To assist with increasing affordable housing in the province, applications are now open for the Secondary and Basement Suite Incentive pilot program.

The program will allow homeowners to access a forgivable loan of 50 per cent of the cost of renovations, up to a maximum of $40,000, to create a new, self-contained secondary or basement suite within their home.

These loans will be fully forgivable, provided the new unit is rented out below market rates for a minimum of five years. The rental rates will be established by the Newfoundland and Labrador Housing Corporation.

Total funding for the program is $4 million and eligible applicants will be approved on a first-come, first-served basis until all funding is allocated.