Second Residential Unit Affordable Housing Grant Program

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Second Residential Unit Affordable Housing Grant Program

Post: # 47566Post Flipping4Profit.ca
Wed Jan 09, 2019 3:23 pm

Second Residential Unit Affordable Housing Grant Program Kingston-Ontario

The City is offering the Second Residential Unit Affordable Housing Grant Program to stimulate homeowner investment to create alternate housing options within the City.

To complement existing affordable housing programs available within the City, the grant program is now being offered to allow homeowners to participate in the creation of additional modestly priced rental housing within the City.

Participants of the program must commit to renting the suite:

at an affordable rate for an agreed upon period of time, and
to a household that meets certain household income criteria

Provided these two requirements are met, there are no other conditions or requirements on who can rent the suite. For additional information, including how to apply and program requirements review the program guideline.

The program includes two different funding streams:

Second Residential Unit Municipal Fee Rebate – this stream provides a forgivable loan for projects within areas of the City where Planning applications are required to permit a second residential unit. Eligible expenses include required municipal application fees of up to a maximum $7,000. Forgiveness of the loan is dependent on providing the unit at an affordable rental rate to an income qualified household for a minimum one year affordability period.
Second Residential Unit Affordable Housing Grants – this stream provides a forgivable loan of the lesser of $15,000 or 75% of the costs associated with developing a second residential unit. Funding will be provided to owner-occupied households who create a second residential unit and commit to providing the unit at an affordable rental rate to an income qualified household for a minimum five year affordability period.

https://www.cityofkingston.ca/residents ... es#ssgrant

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