Are you a homeowner in British Columbia considering the addition of a secondary suite to your property? If so, you’ll be pleased to know that BC Housing is offering a generous incentive to support this endeavour. Starting in April 2024, the Secondary Suite Incentive Program will provide eligible homeowners with a forgivable loan of up to $40,000 to facilitate the construction of a secondary suite. This program will be available over the next three years, presenting a valuable opportunity for homeowners looking to enhance their properties and create additional living space.
To be eligible for this program, homeowners must meet specific criteria, including being the registered owner of the property, being Canadian citizens or permanent residents, and using the property as their primary residence. Additionally, the combined gross annual income of the homeowner on the title must be less than $209,420. The property must also be located within one of the 161 incorporated municipalities in British Columbia, with a BC Assessment value below the homeowner grant threshold of $2,125,000. Furthermore, the secondary suite must contain a kitchen and a full bathroom, and it can take the form of a laneway home or a garden suite.
This initiative not only provides financial support but also encourages the creation of additional housing options within the province. By offering this incentive, BC Housing aims to address the growing demand for affordable housing and contribute to developing diverse housing solutions. If you’re considering taking advantage of the Secondary Suite Incentive Program, you might have some questions about the application process, eligible property types, and the terms of the forgivable loan, contact us for more information! Stay informed and explore the possibilities with the BC Housing Secondary Suite Incentive Program.