PEEL LOAN PROGRAM FOR SECOND UNIT AND BASEMENT RENOVATIONS LOOKS TO CREATE AFFORDABLE HOUSING
The Region of Peel announced it will be launching their ‘My Home Second Unit’ renovation pilot program in October 2020 to help residents repair their existing “illegal” or unregistered basements and second units. The program approved in February 2020 following a motion moved by Regional Councillor Gurpreet Singh Dhillon, was delayed due to the Covid-19 pandemic.
The program will allow eligible homeowners to secure a 10-year interest-free loan to upgrade and renovate their existing unregistered basements, and will be mortgaged against the title of their property. Loans of up to $20,000 will be granted for second-units that rent to a tenant of the applicant’s choice, or up to $30,000 if they choose to rent to a person on the Region’s ‘Housing Services’ wait list. A 10% forgivable grant will also be provided.
“This program will help the current affordable housing crisis that exists in Brampton. It will encourage more legal basement registrations, and also provide a safe and inexpensive place to live for those whom home ownership is not a reality,” said Councillor Dhillon, who is also Vice-Chair of the Region of Peel’s Human Services, which the Strategic Housing and Homelessness Committee falls under.
Applicants will be required to provide the Region with copies of lease agreements and rental receipts showing the stipulated affordable rental rate being charged for their renovated unit. The rental rates must be set at 80% of the average market rent, or lower, for the local municipality. Homeowners will also be able to access support services offered by the Region which will include landlord-tenant mediation supports, unit inspection assistance, and damage and rent arrears funds, to name a few.
A pre-existing unregistered second unit is a requirement for this program. However, the Region of Peel is currently exploring funding for newly built second units.
How to apply:
- Obtain architectural drawings completed and stamped and a Building Permit from the City
- Call the program coordinator at 905-791-7800 ext. 8032
- If requirements are met, the program coordinator will send the homeowner an application form
- Once all the criteria are met, the eligibility review will be conducted and the homeowner will be advised if they qualify for the program.
For more information visit https://peelregion.ca/housing/second-unit-renovation-program.asp.
Story by: CanIndia News