The program encourages the conversion of vacant, unused second and third floor space above street-front commercial establishments & street level space behind store fronts to self-contained rental residential units and the redevelopment/conversion of vacant and/or underutilized residential and non-residential structures to create new rental units.
This program is available in the Downtown Business Improvement Area, the Old East Village Business Improvement Area, the properties between these two areas fronting on Dundas Street, Hamilton Road Business Area and the SOHO District Community Improvement Area. Exceptions to these geographic areas will be reviewed, on a case-by-case basis, for specific properties outside the program area that meet all other criteria.
The City of London Convert-to-Rent/Rehabilitation (CTR/Rehab) Assistance Program financial assistance will be up to $48,000 per self-contained rental unit, to a maximum of seven (7) units or a maximum of $336,000 per property. This is a fully forgivable loan, which will not have to be repaid provided the proponent meets certain conditions.
