Applications Open for Secondary and Basement Suite Incentive

Posted: January 25, 2024 6:34 am
By Web Team

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.

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