Homeowners can apply for forgivable loans for as much as half the total cost of renovations, up to a maximum of $40,000, to build basement and garden suites
The province opened applications on Thursday for a $40-million low-interest loan program to help homeowners build secondary suites, as part of its efforts to generate more affordable housing in B.C.
Eby said there’s no “one silver bullet for the housing crisis,” which requires a wide array of responses from governments and communities. The loan will be provided after work is finished and an occupancy permit has been issued. If the homeowner rents out the secondary suite at or below market rates — set by B.C. Housing — for at least five years, the loan will be forgiven — at 20 per cent each year over five years.
Now, as he looks at heading next year to UBC to complete a masters degree, he says even though he’ll be sharing a unit with other students, his rental costs will make up more than half his available funds. Falcon said he would create a provincial standard for secondary suites that doesn’t involve municipalities, “so that people can go and get these things built and built quickly without without having to go through each municipality’s regulatory morass,” which he said is one of the main reasons it’s difficult to get secondary suites built.
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