Homeowners can apply for forgivable loans to build a secondary or basement suite

Thursday, 25 January 2024 12:00

By Tonya Organ

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.

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