Niagara Renovates Program SECONDARY SUITES 2015 -2016

Secondary Suites

The Niagara Renovates Program is a program that funds

the creation of Secondary Suites in single family homes.

Secondary suite units must have modest floor space and

amenities.

A Secondary Suite is defined as a self-contained,

separate unit with sleeping, full kitchen and bath facilities

and a separate entrance.

The new unit must meet applicable zoning, building, fire and property standards.

Funding for Secondary Suites of up to

$25,000 is a fully forgivable loan

which is written off at an equal amount

over a 15 year period, provided the Owner complies with

the conditions of the Letter of Agreement.

The loan amount includes a grant portion for accessibility

modifications, if required, of up to $5,000 that does not

need to be repaid.

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Eligibility

1. To be eligible, the single family home must be valued at or below the median price of single-detached homes

St.Catharines $320,000

Niagara Falls $378.405

Welland $329,900

Lincoln $388,838

Fort Erie $369,900

Niagara-on-the-Lake $459,900

Thorold $350,000

Pelham, Port Colborne, Wainfleet, West Lincold $369,900

Grimsby $478,500

2. The total gross income of the incoming tenant in the

newly created secondary suite must be….

Read more at

3.Prior to move-in and lease signing, the Tenant is

required to complete an Income Verification Form with supporting

income documentation, and provide it to NRH to assess initial eligibility.

4. The Owner acknowledges that if the Tenant fails to

provide initial income verification to NRH, the Owner

will not be able to rent the unit to the tenant.

5. If the Owner rents the unit to a tenant that has not

provided NRH with their income verification, the

Owner will be in default of their Letter of Agreement

and the forgivable loan will be due and payable to NRH.

Special Sale Forgivable Canadian Business & Real estate Grants, Canadian Credit Repair

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Secondary Suite Maximum Rents

1. Secondary suite units must have rents at or below

approved average market rents. For 2015, the

average market rents are,

Read more at

Applicants for secondary suites may be taken from

CONDITIONS

Households who received Niagara Renovates funding

in the past are not eligible for this program.

Program Default If any of the following occur, the

Owner is considered to be in default of the

Letter of Agreement and the balance of the forgivable loan must be repaid:

The home is sold

The funding is used for other purposes

The Owner misrepresented information about program eligibility

The Owner charges a rent that is above the maximum

allowed rent (confirmed annually)

The Secondary Suite Tenant fails to provide

initial income verification to NRH Program Requirements

1. Prior to completing a Secondary

Suite Application,the Owner is required to obtain written confirmation

from their municipal Building/Planning Department that their property

is properly zoned to allow for Secondary Suites.

2.The Owner is required to complete and sign the

application form and provide all supporting documentation including:

other photo identification to verify owners

Written confirmation from the Building/Planning Department that

the property is properly zoned

Home insurance coverage

Copy of MPAC Statement or Property Tax Bill

3.A title search of the property will be conducted by

NRH. The associated costs will be included in the

total approved funding amount.

Conditional Approval

1. If the application is deemed eligible for funding,

NRH will provide Conditional Approval. At that time, the Owner

will be required to submit and obtain approval from the municipal Building/Planning

Department & Fire Department for their secondary suite plans/drawings.

A copy of the approved drawings is to be forwarded to NRH for review.

2.When drawings/plans are approved by NRH, the

Owner is required to obtain a minimum of three

quotes for the construction of the Secondary Suite,

obtain contractor WSIB Clearance and Insurance

Coverage and forward all documentation to NRH

for review and approval.

Final Approval

1. NRH will review all documentation and will issue

Final Approval via a Letter of Agreement,outlining

the scope of work, funding amount, and roles of

the Owner(s) and NRH.

2.All Owners must sign the Letter of Agreement.

3.The Letter of Agreement and Mortgage/Charge

will be registered on title. Registration fees

will be included in the total approved amount.

NRH will not issue any payment until all

documents are registered on title.

4.The Owner is required to start work within 45 days.

Work started prior to written approval by NRH is not eligible.

5. The Owner is required to allow inspections by NRH:

Prior to start of work

During construction

When project is complete

These inspections are over and above the required

inspections by the municipal Building Department.

Other Regional Programs

Niagara Region partners with local municipalities to

If a property is in one of these areas, homeowners may be eligible for Regional/Municipal

contributions to their project.

Programs that may assist homeowners with their project are set by each

municipality. Homeowners should check with their local

municipality to determine if they are eligible for any incentive programs.

We believe the information contained in this article to be accurate. It is presented with the understanding that we are not engaged in rendering legal, accounting, or investment advice. When professional assistance is required, utilize the services of a licensed real estate broker, lawyer, accountant, or other consultant as may be required.

Speaking Engagements

Navtaj Chandhoke can be your next key note speaker for real estate office meeting or Canadian real estate investment conventions, expos or trade shows. Please contact us for topics and availability.

Please contact us directly at Pam@WorldWealthBuilders.com or 647-393-6100 to set up a session at your meeting or convention.

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