VICTORIA -The province has launched a three-year pilot of the new Secondary Suite Incentive Program.
“There is an urgent need for more homes British Columbians can actually afford, and many homeowners want to be part of the solution to the housing crisis,” said Premier David Eby, in a news release. “This new incentive program makes it possible for homeowners to add a rental suite to their home, creating thousands of affordable rentals. This is a win for homeowners, a win for renters and a win for communities throughout our province.”
Starting Thursday, May 2, 2024, homeowners in most B.C. municipalities and regional districts can apply to the program through BC Housing’s secondary suite website.
The program will offer forgivable loans of as much as 50 per cent of the total cost of renovations, up to a maximum of $40,000, for successful applicants to add a secondary suite or accessory dwelling unit (garden suite, laneway house, carriage home, etc.) on the property of their primary residence.
The loan can be forgiven if the new unit is rented at below market rates for at least five years.
“We’re making it easier and more affordable for homeowners to become part of the solution to the housing shortage,” said Ravi Kahlon, Minister of Housing. “This program will add thousands of long-term, below-market rental homes to urban and rural communities across B.C. and is one of many collaborative approaches we’re taking through our Homes for People action plan.”
To help homeowners navigate the process for a secondary suite, in September 2023,the Province released Home Suite Home, a comprehensive guide to build and manage a rental suite in B.C.
To be eligible, homeowners must also:
* obtain a building and occupancy permit from their local government;
* have a combined gross annual income of homeowners on title of less than $209,420; and
* have a BC Assessment value on their property below the homeowner grant threshold ($2.15 million in 2024).
Homeowners who want to know if they’re eligible for the program can check BC Housing’s website. Eligible applications to the program will be approved on a first-come, first-served basis by BC Housing.