Vancouver: The province has launched a three-year pilot of the new Secondary Suite Incentive Program.
The province said starting Thursday, May 2, homeowners in most B.C. municipalities and regional districts can apply to the program through BC Housing’s secondary suite website.
“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,” said the province.
“There is an urgent need for more homes British Columbians can actually afford, and many homeowners want to be part of the solution to the housing crisis,” said Premier David Eby. “This new incentive program makes it possible for homeowners to add a rental suite to their home, creating thousands of affordable rentals. This is a win for homeowners, a win for renters and a win for communities throughout our province,” he added.
According to information, the loan can be forgiven if the new unit is rented at below market rates for at least five years.
“We’re making it easier and more affordable for homeowners to become part of the solution to the housing shortage,” said Ravi Kahlon, Minister of Housing. “This program will add thousands of long-term, below-market rental homes to urban and rural communities across B.C. and is one of many collaborative approaches we’re taking through our Homes for People action plan,” he said.
The province said approximately 1,000 homeowners each year will receive forgivable loans, which will add 3,000 new rental units at below-market rates. Those rates for bachelor, one-bedroom, two-bedroom and three-bedroom-plus units have been set for 2024-25.