The Nova Scotia government has increased the forgivable loan offered to individuals who build secondary or backyard suites on their property from $25,000 to $40,000. This loan is worth up to 50 per cent of eligible costs or $40,000, covering expenses such as materials, permits, and labor. Additionally, the province has expanded the list of eligible individuals who can live in and build these secondary units. Previously restricted to seniors and adult children of senior homeowners, the list now includes family members with disabilities, grandchildren, siblings, aunts, uncles, nieces, and nephews. Those below the household income limits for the area are still eligible, with homeowners able to charge a maximum of 80 per cent of the average market rent to those below the income limit.
Municipal Affairs and Housing Minister John Lohr stated that in the current housing market, every affordable home created is necessary. The program underwent a review to ensure it was achieving positive outcomes for Nova Scotians, leading to the decision to provide increased access to funding. These changes aim to help more individuals build affordable homes for those in need, whether it be a family member with a disability requiring an accessible unit, a senior family member, or a post-secondary student. The government has received 48 applications for secondary suites to date and approved 25 forgivable loans.
The increase in forgivable loan amount and expansion of eligible individuals for secondary units in Nova Scotia aims to address the affordable housing crisis in the province. As the demand for affordable housing continues to rise, the government is taking steps to provide more opportunities for individuals to build and live in these secondary units. By allowing a wider range of family members and individuals with disabilities to access these units, the government is working towards creating more inclusive and accessible housing options for those in need.
The decision to increase the forgivable loan amount to $40,000 and expand the eligibility criteria for secondary units reflects the government’s commitment to addressing the housing affordability issue in Nova Scotia. By providing financial support and resources for individuals to build these units, the government is helping to alleviate the strain on the housing market and provide more options for those in need of affordable housing. These changes also aim to promote intergenerational living and support families in creating spaces that meet their specific needs.
The province’s initiative to increase funding for secondary units and broaden the list of eligible individuals reflects a proactive approach to tackling the housing crisis. By offering financial assistance and support for building these units, the government is encouraging the development of affordable housing options and increasing access for those in need. With a focus on inclusivity and accessibility, these changes aim to create a more diverse and accommodating housing market in Nova Scotia, meeting the needs of a wide range of individuals and families.
Overall, the Nova Scotia government’s decision to increase the forgivable loan amount and expand the eligibility criteria for secondary units demonstrates a proactive response to the affordable housing crisis in the province. By providing financial support and resources for individuals to build these units, the government is working towards creating more affordable and inclusive housing options for Nova Scotians. These changes aim to address the growing demand for affordable housing and support individuals and families in accessing safe and accessible housing options.
