Maximum 4 project can be compared at one go.
Peel Region authorities design the capital grant program. It has been created to support private and non-profit developers in Peel Economical Rental Incentives Program for Peel rental housing. They offer up to $10 million in funding for the 2023 Call for Applications.
The applications are now open for applicants applying in 2023. The deadline to apply is
Applicants must fulfill certain criteria to be eligible for the Peel Economical Rental Incentives Program in 2023. These requirements are established to ensure the program's effectiveness in providing affordable housing options. Here are the eligibility conditions:
By meeting these requirements, applicants can actively participate in the Peel economical Rental Incentives Program and contribute to providing sustainable and economical housing options in the region.
Review and submission of call for application materials for applicants.
Applicants require an overview of the program and an outline of supplementary documentation as part of a complete application.
As part of a complete application, this is a template (in MS Excel) for project budget and rental rate information.
The fillable application form includes the declaration signed by authorized signatory.
With this Terms of the agreement the Peel Region will provide funding to the successful applicant/applicants.
The addenda is a unique identifier code defines the specific interpretation to re-associate the electronic fund transfer.
Throughout the call for applications, if there are any revisions or updates to the Peel economical Rental Incentives Program, addenda may be posted in accordance with the terms and conditions.
Applicants are strongly advised to regularly visit the program's webpage to stay informed about any potential addenda that may be added during the application period. By staying updated, applicants can ensure they have the most current and accurate information to complete their applications effectively.
A complete application package has the following contents:
Before submitting their application, it is essential to carefully review all documents provided. You can request a secure application submission link if their organization meets the eligibility criteria. Here are the key points to note:
Additionally, they have included additional program details to assist you in completing your submission successfully. They have provided helpful information to ensure you comprehensively understand the program requirements and expectations.
By following these instructions and utilizing the provided program details, you can confidently prepare and submit your application for consideration.
The following projects took part in the Peel Economical Rental Incentives Program. Regional Council approves them to receive funding:
2018 they successfully developed a Housing Strategy and Peel real estate and Homelessness Plan (PHHP). It was done to address the growing need for economical housing among low and middle class in their region. It was seen that 30% of Peel households are facing challenges. These are primarily related to housing affordability.
The primary objective of the PHHP is to collaborate with their partners in a concerted effort. It is crucial to enhance the availability of ec housing options. This prevents chronic homelessness. They aim to create a more inclusive and sustainable community where individuals and families of all income levels can access safe and economical housing.
The PHHP includes 5 pillars to help people get and keep housing:
The Peel economical Rental Incentives Program is a significant initiative that aligns with Pillar 3 of their strategy. This program specifically targets low- and middle-class, addressing the critical need for economic housing options in their region. It complements other ongoing economic housing initiatives, including Peel's Housing Master Plan.
The Regional Council approved the economical Housing Incentives Pilot Program on July 9, 2020. In 2021, they launched a competitive application process based on specific criteria and held a launch event on May 18, 2021. If you would like a copy of the presentation from the event, please contact us.
The pilot program concluded in July 2021, with the Regional Council approving funding for three successful projects. These projects will receive capital grants to create 130 economical housing units, significantly contributing to addressing the housing needs in their community.
On November 22, 2021, Regional Council passed by-laws to enable funding under the pilot program to create 130 affordable rental housing units, with 52 units in Brampton rental housing and 78 units in Mississauga rental housing. These units will be offered at economical rental rates for a period of 26 to 41 years. For more detailed information, access the Regional Council report.
The Regional Council officially approved its transition into a permanent program on July 7, 2022. The program is now called the Peel economical Rental Incentives Program.
Through the Peel economical Rental Incentives Program, they are committed to creating more economical housing opportunities and supporting the theyll-being of individuals and families in their region.
Formerly known as the economical Housing Incentives Pilot Program, this initiative aims to support the development of rental affordability. With the introduction of capital grants, they are furthering their commitment to addressing the critical need for economical housing options for individuals and families in Peel.
