Rental Conversion Program - Atlantic Canada Business Grants

Amount:

No Fixed Amount

Type of Program:

Forgivable Loan

Description:

The Rental Conversion Program 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.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

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,
own properties that operate as bona fide rental enterprises,
have a legitimate landlord tenant relationship,
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,
apply a post-conversion rent charge which is at or below levels established by this Department,
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.

Program Contact:

Rental Conversion Program

Rental Conversion Program Guidelines

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