Affordable housing program facilitate private entrepreneurs, private non-profit corporations and co-operatives for the construction, acquisition & rehabilitation, conversion and operation of rental housing projects.
- A development proposal is adequate, if it follows the requirements which are given below:
- Suitable projects must create reasonable rental units that would rent at the low price than the standard market housing rents.
- Eligible tenants contain families, disabled households, and persons with special needs, seniors, and non-elderly singles. Supportive housing programs can also be used to support citizens to help them to remain independent at their own home.
- All new construction projects must be traditional to satisfactory standard.
- Private non-profit organizations must incorporate under federal or provincial legislation.
A proposal is to contain the following specific information
- Development plan
- Information on sponsoring group
- Concept proposal
- Target group
- Site selection consideration
- Development schedule
- Additional cost effectiveness considerations
It assists in the form of a defensible loan and is based on the cost of eligible work. The maximum forgivable contribution for projects sponsored by non-profits groups is $40,000 per unit and may include 100% of the units within a project. Private entrepreneurs are eligible for utmost contribution of $40, 000 per unit, limited to no more than 50% of the total units within the project.