 |
Programs and Financial Assistance
Residential Rehabilitation Assistance Program (RRAP) — Conversion |
The RRAP — Conversion provides assistance to convert non-residential properties into affordable self-contained rental housing units or bed-units. This program is available in all areas.
Who is eligible?
Eligible clients are those owning and converting non-residential properties to create affordable rental accommodation for low-income households. These clients include:
private entrepreneurs
non-profit corporations
First Nations.
Eligible properties must be:
environmentally safe
feasibly converted to residential accommodation
viable based on agreed post-conversion rents.
What assistance is available?
The assistance is a fully forgivable loan, which does not have to be repaid provided the owner meets certain conditions. The maximum loan available varies with the type of units being created, and area of the country, as follows:
| |
Maximum Loan (per unit) |
Maximum Loan (per bed-unit) |
Zone 1 :
Southern areas of Canada
| $24,000 |
$16,000 |
| Zone 2 :
Northern areas
|
$28,000 |
$19,000 |
| Zone 3 :
Far northern areas
|
$36,000 |
$24,000 |
A 25 percent supplement in assistance is available in remote areas. Only work related to the conversion and rehabilitation of non-residential properties to create residential units and bed-units is eligible.
IMPORTANT: Work carried out before the loan is approved in writing is not eligible for funding under this program.
Other CMHC programs are available to assist eligible Canadians with repairs to substandard housing, accessibility modifications and adaptations for persons with disabilities and seniors.
In some areas of Canada, funding for these or similar programs is provided jointly by the Government of Canada, and the provincial or territorial government. In these areas, the provincial or territorial housing agency may be responsible for delivery of the programs. Program variations may also exist in these areas.
Return to: Programs and Financial Assistance
or
CMHC Main Menu
Don has answers to your questions and more professional tips to make your real estate transaction more pleasurable.
Call or e-mail Don or click on "Ask Your Own Questions."
Don can send you information on any Property Listed For Sale on the Multiple Listing Service in the Ottawa area. If you would like him to help you locate a home, please fill out his Information Request Form.
Surfing the Real Estate Board's web site or MLS.CA and found a house that you like but doesn't give you the civic address. Don can also help. Just fill out his Would like an address form, please !
Or perhaps you are considering selling your home in the near future, he can also offer you a Free No-Obligation Market Evaluation Form. |
Royal LePage Performance Realty, Brokerage is independently owned and operated
© COPYRIGHT 2008 ALL RIGHTS RESERVED DONEWANOVICH.COM
Designed & Maintained by: John Smillie/Lasting Impressions
|
Performance
Realty
|
