The Nova Scotia government has increased the forgivable loan offered to individuals building secondary or backyard suites on their property from $25,000 to $40,000. The forgivable loan is worth up to 50% of eligible costs or $40,000, covering the costs of materials, permits, and labor. Additionally, the eligibility criteria for those who can live in and build the secondary units has been expanded. Previously limited to parents and step-parents over 65 and adult children and stepchildren of senior homeowners, the list now includes family members living with disabilities, grandchildren, siblings, aunts, uncles, nieces, and nephews.
Those below household income limits for the area are still eligible, with homeowners able to charge a maximum of 80% of the average market rent or rent to anyone below the household income limit. Municipal Affairs and Housing Minister John Lohr stated that in the current housing market, every affordable home created is needed. The program has so far received 48 applications for secondary suites, with 25 forgivable loans approved. These changes are intended to help more people build affordable homes for those in need, whether it be a family member with a disability, a senior family member, or a post-secondary student.
The increase in forgivable loan amount and expansion of eligibility criteria aim to provide more access to funding for building affordable housing in Nova Scotia. The government’s review of the program led to these changes to ensure the best outcomes for Nova Scotians. This will help address the need for affordable housing in the province, especially for vulnerable populations such as individuals with disabilities, seniors, and students. The government is committed to supporting the creation of more affordable housing units to meet the demand in the current housing market.
The program allows homeowners to receive financial assistance in building secondary or backyard suites on their property. The forgivable loan can cover a significant portion of the costs, making it more affordable for homeowners to create additional housing units. By expanding the list of eligible individuals who can live in and build the units, the government is providing more opportunities for families and individuals to access affordable housing options. This helps address the shortage of affordable housing in Nova Scotia and supports the government’s goal of increasing the availability of affordable homes for those in need.
With the increase in forgivable loan amount and expansion of eligibility criteria, more people will be able to access funding to build secondary suites on their property. This will help meet the demand for affordable housing in Nova Scotia and create more opportunities for individuals and families in need of housing. By supporting the creation of additional housing units, the government is taking steps to improve housing affordability and accessibility in the province. The program aims to provide affordable housing options for a diverse range of individuals, including those with disabilities, seniors, and students, helping to address housing challenges in the community.
Overall, the changes made to the forgivable loan program for building secondary suites in Nova Scotia are intended to increase access to funding for affordable housing initiatives. By expanding eligibility criteria and increasing the loan amount, more individuals and families will be able to benefit from financial assistance in creating additional housing units on their properties. This will help address the shortage of affordable housing in the province and provide more options for those in need of housing. The government’s commitment to supporting the creation of affordable housing units demonstrates a proactive approach to addressing housing challenges in Nova Scotia and helping vulnerable populations access safe and affordable housing options.
