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The Region gives developers funding to build new rental units as part of our Affordable Housing Strategy. Our goal is to help 700 people and families living on low to moderate income find an affordable home by 2019. 

What type of funding is available?

Every year or two, the Region offers grants to help offset the capital cost of building new affordable and supportive housing.

Who can apply?

Funding is handed out based on responses to requests for proposals (RFP) issued by the Region. To be eligible for funding you must:

  • Be a non-profit or private sector corporation
  • Own or have an accepted offer for land to build on
  • Have proper zoning for the development or have preliminary support from the area municipality for a zone change
  • Keep the units as affordable rental housing for at least 25 years
  • Meet all other requirements in the RFP

Email us at housing@regionofwaterloo.ca to receive calls for proposals when they are issued.

What do I need to submit in an RFP?

You can review a copy of our last RFP (now closed) to see the type of information and program requirements typically required in a submission. These may be subject to change.

 

Other funding opportunities

In addition to the Region's capital grants, there are other opportunities for developers to receive funding for affordable housing.


Regional Development Charge Grants for Affordable Housing

If you qualify for capital funding under the Region's Affordable Housing Strategy, you may qualify for a Regional Development Charge (RDC) Grant to offset development charges.  These grants are made available at the time you receive a building permit and are subject to availability of funding.

Optional Property Tax Class

The optional property tax class lowers the tax ratio of new apartment units (tax ratio 1.000), reducing a developer's overall operating costs. New multi-residential developments that have six or more units are automatically provided with the optional property tax class at the time of assessment.

Housing Incentives and Funding Resource Guide

The Housing Incentives and Funding Resource Guide encourages developers and builders to create a mix of housing to meet the current and future needs of people living in Waterloo Region. The incentives and resources in this guide are a combination of programs offered by the Region, other municipalities, the provincial and federal governments, non-profit agencies and private organizations.

Region of Waterloo Brownfield Incentives Program

Brownfields are vacant properties such as former industrial sites, closed gas stations, disposal sites or foundries that have been unused or underdeveloped.

If you plan to build on a brownfield, the Region can help you address some of the costs of clean up and redevelopment. This program includes:

  1. Phase Two Environmental Site Assessment Grant (available Region wide)
  2. Regional Development Charge Exemptions (available Region wide)
  3. Joint Tax-Increment Grant (available in Cambridge, Kitchener and Waterloo)

Please visit the Region's Brownfield & Incentives program for more information.

Canada Mortgage and Housing Corporation Seed Funding Program

This program will help you cover some of the soft costs associated with your affordable housing project. You can qualify for up to $50,000 in funding for costs that include:

  • Incorporation
  • Preliminary financial feasibility
  • Developing  a business plan
  • Project drawings/specifications

In some cases, this program also provides fully repayable, interest-free loans of up to $200,000. Visit CMHC's website for more information.

Canada Mortgage and Housing Corporation Affordable Rental Innovation Fund

This fund encourages developers to adopt unique funding models and innovative building techniques to revolutionize the rental housing sector. Two hundred million dollars will be handed out by 2021 to help create up to 4,000 new affordable units and reduce long-term reliance on government subsidies. 

Please visit CMHC's website for more information, including how to apply.

 

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