No Fixed Amount
Type of Program:
The Affordable Rental Housing Program provides financial assistance to private entrepreneurs, private non-profit corporations (includes off-reserve Indigenous population), and co-operatives for the construction, rehabilitation, and conversion of rental housing projects.
Comments on Funding:
- 1Funding is in the form of a forgivable loan. The funding amount is based on the cost of eligible work and the number of eligible self-contained units or bed units within a project.
- 2The maximum forgivable contribution for projects sponsored by non-profit groups is up to $70,000 per unit and may include 100% of the units within a project.
- 3Private entrepreneurs are eligible for a maximum forgivable contribution of up to $60,000 per unit, limited to no more than 50% of the total units within a project.
When It Ends:
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.
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.