A justification is that the incentive price applicants are requesting is demanded. It serves as a parameter to determine if it is reasonably tied to the affordability provided. It is done by comparing the present value of the rent differences (market versus affordable) over the life of the agreement. It is because they will be reviewing the pro forma costs. The extra costs that may be incurred to meet the requirements of the PARIP might also be requested.
The scale of incentives required to support middle and low-income rental housing varies due to different factors such as the details and location of the project. Therefore, candidates are accountable for determining a reasonable amount of incentive per unit required for their project. This includes considering requirements like unit mix and depth and duration of affordability.
The Peel Affordable Rental Incentives Program has been designed to provide housing units in an affordable price range. Listed below are the key elements of the program’s design:
2023 Peel economical Rental Incentives Program - The highest rental rates for economical units are 100% of the median market rent. This is in regards to the local municipality. It aligns with the needs of Peel’s middle-class unit mix requirements and rounding.
The economic unit mix should match the building's unit mix, with the flexibility to provide larger units ensuring a balanced community and accommodating diverse housing needs.
The economical unit mix should align with the building's unit mix, allowing for some flexibility to accommodate larger units.
To ensure a balanced community, the economic unit mix should mirror the building's. However, there is flexibility to include larger units instead of smaller ones, effectively catering to diverse housing needs.
If you lack experience as a housing provider, you can enlist a team with expertise in housing development or rental management. Include their service details in your application to showcase your commitment to effective housing operations.
Citizens of Peel Region can fully comprehend the Peel Affordable Rental Incentives Program by understanding the details of the program. Therefore, we have covered all the necessary details below. Let us have a look at them one by one:
A project can be registered as a condominium while functioning as a rental property. The whole residential portion of the building, including both economic and market units, should operate as a rental for at least 25 years as per the agreement.
There isn’t any difference in score in case community uses are provided on-site or in the surrounding area. Providing community uses on-site are generally taken into account in the location scoring.
It is advised to plan for parking as per the local municipal parking requirements.
The program accepts stacked townhouses and other eligible housing forms. Funding is not restricted to projects focusing solely on apartment-built structures.
The Peel economical Rental Incentives Program focuses on facilitating the development of new economical housing and does not provide funding for existing economical housing on site.
It is advised that the economical units be located throughout the building and mixed with market units.
Applicants are not required to own the project lands at the time of application, but the applicant must own the lands or a related/affiliated organization. Further details about land ownership and any anticipated transfers/sales will be requested to ensure the owner's involvement in the contribution agreement.
For the project timeline, the authorities expect successful applicants to ensure the project advances in a timely manner.
They’ll support successful applicants to get Peel planning approvals. They’ll also encourage the local municipalities to provide similar support.
Note: Approval of funding through the Peel economical Rental Incentives Program does not guarantee planning approvals at the local municipal or Regional level.
Above guideline increases can be applied to market units within the building in compliance with the Residential Tenancies Act. However, rent increases for economical units must adhere to the terms outlined in the contribution agreement with Peel Region.
The Template Contribution Agreement, which aligns with the program's requirements, will be accessible on the program website alongside the application materials. Applicants must thoroughly review the Template Contribution Agreement before submitting their application. They are expected to execute a contribution agreement that substantially adheres to the provided template if selected.
Peel Region welcomes the opportunity to fund multiple applications based on the types of applications received and the funding availability.
Regarding funding timelines, successful applicants typically receive their capital funding upon building permit issuance. However, this timeline may be negotiated depending on the project's unique circumstances and the demonstrated need.
It's important to note that operational funding is not provided through the Peel economical Rental Incentives Program.
The expectation is that tenants for economical units will be selected from the general public. Successful applicants are required to:
While a rent supplement agreement is not typically required for successful projects, Peel Region may consider it case-by-case. The decision will depend on factors such as the project's specifics, level of affordability offered, and available funding.
Successful applicants are encouraged to collaborate with non-profit organizations to facilitate the rental of economic units. Please include partnership details and the rental process in your application.
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