Halton Region homeowners are getting financial assistance to create basement apartments, granny suits or secondary residential units with the launch of a pilot program in the region. The Halton regional council officially gave a go signal for the initiative to start in August 2016 as an encouragement and promotion for more housing in Halton Region.
Eligibility requirements for those interested include securing a building permit from the local municipality for a clearance to push through with the project. Eligible participants receive a 15-Year forgivable loan with no interest and this will cover up to 75% of the total costs of the project or up to $50,000 maximum financial aid.
Based on a regional report, there are restrictive measures within the 15-year period which include a charged rental cap and the incoming tenants’ maximum household income. The capped rent for 2016 is $930 specifically for an Oakville bachelor apartment and a $37,200 maximum household income for new tenants.
Reports reiterated that the program initiates more additional housing units in the Halton Region and the financial aid will continue for 16 months or up to November 2017. The funding of the problem will be allocated through the renovation component of the 2014 Extension Program of the Federal/Provincial Investment in Affordable Housing for Ontario.
The second unit projects are receiving a total of $1.05 million. The Halton Region is releasing more details regarding the program through its communications sources particularly their website and social media. Interested applicants for the program may also use the 311 Halton Region Housing Help hotline or the local municipal building departments.
Halton Region is made up of 4 Local Municipalities:
The City of Burlington
The Town of Halton Hills
The Town of Milton
The Town of Oakville
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