Residential Rehabilitation Assistance Program (RRAP) for Rental Conversion
The Rental Conversion Program provides funding to help convert a non-residential property into affordable rental housing.
Offered by Department of Social Development
Amount
Forgivable loan of up to $36,000 per self-contained unit and up to $24,000 per bed unit; except for non-profit organizations, owners must contribute 25% of the total repair cost
Quick eligibility check
Who can apply
All approved applicants must sign a rental agreement to keep rents affordable to low-income tenants during the loan period.
A property is eligible for the Residential Conversion Program if:
- it is owned by a private entrepreneur, non-profit corporation or housing co-operative
- there is a legitimate landlord-tenant relationship
- the newly converted property will have more than three bed units, or one or more self-contained units rented to occupants with low incomes
- the rent will be at or below levels established by the department - the project must be financially viable based upon the agreed-upon post-RRAP rents
Not eligible:
Properties that do not operate as rental businesses are not eligible for conversion assistance
About the funding
The amount you may receive is based on the cost of eligible work and the number of eligible units within the project. The assistance is in the form of a forgivable loan. The maximum amount you may receive for each
self-contained unit is $36,000. The maximum forgivable loan per bed unit is $24,000. With the exception of non-profit organizations, owners must contribute 25% of the total mandatory repairs. 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.
If mandatory repairs cost more than the maximum amount available, you must provide the difference. All mandatory health and safety repairs must be completed.
Similar programs
| Program | Type | Amount | Status |
|---|---|---|---|
| Rental Residential Rehabilitation Assistance Program (RRAP) | Loan | Forgivable loan of up to $36,000 per unit (rental units) or up to $24,000 per bed unit (rooming houses), based on the cost of mandatory repairs and the number of eligible units | Open |
| Rooming House Residential Rehabilitation Assistance Program (RRAP) | Loan | Forgivable loan of up to $16,000 per bed unit, based on the cost of mandatory repairs and the number of eligible beds | Open |
| Apartment Construction Loan Program: Seniors Rental Housing | Loan | Up to 100% loan to cost for residential space and up to 75% loan to cost for non-residential space, with up to a 50-year amortization period | Open |
| Apartment Construction Loan Program: Standard Rental Housing | Loan | Low-cost loan of up to 100% loan to cost for residential space and up to 75% loan to cost for non-residential space, with up to a 50-year amortization period | Open |
