Construction

Multi-Unit Residential Loan Program

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The Multi-Unit Residential Loan Program provides loans to property developers which will assist in the construction of multi-unit residential developments on PEI. A multi-unit development consists of 2 or more units.

Comments on Funding:

Funding will be up to a maximum of $4M, with up to a maximum of 90% loan to value for new construction and up to a maximum of 80% of loan to value for renovations.
There will be a 4% fixed interest rate for up to a 10 year term amortized over 25 years (30 years on exception in rural areas).
Loan may be prepaid at any time, without penalty.

Securities are required: first position mortgage, and unlimited personal guarantees.
The borrower and guarantor must provide their covenant/guarantee for 100% of the loan for deficiency after enforcement of security.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

Applicants must:

be in the Community Housing sector (e.g. non-profit housing organizations and rental co-operatives),
private entrepreneurs/builders/developers,
demonstrate property management experience,
have excellent credit and repayment history at least break even cash flow over past five years,
demonstrate construction management experience,
demonstrate the financial viability of the project itself, as well as capacity to deal with development risks such as cost over-runs and delays in construction.

Application Steps:

Applicants must:

complete and submit an application and relevant business plan and projections to an account manager with Finance PEI,

participate at an interview with the account manager to discuss the business proposal and the next steps to determine eligibility.

Documentation Needed:

Applicants must submit:

1
an application,
2
business plan or “business plan form”,
3
current “statement of personal financial affairs form” for all shareholders and any proposed third party guarantors,
4
accountant prepared financial statements including balance sheets and income statements for last three years,
5
aged listing of accounts receivable and accounts payable ,
6
written verification of all debt outstanding with major creditors (“credit verification form” to be completed by your major creditors),
7
detailed list and estimated value, of land, buildings, and equipment owned (include the applicable provincial id number(s)),
8
resume of owners (new applicant),
9
copy of letters of patent or articles of incorporation,
10
income tax returns for the last three years for each individual partner, if a sole proprietor/partnership,

11
a copy of the trade name registration, if operating under a trade name,
12
breakdown of working capital requirements to include cashflow projections for remainder of current year and next year, if applicable,
13
interim financial statements for current year to date, current aged accounts receivable, accounts payable and projected to year end, if applicable,
14
details of current inventory, if applicable,
15
copy of purchase and sale agreement, if applicable,
16
copy of legal description and survey of real property being purchased, if applicable,
17
written cost estimates for new construction and/or renovations. other information pertinent to the request, if applicable,
18
other information pertinent to the request.

Program Contact:

Multi-Unit Residential Loan Program

Application for Financial Assistance

Affordable Housing Development Program

Amount:

$55,000

Type of Program:

Loan

Description:

The Affordable Housing Development Program (AHDP) supports the construction of affordable residential units to increase the availability of rental units for those in core housing need.

Comments on Funding:

Funding is in the form of forgivable loans of $55,000 per unit.
Loan forgiveness period will be negotiated upon approval of the project but will range from 10-25 years.

Forgivable loans for projects led by private entrepreneurs will be limited to a maximum of 50% of the units in their project.

Municipalities, development corporations and non-profit groups may be eligible for forgivable loans for 100% of the units in their project.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

be non-profit corporations,
be private entrepreneurs,
be development corporations,
be housing cooperatives,
be municipalities,
build affordable housing units in Prince Edward Island,
design at least 20% of the units receiving a forgivable loan using accessibility guidelines within the National Building Code (section 3.8),
have projects with a minimum of four units.

Application Steps:

Applicant must submit:

the Affordable Housing Development Program Application Form,

a proposal that must achieve a minimum score of 70 points out of 100 to be considered for project funding.

Documentation Needed:

Applicants must submit together with the application form a proposal including:

project description on the proposed property, zoning, number of units, location and nearby amenities, design work, and timeline for completion,
copies of the floor plan and building elevations,
a description of how project achieves Net Zero Readiness,
applicant background (contact information, experience with housing developments),
intended target market for the affordable units,
comprehensive capital cost estimates for the entire project including clearly identifying the funding sources, including applicant contributions, conventional financing, other grants and/or donations,
pro forma financial statements with estimates for the entire building, not just the units that would be funded through this program.

Other Things to Note:

For more information applicants must contact Cody Clinton, Department of Social Development and Housing, 902-218-6643.

Program Contact:

Affordable Housing Development Program

Affordable Housing Development Program June 18.docx

Affordable Housing Incentive

Amount:

$10,000.00

Type of Program:

Grants

Description:

The Affordable Housing Incentive program provides funding to stimulate below market, affordable and accessible housing options in the City of Miramichi.

Comments on Funding:

Funding is up to $10,000.00 per qualified rental unit.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

Applicants must:

be not-for-profit Housing Providers or Private Sector Developers,
have a registered ownership interest in the property named in the application based on the Service NB Property Account Number (PAN).

Eligible Projects:

must be approved for funding by CMHC and/or SD under their respective Affordable Housing Programs (Projects that are fully funded (100%) by the CMHC and/or SD Programs are deemed to be ineligible for this funding program),
must be located within the boundaries of the City of Miramichi,
must be located where existing municipal water & sewerage services are available unless approved by GMRSC-Planning & Building Services,
are limited to the creation of new Rental Units exclusively,
must receive Letter of Offer prior to the commencement of construction,
must meet or exceed all requirements of the City of Miramichi Zoning Bylaw #110 and building code requirements as determined by the GMRSC – Planning & Building Services,
that include a commercial property within the BIA, must have the BIA Levy for the subject property (PAN) up to date and paid in full for the previous taxation year.

