Forgivable loans up to $10,000/room in Ottawa-Ontario Rooming House

Rooming House Renovation Program

[img]http://www.flipping4profit.ca/wp-content/uploads/2018/01/Governmentgrants-768×165.png[/img]

Get a latest copy of

Directory of Forgivable real estate grants,

rebates and tax credits at

Rooming House Renovation Program Eligibility of applicants

A rooming house property may be eligible for the program if it is:

Located in the City of Ottawa Modest unit relative to community norms in terms of floor space and amenities;

A rooming house that require essential repairs and/or energy efficiency upgradesA rooming house that require modifications to increase accessibility;

A rooming house that is in good standing with the City of Ottawa (or) actively working towards compliance as determined by the City

Rooming House Renovation Program Monthly Rent

Unit Type 60% of Average Market Rent

Residential services home/Rooming House Up to $589.20

Examples of essential repairs

Examples of essential repairs include, but are not limited to:

Replacement of windows to energy efficient double pane, low E argon windows;

Roof replacements using attic insulation to a minimum of R40Furnace and/or heating equipment;

Toilet replacement with low-flush or dual-flush toilet (6 litres per flush or less);

Replacement of water heater with an ENERGY STAR qualified instantaneous water heater;

Modifications of kitchen and bathrooms;

Other items will be reviewed and considered that improve the quality of the dwelling for the tenants.

Examples of accessibility modifications

[img]http://www.flipping4profit.ca/wp-content/uploads/2018/01/Apprenticeship-1-500×262.jpg[/img]

Examples of acceptable accessibility modifications include, but are not limited to:

Ramps;

Handrails;

Chair and bath lifts;

Counter tops height adjustments;

Cues for doorbells and fire alarms.

Rooming House Renovation Program Scope of funding

The program provides funding in the form of forgivable loans to qualifying landlords:

Forgivable loans up to ten thousand dollars ($10,000) per rooming unit (room) up to a maximum of $100,000 per property;

Total loan is dependent on how many rental units are in the rooming house and the scope of repairs approved by the Housing Services Branch;

The loan will be totally forgiven if rent levels are maintained for the full 15 years as per CMHC Rental Market Report;

1/15 (6.67%) of the total loan will be forgiven each year;

Eligible landlords can only receive one loan per address under this program;

A second mortgage must be registered on the approved property.

Rooming House Renovation Program Duration of program

Housing Services will accept applications until all funds are spent, or until March 31st, 2018, whichever comes first.

Rooming House Renovation Program Timelines

Once Housing Services has received the application, the applicant will be contacted by a case coordinator from the Affordable Housing Unit. Applicants will also be notified if documents are missing. The full review of the application will include a visual property and building assessment and internal review by city staff. Please note that application review timelines may vary.

Rooming House Renovation Program Release of funds

Funding will be committed to an approved rental property owner upon signing a Funding Agreement document with Housing Services outlining the total amount funded and the terms and conditions attached to the use and release of funds.

Please note that any repairs and/or energy efficiency upgrades carried out before the loan is approved in writing are not eligible for the program and will not be reimbursed.

Rooming House Renovation Program Use of funds

[img]http://www.flipping4profit.ca/wp-content/uploads/2018/01/WeBuyHousesCASH11-1-500×262.jpg[/img]

Rooming House Renovation Program Reporting and follow-up

How to apply for funding

Print and complete this application form PDF opens in a new tab or window [PDF – 162KB] and provide all necessary documents

Print this checklist PDF opens in a new tab or window

Contact the program at the phone number or email address below to request an application package be mailed to you

All applications with necessary documents must be mailed or delivered to:

City of OttawaHousing Services

Ontario Renovates Program

100 Constellation Drive, 8thFloor West

Ottawa, ON, K2G 6J8

Rooming House Renovation Program Inquiries

For more information about the Ontario Renovates program,

please call our information line at

613-580-2424 ext 12300 or

email Ontariorenovates@ottawa.ca

DISCLAIMER

We believe the information contained in this

article to be accurate.It is presented with the

understanding that we are not engaged in

rendering legal,accounting, or investment advice.

When professional assistance is required,

utilize the services of a licensed real estate

broker, lawyer, accountant,

or other consultant as may be required.

[img]http://www.flipping4profit.ca/wp-content/uploads/2016/03/FlippingFortune.jpg[/img]

Tickets for LIVE CRASH COURSE at http://www.Flipping4Profit.ca