SECONDARY SUITE PROGRAM FUNDING
How much funding can I qualify for?
The maximum amount of funding is $25,000
Funding amount is based on the cost to create the
secondary suite and amount of equity in the home
What is a ‘forgivable loan’?
The Secondary Suite Program funding is considered a ‘forgivable loan’
at an equal
until the 15
year at which time it would be $0
o payments are
required or interest charged
so long as the terms of the loan agreement are adhered to
e loan secured?
incorporated in the creation of the secondary unit,
up to $5,000
the homeowner as a grant
and not secured
All other loan amounts are secured.
are secured by the County by registration of
There are legal documents and wording used in this process. Please ask your
County contact if you need
the costs to discharge
registration once the loan is
forgiven or repaid
is the loan secured?
loans are secured
the County receives notice when a home is sold
also helps ensure that
er and/or their estate advise the County of any event of default.
If you have an existing mortgage, t
he County will
behind the existing mortgage, provided
the total of all property mortgages and any other financing registered on title
exceed the market value of the home,
as assessed by MPAC
The County will only p
in favour of a
mortgage. Costs of administering the
the County’s security
If I’m on a waiting list, can I start the work?
Depending on the amount of funding available, applicants may be advised that they are on a waiting list
This does not
an that your application has been approved
Any work completed prior to
t eligible for reimbursement
Can I own multiple properties?
Yes, however you need to disclose this fact when applying. You should also let us know if you intend to
own other propert
ies within the next 15 years
as there are two different funding programs;
County Funded Secondary Suite Program allows applicants to own multiple properties. You can
apply for funding to create up to 6 secondary suites
Affordable Housing Program (funded by the
requires that the applica
nt only own one property and
be owner occupied
during the 15 year
the property be ow
ed by a corporation
the owner(s)’ must still
submit requested photo identification and status in Canada
the property be a legal duplex,
or apartment building
funding can only be used to create or legalize secondary suites in zoned residential proper
Are there timing requirements
Yes, construction must begin within 4 months
of receiving funding approval.
Can I do the work myself?
Some work can be done by the homeowner. Only material woul
d be eligible for rei
All electrical work
must be done by a qualified electrician
How do I find a contractor?
The County cannot recommend contractors. An approved contractor must have liability and Workplace
Safety and Insurance Bureau (WSIB) insurance;
Ask friends/neighbours who have had similar
Call your local Builders Association
Building supply stores
Internet, Yellow Pages
What if the cost to create the secondary suite is higher than the funding amount?
Any costs over and above the funding amount are the responsibility of the homeo
You must pay the excess amount first from your own sources before any program funds are provided
When the apartment is done, how soon do I have to rent it out?
Within two months