It looks like a great resource for literary translators and authors who want to work closely with their translators. Note that the guidelines require applicants to have already published at least one book.
The primary focus of the residency program is to afford literary translators a period of uninterrupted work on a current project, within an international community of translators. Translators may request a joint residency (of up to one week) with a writer, allowing the translator to consult and deepen his or her knowledge of the writer’s intentions and the context of the work being translated. Consultation with the program director and experienced translators in residence as faculty will be available. Three or four times a week participants gather for readings by invited writers and informal presentations by faculty, or simply to exchange information and discuss their work in progress.
The program is open to literary translators from Canada, Mexico and the United States translating from any language, and to international translators working on literature from the Americas (both the North and South American continents).
You can download the application information from the Banff site. Good luck!