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:
Funding is in the form of a forgivable loan. The funding amount is based on the cost of eligible work and the number of eligible units within the project. The maximum amount 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.
Continuous Intake
Eligibility:
Applicants must:
1. be New Brunswick private entrepreneurs, non-profit corporations, co-operatives or Municipalities who wish to convert non-residential properties into bona fide affordable permanent rental accommodations,
2. own properties that operate as bona fide rental enterprises,
3. have a legitimate landlord tenant relationship,
4. convert property that 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,
5. apply a post-conversion rent charge which is at or below levels established by this Department,
6. have a financially viable project upon post-conversion rents.
Application Steps:
Applicants must contact the housing office of the Department of Social Development in their area for further details.
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.
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
The Program is funded by a cost sharing arrangement between the Government of Canada and the Province of New Brunswick.
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Maurice