NLHC opens applications for Secondary and Basement Suite Incentive

The Newfoundland and Labrador Housing Corporation opened applications for the Secondary and Basement Suite Incentive pilot program.

This 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, based on annual rental market reports published by Canada Mortgage and Housing Corporation.

Criteria to qualify for the incentive include:

• The property where the new unit will be developed must be the primary residence of the applicant, and the applicant must be a Canadian citizen or permanent resident;

• The individual renting the unit cannot be a sibling or child of the homeowner/applicant, but may be a parent or parents aged 65 or older;

• The new unit must be registered (where applicable), self-contained and provide living, sleeping, eating, food preparation and sanitary facilities for the exclusive use of the household occupying the unit; and

• A municipal building permit for the unit must be dated after January 1, 2024.