Get Funding for Your Building Renovations from the City of Montreal
Comments 0 | 2020 Feb 21 | Author John Ward
The City of Montreal is rolling out a new program this April 2020 that will offer financial assistance to rental property owners looking to make quality renovations to their units in order to provide their tenants with an affordable, healthy and safe indoor living environment.
About the program
The Affordable Housing Renovation Program (or Réno logement abordable) is intended for buildings of five storeys or less with six apartment units or more.
At least a third of the accommodation must be rented out at affordable prices for the district in which the building is located. The condition of the building must also be deemed neither too good nor too bad by city inspectors (this equates to a level 3 or 4 out of 6 on the city-standardized scale).
Once your application has been accepted, you will be required to hire building experts to perform tests or inspections, to monitor the site, and to produce plans and specifications based on their expert opinions.
The work must target elements essential to the preservation of the building or the health of its occupants. Some work is mandatory, such as replacing an oil heating system or a private lead water inlet, exterminating vermin and correcting health and safety problems. Other work could include mold removal, asbestos abatement or water damage restoration.
You will not be able to evict tenants, nor enlarge or subdivide the dwellings. Other restrictions may apply depending on your circumstances.
How much funding is available?
The Affordable Housing Renovation Program will cover between 30% and 40% of the invoice for recognized work. The maximum amount of the subsidy is $14,000 per dwelling and $500,000 per building. Costs associated with expert fees will be reimbursed in the amount of 50%.
How to apply for the Affordable Housing Renovation Program?
If you would like to apply for funding, you will be able to do this as of April 1, 2020, when the program officially takes effect. You can check here for any changes to this date.