The Power Smart New Home Program is designed for residential builders and developers of single family homes, town homes, or qualifying low-rise multi-family residential buildings.

To be eligible for Seed Funding, your proposed housing project must be affordable

You intend to produce a rental housing project in which most of the units will have rents within CMHC’s Affordability Criteria. (CMHC can provide you with the Affordability Criteria in the community where you intend to produce housing that meet this guideline.)

OR

You intend to produce a homeowner project in which the units will be modest and the purchase prices will be below the market for units of a similar type, size and number of bedrooms in the subject housing market.

• The occupant is 65 years of age or over and has difficulty with daily living activities due to loss of ability brought on by aging.
• The total household income is at or below the program income limit for the area.
• The home is a permanent residence.

1. To be considered for funding, grant requests shall be referred to the Committee of the Whole on the recommendation of the Electoral Area Directors. All requests shall be in writing.
2. For grant requests in excess of $5,000 an outline and description of the project, equipment or services proposed to be purchased must accompany the written request.
3. If a grant is approved for a fixed amount the following will apply:
   (a) If the grant does not exceed $500, a cheque will be issued to the requesting organization. A letter documenting the grant approval will also be sent under the signature of the Board. (b) If the grant exceeds $500, a cheque will be issued when the following conditions have been met:
   • Satisfactory evidence that the goods or services have been obtained, and
   • Submission of invoice(s) together with quotes.
   • Staff will advise the requesting organization in writing of the grant approval, expiry date, and the requirements for claiming the grant.
4. If a grant is approved for an amount which is not fixed (i.e., up to a specific amount), the provisions of 3 (b) will apply.
5. The Regional Board may at the time of grant approval:
   (a) Impose additional requirements to be met by an organization prior to receipt of grant funds.
   (b) Reduce or modify the requirements to be met for an organization prior to receipt of grant funds.
   
6. Unless specifically provided by Board or Committee resolution, grant approvals shall automatically expire after 24 months.
7. No grants shall be approved for individuals or for privately-owned businesses.

You must be a non-profit society.

Grants are organized according to the Foundation's purposes, as described in the Real Estate Services Act (i.e. research, public education, professional education, law reform, and other real estate related good works). Projects concerning affordable housing fit under the latter most of the categories: and other real estate related good works.

• Non-profit housing/shelter construction and renovation projects that create new units or beds in response to an identified/researched need in the community.
• Housing projects which incorporate sustainable land use and green building practices.
• Housing projects in smaller communities, which often lack the resources and fundraising base of larger centres.

You, as the owner of an affordable housing rental unit, may apply if your property is eligible. To receive a loan, you will enter into an agreement that places a ceiling on the rents that you may charge after the repairs are completed and limits rent increases during the term of the agreement. You must also agree to limit new occupancy to low-income tenants.

Your property is eligible if it meets the following criteria:

• It is owned by a private entrepreneur, a non-profit corporation, or housing cooperative that is not receiving government housing assistance;
• It is a rental unit occupied by tenants who have income at or below established thresholds where pre and post RRAP rents are below the established levels for the your local area;
• The property is at least five years old and lacks basic facilities or requires major repairs in at least one of the following areas: heating, structural, electrical, plumbing and fire safety;
• A legitimate landlord and tenant relationship exists. Rents being charged can be confirmed.

Eligible repairs include mandatory repairs required to bring properties up to minimum levels of health and safety. The quality of the repairs should extend the useful life of the dwelling for at least 15 years.

Ineligible Properties include; Hospitals, motels, hotels, bed and breakfasts, residential-care facilities, or special-purpose projects.

The maximum amount per unit you could receive varies according to the three geographical locations:

Eligible clients are private entrepreneurs, non-profit corporations and co-operatives owning and converting nonresidential properties to create bona fide affordable rental accommodation. Eligibility is limited to properties that are environmentally safe, that can feasibly be converted to residential accommodation, and that will be viable based on agreed post-conversion rents. Selected clients must enter into an Operating Agreement which establishes the rents that can be charged during the life of the Agreement. A ceiling is also placed on the income of households that can occupy the newly created self-contained units.

Only work related to the conversion and rehabilitation of non-residential properties for the creation of residential units and bed-units is eligible for assistance. Up to 100 per cent of the eligible cost of conversion up to the maximum loan amount is eligible for assistance. The costs above the maximum RRAP loan must be borne by the owner.

Please note that any work carried out before RRAP loan is approved in writing is not eligible. The required Environmental Site Assessments are not eligible for funding under this program.

The assistance is in the form of a fully forgivable loan, which does not have to be repaid provided the owner adheres to the conditions of the program. The maximum loan available varies in accordance with the type of unit(s) being created and the geographic zone in which the property is located: