Hamilton Spectator – By Julia Le
Halton Region is launching a pilot program to financially assist homeowners who want to create secondary residential units, such as basement apartments or granny suites.
The initiative, which starts in August, was given the green light by regional council recently to encourage creation of more housing in Halton.
Eligible participants will require a building permit issued by their local municipality and will receive a 15-year interest-free, forgivable loan to cover up to 75 per cent of the project costs up to a maximum of $50,000.
Certain restrictions will apply during the 15-year period, according to a regional report, including a cap on the rent that may be charged and the maximum household income of incoming tenants.
For 2016, that translates into a capped rent of $930 for a bachelor apartment in Oakville and a maximum household income of $37,200 for new tenants, according to a related regional report.
The program will enable Halton to create additional housing units, according to the report.
It will run for 16 months, ending in November 2017, and will be funded through the Federal/Provincial Investment in Affordable Housing for Ontario-2014 Extension program’s renovation component.
A total $1.05 million is available for second unit projects.
More details will be communicated in an information pamphlet through the region’s website and social media, Halton Housing Help, 311 and through local municipal building departments in the coming months.