The Nova Scotia government is upping the forgivable loan offered to people who build secondary or backyard suites on their property from $25,000 to $40,000.
The forgivable loan is worth up to 50 per cent of eligible costs or $40,000, whichever is less. The loan can cover the costs of materials, permits and labour.
As well, the province is expanding the list of those eligible to live in and build the secondary units. Previously, only parents and step-parents at least 65 years old and adult children and stepchildren of senior homeowners were eligible to live in the units.
Now, the list has grown to include family members living with disabilities, grandchildren, siblings, aunts, uncles, nieces and nephews. Anyone on the list can live in or build the suites.
Those below the household income limits for the area are still also eligible. Homeowners can charge a maximum of 80 per cent of average market rent, and rent to anyone who is below the household income limit.
“In our current housing market, every affordable home we can create is needed. When we created this program, we promised to do a review to ensure it was achieving the best outcomes for Nova Scotians, and we’re pleased to provide even more access to funding as a result,” said Municipal Affairs and Housing Minister John Lohr, in a statement.
“These changes will help more people build affordable homes for people who need them – whether that’s a family member with a disability who needs an accessible unit, a senior family member or a post-secondary student.”
According to government, the province has received 48 applications to date for secondary suites and approved 25 forgivable loans.
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