Repayable Contribution
Rental Conversion Program
The amount you may receive is based on the cost of eligible work and the number of eligible units within the project. The assistance is in the form of a forgivable loan. The maximum amount you may receive 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. 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.
- 4.5/5.0
- New Brunswick. Social Development
- All levels
- Last updated 1 month ago
- English
Description
The amount you may receive is based on the cost of eligible work and the number of eligible units within the project. The assistance is in the form of a forgivable loan. The maximum amount you may receive 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. 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.- To provide 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.