Downtown and Barton/Kenilworth Housing Opportunities Program
$4,000,000
Loan
Description:
The Downtown and Barton/Kenilworth Housing Opportunities Program (the Program) is
intended to provide financial assistance in the form of a low-interest Loan to promote the
development of multiple dwelling units that will create new housing opportunities and support
robust local commercial district populations that add vibrancy and support demand for local
commercial businesses/services. Activities supported by this program include:
– The creation of at least 10 new dwelling units through the development of a multiple
dwelling on vacant land, surface parking areas or the redevelopment of existing
buildings;
– A building addition containing at least 10 new dwelling units; and/or,
– The conversion of existing non-residential space into housing consisting of at least 10
new dwelling units
Comments on Funding:
Amount: The maximum Loan is the lesser of $4,000,000 or 25% of the Cost to Construct Budget for the development
Continuous Intake
Eligibility:
Applicants must be:
1. Applicant who is the Owner registered on title and who will be undertaking the improvement/development that is the subject of the Program application.
2. Barton Village and Downtown Hamilton Commercial District CIPAs, the Barton Street East Strategic Commercial Corridor CIPA (east of the Barton Village Commercial District CIPA) and the Kenilworth Avenue North Strategic Commercial Corridor CIPA as collectively defined through the Revitalizing Hamilton’s Commercial Districts Community Improvement Project Area (RHCD CIPA) By-law.
Application Steps:
Applicants must submit complete application form to the Economic Development Division.
Documentation Needed:
Applicants must submit:
1.Completed Application Form
2. Cheque for Application Fee – payable to City of Hamilton
3. Articles of Incorporation (If applicable)
4. Articles of Amendment (if applicable)
5. List of Officers/Directors (if applicable)
6. List of Shareholders and Percentage Equity (if applicable)
7. Shareholder registry (If applicable)
8. Partnership Documents (if applicable)
9. List of Partners and Percentage equity (If applicable)
10. Explanation of Planning/Building Status i.e. Site Plan, building permit number if issued, drawings.
11. Architectural or design plan (If available, or sketch showing proposed improvements
12. Photos demonstrating state of property prior to construction/renovation taking place. Hard copies of photos are to be date stamped.
13. Cost to Construct Budget dated within 6 months of the date of application prepared by an
architect/engineer and addressed to the City of Hamilton. Note if the City’s loan is to be $1M or
more the Cost to Construct Budget must be approved by a third-party quantity surveyor. The Cost
to Construct Budget MUST break down the costs between the residential component of the
project and other components i.e. commercial.
14. Contracts in Place
15. Copy of land transfer/deed
16. Details of all Construction Financing (Copy of the Loan agreement detailing term of the loan,
repayment terms, securities required etc.)
17. Appraisal Based Upon Value of Completed Project (prepared by an accredited member of the
18. Appraisal Institute of Canada (AIC)) to include replacement cost; dated within 6 months of the
date of application and addressed to the City of Hamilton.
19, Details of proposed uses not directly related to the residential component of the proposed
development including uses, square footage, whether commercial units are vacant or occupied.
20. Environmental Reports (if applicable)
21. Accountant Prepared Financial Statements (most recent 2 years and current year- to-date)
22. Business Plan or Financial Forecast
23. Construction Pro-forma
24. Cash flow for the period of construction and the term of the City’s loan indicating anticipated dates for 60%, 80%, 100% complete.
25. Net Worth Statement (identify existing guarantees pledged for other financial commitments and the
value of the pledge(s)). If owned by an individual, the net worth statement of the individual is
required. If owned by a corporation, the net worth statements of primary shareholder(s) required. If
owned by a Partnership, net worth statements of each partner is required.
26. A description of the applicant’s past development experience
27. A copy of marketing plan for the project
28. Confirmation of pre-sales/rentals/leases
Other Things to Note:
About the author
Maurice