Hey there, Nova Scotians!
Exciting news on the housing front—our province is teaming up with homeowners to tackle the affordable housing challenge head-on! The brand-new Secondary and Backyard Suite Incentive Program, unveiled on October 19, is set to make a real difference in creating more affordable housing, and it’s got us feeling optimistic.
What’s the deal with the secondary and backyard suite incentive program?
Well, eligible homeowners who take the plunge into creating secondary or backyard suites can snag up to $25,000 in forgivable loans. That’s right, it’s not just a loan; it’s a helping hand you won’t have to pay back as long as you meet the program’s criteria.
Why the excitement with secondary and backyard suites?
John Lohr, the Minister of Municipal Affairs and Housing, breaks it down for us: “Secondary or backyard suites are a proven way to get housing stock built fast and also contribute to things like rental income for the owner, supportive housing for an elderly family member or person with a disability, and freeing up housing in other areas.”
But that’s not all—this program is designed to address the urgent need for more housing units, and fast. We know building a suite can be a pricey endeavour, and that’s where the Secondary and Backyard Suite Incentive Program steps in to lend a hand.
So, what’s the catch with secondary and backyard suites?
Well, homeowners looking to dive into this opportunity need to commit to providing housing at a maximum rental rate that’s 80 per cent of the average market rent in their area for a minimum of five years. Additionally, the suites can’t be offered for short-term rentals while homeowners have an active loan under the program.
And who benefits from the secondary and backyard suites program?
Tenants who fall below the household income limits for their area, or who are either a parent (65 years or older) of one of the homeowners or an adult child of a senior homeowner. The landlord-tenant relationship will be governed by the Residential Tenancies Act, ensuring a fair deal for everyone involved.
This pilot program is no small feat—it represents an $8-million investment over three years and is expected to result in the creation of more than 300 secondary or backyard suites during that period.
So, Nova Scotians, let’s join hands and homes to make affordable housing a reality. With initiatives like the Secondary and Backyard Suite Incentive Program, we’re taking a step in the right direction—creating homes, building communities, and making Nova Scotia an even better place to live. Cheers to a brighter housing future!
Phil Evans (MBA), Syna Rasmusson (Civil Tech.) Alex Mercer (Realtor) & Melisa Simpson our Transaction Coordinator make up the Dream Team. Phil has a great reputation in the industry & is a strong negotiator. Syna’s connections to trades people are of great value to our clients. She also loves to talk about land development. If you want more information on zoning & subdivision in Halifax Syna is your contact! Alex is our newest team member who has a passion for helping first time home buyers and investors alike. Melisa is the centre of the Evans Real Estate Universe. She provides the white glove service our customers keep coming back for.