Amount:
No Fixed Amount
Type of Program:
Loan
Description:
The Residential Rehabilitation Assistance Program (RRAP) for 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:
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.
Program Contact:
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