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.
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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
Here are answers to the most common questions about the P2024-31 New Affordable Rental Housing. This section explains what the program is, how much funding is available, eligibility requirements, application deadlines, and other important details to help you determine if this grant is right for your business.
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