Affordable Rental Housing Program
no fixed amount
Loan
Description:
The 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.
Comments on Funding:
1. Funding is in the form of a forgivable loan. The funding amount is based on the cost of eligible work and the number of eligible self-contained units or bed units within a project.
2. 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.
3. 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.
Continuous Intake
Eligibility:
Applicants must:
1. be New Brunswick private entrepreneurs, private non-profit corporations (includes off-reserve Indigenous population), and co-operatives for the construction, rehabilitation, and conversion of rental housing projects;
2. have development proposals meeting the following requirements:
a) 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;
b) 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;
c) All new construction projects must conform to current design & building standards. Existing buildings must conform to acceptable standards, as determined by this department;
d) Private non-profit organizations must incorporate under provincial or federal legislation.
Application Steps:
Applicants must contact the housing office of the Department of Social Development in their area for further details.
All approved applicants must enter into a rental agreement to ensure that rents remain affordable to low-income occupants during the earning period of the loan.
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
The Program is funded by a cost sharing arrangement between the Government of Canada and the Province of New Brunswick.
About the author
Maurice
