Do you know about the BC Housing Secondary Suite Incentive Program?
The Secondary Suite Incentive Program (SSIP) 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.
How does the program work?
Homeowners who qualify will receive a forgivable loan of up to 50% of the cost of renovations, up to $40,000. Recipients will receive their rebate in the form of a forgivable loan registered on title.
For more information:
https://www.bchousing.org/housing-assistance/secondary-suite
The program will offer forgivable loans of as much as 50% of the total cost of renovations, up to a maximum of $40,000, for successful applicants to add a secondary suite or accessory dwelling unit (garden suite, laneway house, carriage home, etc.) on the property of their primary residence.
The breakdown:
The loan can be forgiven if the new unit is rented at below market rates for at least five years.
To be eligible, homeowners must also:
- obtain a building and occupancy permit from their local government;
- have a combined gross annual income of homeowners on title of less than $209,420; and
- have a BC Assessment value on their property below the homeowner grant threshold ($2.15 million in 2024).
https://secondarysuite.bchousing.org
Please look into this opportunity if you are thinking of creating a rental space in your home in the Comox Valley. Comox, Courtenay and Cumberland are all approved locations.
We can provide all kitchen and bathroom renovation services.
We can also manage your project, and hire or recommend other trades if needed.
Please reach out for a free quote and don’t forget to mention your 15% off discount for all of your kitchen and bathroom renovation services.