Homeowners must rent the suites at below-market rates for five years for eligibility.
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.
But there are requirements. Here’s what you need to know about B.C.’s new secondary suite incentive program.The home must be your primary residence. Your household’s combined income should not exceed $209,420. Once eligibility is confirmed and a secondary suite will comply with municipal zoning laws, you can apply for a building permit and start the build.
Costs eligible for the loan include: Architectural and design fees; electrical work; fixtures and appliances; building and trade permit fees; materials and contractor labour. In addition, you can’t rent the secondary suite to immediate family members, such as a spouse, child, parent or sibling. What happens after five years? After the loan has been fully forgiven, there are no restrictions on what rent you can charge a new tenant. For existing tenants, you can increase rent to the maximum allowable threshold set annually by the provincial government.
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