The Region of Peel has launched a new program to help eligible homeowners in Brampton, Caledon and Mississauga create more affordable rental housing.
The My Home Second Unit Renovation program provides up to $30,000 in forgivable, interest-free loans to homeowners who want to upgrade existing second units and rent them out at affordable rates.
Up to $20,000 in interest-free, forgivable loans is available for eligible homeowners with an existing second unit. The loan supports renovations and repairs needed to bring their unit in compliance with the Ontario Building Code. Recipients must register the renovated unit with their municipality and rent it out at an affordable rate to have the loan forgiven.
Up to $30,000 in interest-free forgivable loans is available for homeowners who meet the above criteria and rent their renovated unit to a tenant referred to them by the Region of Peel Housing Services.
Up to 10 per cent of funding is available upfront as a grant to secure a contractor. The region also provides support to help homeowners and tenants maintain successful rentals.
The program, which is one of several initiatives the region is creating to address the chronic shortage of affordable rental units in Peel, is currently funded to create 57 new affordable units in Peel each year while making home ownership more affordable for loan recipients. Optimizing existing housing stock in the community is one of five strategies to address housing affordability in the region’s long-term Peel Housing and Homelessness Plan.
“The market rate for housing in Peel today is unaffordable for 80 per cent of our residents,” said Aileen Baird, director of housing services, in a statement. “This pressure will only increase as Peel’s population continues to grow, while only 0.03 per cent of new units built each year are affordable.”
More information is available at peelregion.ca/housing/second-unit-renovation-program.asp.
Source: Marta Marychuk Caledon Enterprise Thursday, October 22, 2020