Have you been pondering adding a secondary suite to help you offset the rising costs of home ownership?

The B.C. government through BC Housing is currently offering homeowners up to $40,000 to build a secondary suite as part of a new program aimed at boosting the supply of affordable housing across British Columbia.

The Secondary Suite Incentive Program (SSIP) will help homeowners create affordable housing in their communities, BC Housing noted, adding, the program will provide money to help homeowners create a new secondary suite on their property to be rented out for below market value.

Homeowners who qualify will receive up to 50% of the cost of renovations, up to a maximum of $40,000.

The program will provide a rebate in the form of a forgivable loan—a loan that does not need to be repaid if the homeowner follows the terms of the program.

For the loan to be forgiven, the new unit must be located on the same property where the homeowner lives and must be rented out at below market rates, set by BC Housing, for at least five years.

Determine your eligibility and apply for permits from your municipality or regional district.

Applications are open until April 17.

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