Purpose
To encourage the creation of new residential units, particularly those intended for purpose-built rental tenure or intended to be affordable. This includes the construction of new units and the conversion of existing non-residential spaces to residential units.
“Purpose-built rental”, for the purposes of this incentive, is defined as a unit which is or will be the primary place of residence for one or more individuals who are given occupancy under a lease for a period of one year or more.
“Affordable” rents will refer to a rental amount calculated per unit that will be maintained as “affordable” for a period of 10 years or more. An “affordable” rental unit will be calculated where the rent is no greater than the lesser of:
- The income-based affordable rent for the residential unit set out in the Affordable Residential Units Bulletin.
- The average market rent identified for the residential unit set out in the Affordable Residential Units bulletin.
Grant Amount Available
The grant amount available for this program is up to five thousand five hundred dollars ($5,500) per new residential unit created, to a maximum of eleven thousand dollars ($11,000), excluding HST, based on a fifty/fifty (50/50) matching cash contribution of the Applicant.
Rental residential units which meet the criteria for “affordable” rents will be eligible to receive an additional fifteen hundred dollars ($1,500) per unit, to a maximum total grant of fourteen thousand dollars ($14,000).
Eligible Costs
- Costs to construct an additional residential unit;
- Costs to construct new buildings with one or more purpose-built rental residential units or affordable rental residential units;
- Costs of renovations and/or conversion of unused or underused upper floor or rear space within existing commercial units to new purpose-built residential units or affordable residential units;
- Costs of rehabilitation of existing underutilized buildings to new purpose-built residential units, where appropriate, at the discretion of Norfolk County;
- Costs of professional services for architectural, planning, engineering and site plans or drawings for improvements are also eligible.
Eligible Areas
The program is available to properties in the Urban, Hamlet, and Lakeshore areas.
Other Eligibility Requirements
- Tenure Type: The Applicant must be the registered owner of the property.
- Type of Buildings: All existing residential buildings are eligible. Existing commercial or institutional buildings are also eligible for conversion to residential buildings or residential units within mixed-use buildings, where permitted by the Zoning By-law. Vacant residential properties are eligible under this incentive explicitly for the creation of purpose built or affordable rental units.
- Required Documentation: Submission of drawings and/or plans shall be required as part of the application.
- Purpose-Built Rental: Proposed rental residential units shall meet the definition of purpose-built rental defined in this CIP.
- Affordable Rents: Proposed affordable rental residential units shall meet the definition of “Affordable rents”. The affordable rate is required to be maintained for a period of 10 or more years.
- Minimum Value: The costs of construction, renovation, or rehabilitation for the project shall have a minimum permit value of six thousand five hundred dollars ($6,500) in order for the project to qualify.
- General Program Terms also apply.
Grant Payment
The grant will be payable upon completion of the works, submission of paid invoices, proof of payment, and final inspection by both the Building Department and the Fire Department to verify adherence to applicable laws.
