The provincial government is hoping to relieve the housing crisis by helping residents create an affordable suite in their backyard.
The program, called the Secondary and Backyard Suite Incentive Program, will provide up to $25,000 in forgivable loans to, as the name implies, people who create an affordable secondary or backyard suite in their home or on their property.
According to the province, homeowners need to provide housing at a maximum of 80 per cent of the average market rent in the area for five years and they cannot make suites available for short-term rentals while there is an active loan under this program.
Tenants must be considered low-income, a senior parent of one of the homeowners, or an adult child of one of the homeowners.
The province says this is an $8 million investment that is expected to see more than 300 new suites over that time.
In a release, John Lohr, the province’s Housing Minister, said the program “will help homeowners with some of the costs while creating hundreds of units for our most vulnerable Nova Scotians.”
The pilot program, announced on Thursday, will be evaluated regularly for efficiency and uptake.
https://news.google.com/rss/articles/CBMibWh0dHBzOi8vaGFsaWZheC5jaXR5bmV3cy5jYS8yMDIzLzEwLzIwL25vdmEtc2NvdGlhLWxhdW5jaGVzLXBpbG90LXByb2dyYW0tYWltZWQtdG8tZW5jb3VyYWdlLWJhY2t5YXJkLXN1aXRlcy_SAXFodHRwczovL2hhbGlmYXguY2l0eW5ld3MuY2EvMjAyMy8xMC8yMC9ub3ZhLXNjb3RpYS1sYXVuY2hlcy1waWxvdC1wcm9ncmFtLWFpbWVkLXRvLWVuY291cmFnZS1iYWNreWFyZC1zdWl0ZXMvYW1wLw?oc=5
2023-10-20 08:49:48Z
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