Core Areas Financial Incentives: Mixed Use Conversion and Restoration Grant Program (MUCRG)

By mmuise
Description:

The Mixed Use Conversion and Restoration Grant Program is aimed at attracting new investment and interest in converting currently non-residential vacant or underutilized upper storey space to residential units and renovating the existing commercial space located below by providing a financial incentive that will be targeted at the costs of converting the space. It is intended to stimulate the creation of new residential units on the upper storeys of existing mixed use buildings and renovating or restoring ground floor commercial occupancies.


Comments on Funding:

The Commercial Restoration portion of the matching grant will be up to 50% of eligible costs up to a grant of $50,000 per property. The maximum grant may increase by $2,500 for the inclusion of enhanced accessibility elements to $52,500 per property.
The Residential Conversion portion of the Grant Program will consist of a grant, whereby property owners will be eligible to receive a grant of up to $10,000 for every new residential unit created or every unit that has been vacant on the upper floors of an existing mixed use building, up to a grant of $100,000 per property. The maximum grant may increase by $2,500 per unit for the creation of accessible residential units up to a maximum of $125,000 per property. The total amount combined of the grant of the eligible costs is up to a maximum grant of $150,000 per property. The total amount for projects that include accessible residential units as well as enhanced accessibility elements on the ground floor is a maximum grant of $177,500 per property.

Deadline: Continuous Intake
Eligibility:

Applicants must be:

  • property owners in Cambridge's core areas (Galt City Centre, Preston Towne Centre, Hespeler Village);
  • looking to convert currently non-residential vacant or underutilized upper storey space to residential units and renovating the existing commercial space located below.
Application Steps:

No specific application steps have been identified.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

For Information Contact: Economic Development at (519) 740-4685 or e-mail: Invest@cambridge.ca .

About the author
mmuise