What is the Secondary Suite Incentive Program?
The Secondary Suite Incentive Program will help homeowners create affordable housing in their communities. The program will provide money to help homeowners create a new secondary suite on their property to be rented out for below market value.
Homeowners who qualify will receive up to 50% of the cost of renovations, up to a maximum of $40,000. The program will provide a rebate in the form of a forgivable loan—a loan that does not need to be repaid if the homeowner follows the terms of the program.
For the loan to be forgiven, the new unit must be located on the same property where the homeowner lives and must be rented out at below market rates, set by BC Housing, for at least five years.
This seems like a great opportunity for families. Firstly, renting to family below going rates is a given. Plus, grown children are finding it increasingly difficult to purchase their own home. Building on your existing land is a huge cost saving. Just having the flexibility of being ready for any eventuality is great security.
See more at https://www.bchousing.org/housing-assistance/secondary-suite