This program will allow homeowners to access a forgivable loan of 50 per cent of the cost of renovations, up to a maximum of $40,000, to create a new, self-contained secondary or basement suite within their home.
The Secondary and Basement Suite Incentive pilot program has started and government is looking for homeowners to apply. In October, this initiative was announced as one of the pillars of the Five-Point Plan to help make housing more affordable by supporting the creation of more housing. This program will allow homeowners to access a forgivable loan of 50 per cent of the cost of renovations, up to a maximum of $40,000, to create a new, self-contained secondary or basement suite within their home. These loans will be fully forgivable, provided the new unit is rented out below market rates for a minimum of five years. The rental rates will be established by the Newfoundland and Labrador Housing Corporation (NLHC), based on annual rental market reports published by Canada Mortgage and Housing Corporation. A full list of program criteria, as well as information on how to apply, can be found on the NLHC website. Total funding for the program is $4 million and eligible applicants will be approved on a first-come, first-served basis until all funding is allocated.
More damage and debris around grounded cargo ship in Lark Harbour
Four people charged after string of break and enters on the Northern Peninsula
Clean up at site of grounded cargo ship in Lark Harbour, oily debris found nearby and on beaches
UPDATE: Budget Day in Corner Brook has been cancelled due to weather, will be delivered tomorrow at 7 p.m.
What to do with takeout containers...stuck on food that won't come off go in the clear bag
