Additional Residential Unit (ARU) Loan
No fixed amount
Loan
Description:
The Additional Residential Unit (ARU) Loan offers financial assistance to property owners to help offset the costs of creating new additional residential units.
Comments on Funding:
Continuous Intake
Eligibility:
Applicants must meet the following conditions:
1. The primary Dwelling Unit on the Property is owner-occupied.
2. The property owner must have a valid Residential Rental Unit License (RRUL), which must be maintained and renewed annually with the City.
3. The ARU cannot operate as short-term rental accommodations. All tenants must enter into a formal residential lease agreement with a minimum term of 31 days.
4. The application must be approved before any work begins.
5. The loan is issued after the ARU has been created and paid for in full.
6. The loan is repaid over 108 equal monthly payments, starting one year after the loan is advanced.
Application Steps:
Applicants must contact City Staff at 519-930-3500 or email CIPincentives@london.ca.
Documentation Needed:
No specific documentation has been identified
Other Things to Note:
About the author
Maurice
