• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Atlantic Canada Business Grants

  • Atlantic Canada
    • Grants
    • Loans
    • Wage Subsidies
  • New Brunswick
    • New Brunswick Small Business Guide
      • Starting a Business in New Brunswick
      • Best Business to Start in New Brunswick
      • Businesses for Sale in New Brunswick
      • Register a Business in New Brunswick
      • Incorporating a Business in New Brunswick
    • Grants
    • Loans
    • Tax Credits
    • Wage Subsidies
  • Newfoundland
    • Newfoundland & Labrador Business Guide
      • Start a Business in NL
      • Best Business to Start in NL
      • Businesses for Sale in NL
      • Incorporate a Business in NL
      • Register a Business in NL
    • Grants
    • Loans
    • Tax Credits
    • Wage Subsidies
  • Nova Scotia
    • Nova Scotia Small Business Guide
      • Starting a Business in Nova Scotia
      • Best Business to Start in Nova Scotia
      • Businesses for Sale in Nova Scotia
      • Incorporating a Business in Nova Scotia
      • Register a Business in Nova Scotia
    • Grants
    • Loans
    • Tax Credits
    • Wage Subsidies
  • PEI
    • PEI Small Business Guide
      • Starting a Business in PEI
      • Best Business to Start in PEI
      • Businesses for Sale PEI
      • Incorporate a Business in PEI
      • Register a Business in PEI
    • Grants
    • Loans
    • Tax Credits
    • Wage Subsidies
  • Contact
  • About

Residential Rehabilitation Assistance Program (RRAP) for Rental Conversion

by Maurice | February 5, 2023

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:

  • 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:

1

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:

Rental Conversion Program

Rental Conversion Program Guidelines

Related posts:

How to Start a Business in New Brunswick: Step-by-Step Guide for New Entrepreneurs
New Brunswick Small Business: Complete Guide for Entrepreneurs
Incorporating a Business in New Brunswick: Step-by-Step Guide for New Entrepreneurs
How to Register a Business in New Brunswick: Step-by-Step Guide for New Entrepreneurs

About 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 Atlantic Canada to identify and maximize government grants to grow their business. Click here to learn more about Moe’s background and how he can help your business.

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Recent Posts

  • Nova Scotia Small Business: Complete Guide for Entrepreneurs
  • How to Start a Business in New Brunswick: Step-by-Step Guide for New Entrepreneurs
  • How to Start a Business in Newfoundland and Labrador: Step-by-Step Guide for New Entrepreneurs
  • Starting a Business in PEI: Step-by-Step Guide for Prince Edward Island Entrepreneurs
  • How to Start a Business in Nova Scotia (2023): Step-by-Step Guide for New Entrepreneurs

Recent Comments

  • Toni Mladineo on Clean Technology Loan

Footer

Company

  • About Me
  • Contact

Categories

  • Atlantic Canada
  • New Brunswick
  • Newfoundland & Labrador
  • Nova Scotia
  • Prince Edward Island

© 2023 · Atlantic Canada Business Grants

  • About Me
  • Contact