Secondary Suite Incentive Program
Beginning in April 2024, the Province, through BC Housing, will introduce the Secondary Suite Incentive Program (SSIP).
The SSIP will be a three-year pilot program to provide conditional financial assistance to help homeowners construct long-term affordable rental units, including secondary suites and/or ADUs, attached or detached from the unit that the homeowners reside in.
Qualified homeowners would be eligible for a forgivable loan covering 50% of construction costs for installing a new secondary suite or ADU, up to $40,000.
- The loan will be available in the form of costs rebated to the owner after construction is complete and an occupancy permit is issued.
- The loan will be forgiven if the homeowner meets certain conditions, including renting the unit at below-market rates, as specified in the program criteria, for a minimum of five years.
More information about SSIP can be found on BC Housing’s website(https://www.bchousing.org/housing-assistance/secondary-suite) which includes an option to sign up for emailed updates.
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