Application Steps:

Applicants must:

contact the City of Miramichi, Department of Economic Development & Tourism to discuss the program and determine pre-eligibility,

submit a completed application with all support documentation and obtain final approval prior to the commencement of any work related to the application.

Documentation Needed:

Applicants must submit:

1
the completed application form,
2
a complete project description,
3
a detailed project budget,
4
detailed plans (site plan, floor plans, façade details, etc.),
5
planning permit (if required),
6
copy of most recent property assessment notice from service NB,
7
construction schedule (start and finish date),

Other Things to Note:

Successful applicants that meet the program criteria will be issued a Letter of Offer demonstrating the City of Miramichi’s commitment to the project and outlining any conditions that need to be satisfied prior to advancement of funds.

Program Contact:

Affordable Housing Incentive

Development-Incentive-E.pdf

Downtown Housing Incentive Program

Amount:

$10,000.00

Type of Program:

Grants

Description:

The Downtown Housing Incentive Program provides funding to attract and retain downtown residents by incentivizing the creation of new housing in the Business Improvement Areas.

Comments on Funding:

Funding is up to $10,000.00 per qualified dwelling unit.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must have a registered ownership interest in the property named in the application based on the Service NB Property Account Number (PAN).

Eligible projects:

must be located within the Business Improvement Area (BIA),
shall consist of the construction of new self-contained residential units with a minimum area of 55.7 m2 (600 ft2) and an average area of 74.3 m2 (800 ft2) within the project,
can include new buildings or existing buildings however the incentive will be applicable to the creation or addition of new self-contained units only.
must not be underway prior to the approval of the incentive application,
properties outlined in the application must not be in arrears in taxes, municipal utilities or any other municipal charges,
must meet or exceed all requirements of the City of Miramichi Zoning Bylaw #91 and building code requirements as determined by the GMRSC – Planning Services,
that include a commercial property, must have the BIA Levy for the subject property (PAN) up to date and paid in full for the previous taxation year,
must not include properties which received money from this program during the previous two (2) calendar years.

Application Steps:

contact the City of Miramichi, Department of Economic Development & Tourism to discuss the program and determine pre-eligibility,

complete a signed Application form provided by the Department including all necessary supporting documentation as required on the application.

Documentation Needed:

Applicants must submit:

1
the completed application form,
2
a complete project description,
3
a detailed project budget,
4
detailed plans (site plan, floor plans, façade details, etc.),
5
planning permit (if required),
6
copy of most recent property assessment notice from service NB,
7
construction schedule (start and finish date),

Other Things to Note:

Grants will be available until the budgeted amount of this program has been depleted for any calendar year.

Program Contact:

HousingIncentiveProgram-E.pdf

Development-Incentive-E.pdf

Canada Community Revitalization Fund

Amount:

$ 750,000.00

Type of Program:

Grants

Description:

The Canada Community Revitalization Fund (CCRF) aims to help communities across Canada build and improve community infrastructure projects so they can rebound from the effects of the COVID-19 pandemic.

Comments on Funding:

Funding will be determined based on the minimum amount required to carry out a project and may represent up to 75% of total eligible costs. RDAs may also contribute up to 100% funding for projects with Indigenous groups.
Funding will take the form of non-repayable contributions.

When It Ends:

Accepting applications

Deadline:

March 31, 2023

Eligibility:

Applicants must be:

not-for-profit organizations or charities,
any municipal or regional government, or bodies providing infrastructure services to communities (e.g. municipalities, rural communities, local service districts, public-sector bodies),
Indigenous-led non-profits and organizations.

Application Steps:

Applicants must:

consult the applicant guide

fill out the CCRF application form online;

send the form through the application for financial assistance page or by mail to the ACOA regional office in your province.

Documentation Needed:

Applicants must submit a completed application form and the following supporting documents:

1
constituting / incorporating documents and list of directors/members of the board,
2
financial statements (current and last fiscal year),
3
description and mandate of the applicant, including the management and qualifications of key personnel,
4
HST rebate information (I.E. rebate rate),
5
one of the following two items is required: research and development (r&d) project plan or detailed project description, including milestones, costs, financing, key partnerships established and evidence of support from the community,
6
supplier quotes,
7
copies of relevant permits and licenses,
8
other relevant documents (specify).

Other Things to Note:

1
Scheduled intake: A one-time special scheduled intake will focus on eligible projects that are ready to proceed. Initial screening will begin during the four-week period. Assessment of applications will begin on July 23, 2021, 23:59 PDT. Applicants are strongly encouraged to submit their applications by this date.
2
Continuous intake: Should there be remaining funding after the scheduled intake period, applications will continue to be accepted and funded on a continuous intake basis over the next two years or until such a time as the allocated funding is fully distributed.

Program Contact:

Canada Community Revitalization Fund

APPLICATION FOR FINANCIAL ASSISTANCE CANADA COMMUNITY REVITALIZATION FUND

CANADA COMMUNITY REVITALIZATION FUND APPLICANT GUIDE