Closed
P2024-31 New Affordable Rental Housing
Funding for affordable rental housing projects
Last Update: May 6, 2026
Funding available
$ 150,000
Timeline
- Closing date : November 18, 2024
Location
Ontario, Canada
Overview
This program provides up to $1,074,960 in capital funding for new affordable rental housing in Waterloo Region. It supports construction-ready and other eligible affordable housing projects, including supportive housing and projects using new construction, acquisition and rehabilitation, or conversion of non-residential buildings.
/100
Opportunity Score
Moderate potential, but conditions must align.
At a glance
Funding available
Financing goals
- Develop strategic partnerships
- Develop a new program or service
- Increase social or community impact
Eligible Funding
- Maximum amount : 150,000 $
- Up to 75% of project cost
Timeline
- Closing date : November 18, 2024
Eligible candidates
Eligible Industries
- Construction
- Real estate and rental and leasing
Location
- Ontario
Legal structures
- Non-profit
Annual revenue
- All revenue ranges
Organisation size
- All organization sizes
Audience
- All groups
Non-profit candidates
Sector of operation
- Housing
Target groups
- Low-income individuals / families
Revenue structures
- All structures
Scope
- Regional
Next Steps
1
Determine your project
2
Validate your eligibility
Activities funded
- New construction of affordable rental housing
- Acquisition and rehabilitation of rental housing at risk of being lost from the stock
- Conversion of non-residential buildings into rental housing
- Supportive housing projects as part of affordable rental housing development
Documents Needed
- Proposal Submission
- Project Information, Funding and Budget Forms
- Supporting documents, including plans or drawings
- Audited financial statements or alternative financial information
- Letter or memorandum of understanding for partnerships, if applicable
Eligibility
Who is eligible?
- Non-profit organizations
- Charitable corporations
- Municipal non-profits
- Non-profit co-operatives
- Private/non-profit partnerships
Who is not eligible
- Private sector housing providers
- Purpose-built student housing providers
- Nursing and retirement home operators
- Shelters and crisis care facilities
- Owner-occupied housing projects and secondary suites in owner-occupied homes
Eligible expenses
- Capital costs for the project, including land, financing, construction, and soft costs
- Costs related to project stages funded through milestone-based disbursements
Ineligible Costs and Activities
- Purpose-built student housing
- Nursing and retirement homes
- Shelters and crisis care facilities
- Private sector housing
- Owner-occupied housing and secondary suites in owner-occupied homes
- Repairs or renovations to existing buildings, unless part of an acquisition proposal or creating new units
Eligible geographic areas
- Waterloo Region
- City of Cambridge
- City of Kitchener
- City of Waterloo
- Township of North Dumfries
- Woolwich Township
- Wellesley Township
- Township of Wilmot
Processing and Agreement
- Proposals are screened for completeness and eligibility before full evaluation.
- Eligible proposals are reviewed and scored by a selection committee.
- Applicants may be contacted for clarification or invited to an interview.
- Selected proponents move toward a contribution agreement with the Region.
- Successful projects are then advanced for approval by the Province of Ontario and Regional Council.
Additional information
- Applicants must submit proposals electronically through the Region’s bidding system.
- Successful proponents must sign a contribution agreement with the Region.
- Projects may be subject to approval by Regional Council and the Province of Ontario.
- Successful proponents must provide interim and project status reports tied to key milestones.
Contacts
Frequently Asked Questions about the P2024-31 New Affordable Rental Housing Program
What is the P2024-31 New Affordable Rental Housing?
This program provides up to $1,074,960 in capital funding for new affordable rental housing in Waterloo Region. It supports construction-ready and other eligible affordable housing projects, including supportive housing and projects using new construction, acquisition and rehabilitation, or conversion of non-residential buildings.
How much funding can be received?
P2024-31 New Affordable Rental Housing Funds up to 75% of admissible expenses, capped at $150,000 per project.
Who is eligible for the P2024-31 New Affordable Rental Housing program?
To be eligible for the P2024-31 New Affordable Rental Housing program, you must:
Eligible housing provider or partnership
Affordable rental housing project in Waterloo Region
Meets zoning and ownership requirements
What expenses are eligible under P2024-31 New Affordable Rental Housing?
New construction of affordable rental housing
Acquisition and rehabilitation of rental housing at risk of being lost from the stock
Conversion of non-residential buildings into rental housing
Supportive housing projects as part of affordable rental housing development
Who can I contact for more information about the P2024-31 New Affordable Rental Housing?
You can contact Region of Waterloo by email at TReay@regionofwaterloo.ca or by phone at none.
Where is the P2024-31 New Affordable Rental Housing available?
The P2024-31 New Affordable Rental Housing program is available the province of Ontario.
Is the P2024-31 New Affordable Rental Housing a grant, loan, or tax credit?
P2024-31 New Affordable Rental Housing is a Grant and Funding