Additional Residential / Dwelling Units by City of London ONE BED UNIT = starting from $80,000 (5 year warranty) TWO BED UNIT = starting from $120,000 (5 year warranty) Four Grant Opportunities:

I. $45,000, 0% Interest Loan – 10 Year Payback Term

II. $20,000, Grant for detached ADU (personal use)

III. $45,000, Grant for detached ADU (rental)

IV. $45,000, Grant for Detached ADU (Indigenous homeowner)

Combining Programs: Programs can be combined. Customers will be able to mix II, III, or IV Programs. This is possible and encouraged depending on the use of the backyard home.

Requirements:

1. Financing – All mortgages/charges, including these programs, must not exceed 90% appraised value. Customer must have 10% equity in the property post improvement

2. Standing with City of London – Applicants must have no outstanding debts with the City of London, including property taxes. Must never have defaulted on City of London grants/loan program before.

3. Property – Must have no orders, deficiencies or infractions prior to building permit issued.

4. Rental – Formal lease agreement signed.

Application Process:

1. Apply and Qualify Property for a Copp’s Backyard Home

2. Apply with City of London for desired grant. Copp’s Backyard Homes will provide documents required for the application

3. Receive funding/loan from City of London.

Pre-requirements:

· Main dwelling unit must be owner occupied

· Valid RIPL must be received and updated (rental license)

· No short term rentals (AirBnB)

· CAN NOT be conversion example: detached garage, basement suite

· If customer sells the property before 10 years, they are required to repay the loan in full, or transfer loan to new owner