Secondary Suite Incentive Program - are you eligible?

The B.C. government is offering homeowners up to $40,000 to build a secondary suite as part of a new program aimed at boosting the supply of affordable housing across the province.

The three-year incentive program, will accept applications beginning in spring 2024.  Approx 3,000 eligible homeowners will be offered forgivable loans of up to $40,000 to help pay for construction costs for basement suites, garden suites or laneway homes on their property.

Whats the catch ?

Homeowners must rent the suites at below-market rates for five years for eligibility

If you're still reading, then you probabaly want to know how you can be a part of this.  Details below ⬇️

Who is eligible? 

1. You must be a Canadian citizen or permanent resident.

2. The home must be your primary residence. Your household’s combined income should not exceed $209,420.

3. The property cannot be worth more than $2.125 million, and owners should have enough home equity that can be leveraged as security for the loan.

What type of suites are eligible? 

 A secondary suite is a self-contained unit that has its own kitchen, bathroom and sleeping facilities contained within the dwelling. Standalone suites such as laneway homes and garden suites on the same property and title are also eligible.

 1. The loan cannot be used toward renovations or improvements to existing rental units.

 2. The owners must have received municipal building permits for the suites on or after April 1, 2023.

 3.The cost to build the suite must be a minimum of $20,000.

Still here? I've included the link to the BC Housing website for full details ⬇️

https://www.bchousing.org/housing-assistance/secondary-suite