Unlock up to $40,000 to build an affordable rental suite in your home with the Secondary Suite Incentive Program. This initiative aims to empower homeowners to create new affordable rental housing in their communities. Here’s what you need to know:
Program Overview
Applications open on April 17, 2024, offering at least 3,000 homeowners over three years the chance to receive rebates of up to $40,000. The program aligns with the Government of B.C.’s commitment to fostering more affordable housing options across the province.
How It Works
Qualified homeowners can receive a forgivable loan covering up to 50% of renovation costs, capped at $40,000. To have the loan forgiven, homeowners must:
- Continue residing in the property.
- Rent out the suite below market rates for at least 5 years.
You can find detailed eligibility criteria and terms at bchousing.org/secondary-suite.
Eligibility Requirements
Homeowners must be registered owners of the property, Canadian citizens or permanent residents, and live in the property as their primary home. Combined gross annual income of homeowners on title must be less than $209,420 (in the previous tax year).
Properties must be located within approved municipalities or regional districts in British Columbia, have a BC Assessment value below the homeowner grant threshold, and feature new legal self-contained units with a kitchen and full bathroom.
Covered Costs
Eligible costs include architectural and design fees, structural modifications, electrical work, fixtures, appliances, building and trade permit fees, and more. However, certain costs like landscaping expenses and labour costs for work completed by the homeowner are not covered.
Application Process
Prepare to apply starting April 17, 2024, on a first-come, first-served basis until annual funding is exhausted. Ensure eligibility, secure permits from your municipality or regional district, and gather required documents to apply online.
- Check eligibility and review criteria at bchousing.org/secondary-suite.
- Plan your project, confirm zoning regulations, and secure necessary permits.
- Submit your online application with required documentation once applications open.
- Complete construction and obtain an occupancy permit from your municipality or regional district.
- Submit the occupancy permit and proof of construction costs to receive the loan.
- Rent out the suite at an affordable market rate and maintain program requirements for loan forgiveness.
The Secondary Suite Incentive Program offers a valuable opportunity for homeowners to contribute to the creation of affordable housing while receiving financial support for their initiatives. Explore your eligibility and get ready to make a positive impact in your community.
Please contact Jared Gibbons, your local realtor, should you have any questions!