Hamilton Heritage Revitalization Loan Program
The Heritage Revitalization Loan Program provides interest-free loans to help conserve, restore, and re-use designated heritage properties across Hamilton. The program supports structural and conservation work that maintains or enhances heritage attributes, ensuring projects align with best practices and municipal heritage guidelines.
Offered by City of Hamilton
Amount
Up to $100,000
10-year, interest-free loan of up to $100,000 per property for eligible heritage conservation work (100% of total Eligible Work)
Quick eligibility check
Who can apply
- Applies city-wide to all properties designated under Part IV and Part V of the Ontario Heritage Act.
- Property owners registered on title are eligible to apply for a Loan under the Program.
- Applicants to the Program shall submit a complete Program Application for Eligible Work to the Economic Development Division prior to commencing the proposed Eligible Work.
- All property taxes are paid and current on the subject property(s) or other properties owned by the applicant within the City of Hamilton; the property is in compliance with Zoning By-law regulations; there are no outstanding Property Standards, Building Code or Fire Code Orders on the subject property(s); and the applicant is not in litigation with the City.
- The Applicant must meet or exceed a Debt Service Ratio of 1.20x for non-residential space or 1.10x for standard rental housing. Total Debt Service and Gross Debt Service of loans must not exceed 44% and 39%, respectively for owner-occupied residential properties. The Applicant(s) (or guarantor(s)) must have a minimum credit score of 600.
- Applicants shall have no less than 25% equity based upon the as-complete appraised value of the property.
- Where the property is a condominium or co-operative, the Application shall be submitted by the condominium corporation or co-operative corporation.
- Eligible Work shall commence no longer than one year following the date the Loan is conditionally approved and be completed within three (3) years following the date the Loan is approved.
- Administration fee: 2.10% of loan amount Administration Fee for Designated Commercial, Industrial or like properties; $684 Administration Fee for other properties.
Who can't apply
- Work commenced prior to submitting an Application is ineligible for funding under this Program.
About the funding
The interest rate for the Loan will be at 0% interest for the term of the Loan. The maximum Loan term is ten years commencing from the date of the last advance. The Loan will be secured through a Loan Agreement, and a collateral mortgage registered on title upon the property in a position no less than second in priority prior to the advance of funds. The City’s funding will be completed over two Loan advances: the first advance upon completion of 50% of the Eligible Work and the final advance on completion of the Eligible Work. Principal repayment of the Loan shall be repayable in monthly Loan payments. Payments will commence one year following the completion of construction. The Loan may be prepaid at any time without notice, bonus, or penalty. Eligible Work includes any work that conserves, restores and/or enhances elements identified and described in the applicable heritage designation by-law, Heritage Conservation District Plan and/or Heritage Conservation Easement Agreement or Covenant.
Similar programs
| Program | Type | Amount | Status |
|---|---|---|---|
| Commercial District Housing Opportunities Program | Loan | The lesser of $1,000,000 or 25% of the construction budget for the development (maximum loan) | Open |
| Downtown and Barton/Kenilworth Housing Opportunities Program | Loan | Low-interest loan | Open |
| ERASE Commercial District Remediation Loan (ECDRL) Program | Loan | Up to $400,000 | Open |
| Start-up and Office Tenant Attraction (SOTA) Program | Loan | $450,000 | Open |
