Apartment Rentals

Good news for low-income seniors and person with disabilities and also to the recent immigrants, aboriginal persons, victims of domestic violence and the working poor because the New Affordable Rental Housing Development program in Canada is dedicated to all of you. The program is a joint project of the federal and provincial AHP contributions adding up to $120,000 per unit. Additional funding is also prepared to be available in areas with lower rents below 80% of the current CMHC average market rent for these targeted groups. All developments that take part in this development program are required to be accessible and include barrier free designs. Priorities in these projects should include contributing to increased job creations within their designated areas.

To be an eligible participant in the new Rental Housing Component your project must include at least one of the following, the first is that you’re a new construction; this includes all additions and extensions made. The second is that you are making a major renovation or rehabilitation. The final being a conversion of non-residential buildings or units built into apartment rentals.

Projects that are eligible must meet the project criteria as well. This includes being approved by the council. Also, you must address local housing needs and have your occupancy plan in place. Projects must financially be able to support the twenty year affordability period including a five year phase out period. All rents at below 80% of the CMHC Average Market Rent must be maintained during the twenty year affordability period. The projects must also be environmentally friendly, meet energy efficiency requirements, meet technical requirements and include an accessible and barrier free design. The required equity of ten percent for private sector proponents and four percent for non-profit partnerships and private sectors must also be met. Suitable sites in which your project has made an offer or purchase on, must also be obtained. In addition, the site must include approved planning requirements obtained by Ministerial Consent and have funding to begin construction within three months of signing a Contribution Agreement.

Construction readiness will be determined and approved based on apartment rentals site being acquired, zoning in place, site plan authorization, a building plan obtained and financial capability proven. Again your project must target the identified priority groups and be able to start construction within three months of signing the contribution agreement.

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