The First Nation, Inuit, Métis Urban and Rural 2012/15 Housing Program - Rental Housing Devevelopment Program is intended to target gaps where need has been identified off-reserve, outside of the Greater Toronto Area (GTA), but provision of Aboriginal housing through previous programs has not taken place, or there is data to support a serious shortage. In addition, communities have been identified where Aboriginal renter households are identified with incomes at or below the 60th percentile that did not get FIMUR rental allocations.
The maximum capital contribution under the Rental Housing Development Program is up to $170,000 per unit. It is expected that any project requiring more than $150,000 will be able to demonstrate higher costs or deeper affordability. Allocation under the Rental Housing Development Program is flexible and will be determined by evaluating each project on its own merit to allow for consideration of actual cost, contingent on several key variables including (but not limited to):
• Cost effective program delivery approach; • Community/geographical area, • Location, • Size of the unit(s), • Cost of construction, • Cost of land, and • Special needs that impact the design of the unit (i.e. accessibility requirements, accommodating large and extended families).
The project capital will not have a repayment provision provided that conditions are met over the period of the agreement. Equity build up will be created by forgiveness over the 20 year affordability term of the encumbrance as well as through any potential capital appreciation.