Provides financial assistance to landlords to assist in upgrading the condition of existing self contained units to preserve rental affordability for low income tenants.
Financial assistance is provided in the form of a fully forgivable loan, which can be used to cover the costs of mandatory repairs to units with lower income tenants. Landlords must agree to place a ceiling on the rental amounts after the repairs are completed to ensure the units remain affordable to lower income tenants. The landlord must also agree to only accept new tenants who have lower incomes.
The maximum amount of funding available per unit is $24,000. Any additional repairs are the responsibility of the landlord to pay for.
Only repairs required to bring properties up to minimum levels of health and safety are eligible to be covered with program funding. Once the repairs have been made, the property must remain livable for an additional 15 years, assuming normal care and maintenance is done.
Any work that is carried out before approval for program funding is received is not eligible to be covered.
Landlords and owners of affordable, self contained housing can apply for funding if they house lower income tenants
Rental rates must be below market rent both before and after the project is completed
Properties must lack basic facilities or require major repairs in 1 or more of the following categories:
• Fire safety
Contact Housing Nova Scotia