Atlantic Canada Business Grants

Developer

Multi-Unit Residential Loan Program

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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:

1

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

2

 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. 1
    an application, 
  2. 2
    business plan or “business plan form”,
  3. 3
    current “statement of personal financial affairs form” for all shareholders and any proposed third party guarantors,
  4. 4
    accountant prepared financial statements including balance sheets and income statements for last three years,
  5. 5
    aged listing of accounts receivable and accounts payable ,
  6. 6
    written verification of all debt outstanding with major creditors (“credit verification form” to be completed by your major creditors),
  7. 7
    detailed list and estimated value, of land, buildings, and equipment owned (include the applicable provincial id number(s)),
  8. 8
    resume of owners (new applicant),
  9. 9
    copy of letters of patent or articles of incorporation,
  10. 10
     income tax returns for the last three years for each individual partner, if a sole proprietor/partnership,
  1. 11
    a copy of the trade name registration, if operating under a trade name,
  2. 12
    breakdown of working capital requirements to include cashflow projections for remainder of current year and next year, if applicable,
  3. 13
    interim financial statements for current year to date, current aged accounts receivable, accounts payable and projected to year end, if applicable,
  4. 14
    details of current inventory, if applicable,
  5. 15
    copy of purchase and sale agreement, if applicable,
  6. 16
    copy of legal description and survey of real property being purchased, if applicable,
  7. 17
    written cost estimates for new construction and/or renovations. other information pertinent to the request, if applicable,
  8. 18
    other information pertinent to the request. 

Other Things to Note:

No other details available.
Published date: June 17, 2020

Program Contact:

Multi-Unit Residential Loan Program

Application for Financial Assistance

Affordable Housing Incentive

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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:

1

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

2

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

March 23, 2021 - Source 1

Program Contact:

Affordable Housing Incentive

Development-Incentive-E.pdf

Housing Catalyst Fund Grant

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Amount:

$30.000 

Type of Program:

Grants

Description:

The Housing Catalyst Fund supports practical and collaborative projects which lead to transformative change in the sector. Applicants can apply for up to a $30,000 grant per project. 

Comments on Funding:

Funding will take the form of a grant of up to $30,000 per project. Projects that align with the City’s priorities but do not align with the Centre’s priorities are only eligible for up to a $10,000 grant.

When It Ends:

April

Deadline:

Rolling deadline

Eligibility:

Applicants must:

  • be community groups and other stakeholders (housing providers, service providers, non-profit organizations, builders/developers);
  • facilitate and plan housing solutions that will enhance the quality for life for individuals and families and build a healthier community.

Application Steps:

No specific application steps have been identified.

Documentation Needed: 

No specific documentation has been identified.

Other Things to Note:

The Housing Catalyst Fund is a partnership between the Community Housing
Transformation Centre (the Centre) and the City of St. John’s.
The annual application deadline is in April.

Program Contact:

Housing Catalyst Fund

Request a Line Rebate – Developer

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Amount:

No Fixed Amount

Type of Program:

Rebate

Description:

The Request a Line Rebate - Developer Program offers a rebate to qualified applicants who made a payment to build a power line extension in order to receive electric service. 

Comments on Funding:

No details available.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

Applicants must have

  • made a payment to build a power line extension in order to receive electric service;
  • not received a free service allowance up-front;
  • a new customer connecting to that power line.

Application Steps:

1

Applicants must complete and submit the application form within 10 years of the installation of the original power line.

Documentation Needed: 

No specific documentation has been identified.

Program Contact:

Request A Line Rebate | Nova Scotia Power