Residential Rehabilitation Assistance Program (RRAP) for Rental Conversion
no fixed amount
Loan
Description:
The Residential Rehabilitation Assistance Program (RRAP) for Rental Conversion provides financial assistance to owners/landlords to convert non-residential properties into affordable self-contained rental housing units and/or bed-units to be occupied by low income households.
Comments on 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 $24,000. The maximum forgivable loan per bed unit is $16,000. 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.
Continuous Intake
Eligibility:
Applicants must be:
1. private entrepreneurs, non-profit corporations, co-operatives or Municipalities who wish to convert non-residential properties into bona fide affordable permanent rental accommodations are eligiblqe. A legitimate landlord tenant relationship must exist.
2. The newly converted property will have to contain more than 3 bed units or one or more self-contained units to be rented to occupants with incomes at or below the applicable income threshold.
3. The post-RRAP rent charge will be at or below levels established by this Department. The project must be financially viable based upon the agreed upon post-RRAP rents.
4. Properties which do not operate as bona fide rental enterprises are not eligible for RRAP conversion assistance (i.e. nursing homes, care facilities, special purpose housing).
Application Steps:
Applicants must contact the regional office of the Department of Social Development at 1-833-733-7835.
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
About the author
Maurice
