying for assistance through the Rent Supplement Program will have their rents reduced to 30% of the adjusted household income. Landlords will receive the difference between the rent paid by the tenant and the market rent agreed to under a rental agreement.
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