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Rental Conversion Program | Government of New Brunswick

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Value

The maximum amount you may receive for each self-contained unit is $36,000.

Description

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.

Eligible Applicants

A property is eligible if it meets the following requirements:

  • Properties owned by private entrepreneurs, non-profit corporations, co-operatives or Municipalities who wish to convert non-residential properties into bona fide affordable permanent rental accommodations are eligible. A legitimate landlord tenant relationship must exist.
  • The newly converted property 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.
  • The post-RRAP rent charge will be at or below levels established by this Department. The project must be financially viable based upon the agreed upon post-RRAP rents.

Eligible Expenses

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 $36,000. The maximum forgivable loan per bed unit is $24,000. 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

Deadline Date

Ongoing. Please click the link indicated below for update.

Contact

Contact Name: Acadian Peninsula (Regional Sub-Office)

Phone Number: (833) 733-7835

E-mail Address: sd-ds@gnb.ca

Website: https://www2.gnb.ca/content/gnb/en/services/services_renderer.8775.Rental_Conversion_Program.html

Industry:

Housing, Municipalities

Location:

New Brunswick

Tags:

Financial Assistance, Non-Profit

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There is grant money waiting for YOU! BUT if you step in a “grant trap,” your application is a NO! Learn the FIVE most common errors to AVOID in government grants! Get the 5 Grant Gotchas now to save you countless hours.

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