Core area loans and grants

The loans below are available to businesses and property owners located in the Downtown and Old East Village Community Improvement Plan areas (see figure one below). Please email CIPincentives@london.ca for more details.

• Façade Improvement Loan - A loan from the City to improve building facades, including upgrades to windows, doors, brick repair, painting, lighting, and signage that is affixed to the façade. The loan will cover 50% of the cost of the improvements — up to a maximum of $50,000. This loan can be paid back at 0% interest over a 10-year period. In certain areas, a portion of the loan may be forgivable.
• Upgrade to Building Code Loan – A loan from the City for improvements to the interior of your building, including upgrades related to plumbing, electrical, HVAC, mechanical, roof, fire protection systems, and other Building Code related work. The loan will cover 50% of the cost of the improvements — up to a maximum of $200,000. This loan can be paid back at 0% interest over a 10-year period. In certain areas, a portion of the loan may be forgivable.

The grants below are available to businesses and property owners located in the Downtown and Old East Village Community Improvement Plan areas (see figure one below). Please email CIPincentives@london.ca for more details.

• Rehabilitation and Redevelopment Tax Grant - This program rebates a portion of the municipal tax increase that results from the rehabilitation of an existing building or construction of a new building. A percentage of this tax increment is rebated back to the property owner each year for ten years.
• Residential Development Charges Grant - This program is aimed at encouraging private sector investment in Downtown and Old East Village residential property development. A grant equal to a rebate of Development Charges (DCs) is provided for residential units constructed. DCs are required to be paid up-front at the time the building permit is issued. This program grants back a portion of the residential DCs paid by the applicant over a 10-year period until 100% of the residential DCs have been repaid to the applicant.

Figure one

Image

To learn more about the core area, please visit the Our Core Area webpage.