No Fixed Amount
Type of Program:
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:
The applicant must:
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.