Residential Rehabilitation Assistance Program (RRAP) for Rental Conversion

Amount:

no fixed amount

Type:

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.

Deadline:

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.

Maurice

About the author

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Canada to identify and maximize funding to grow their business.

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