Achi news desk-
Nova Scotia is growing its forgivable loan program to allow people to build secondary rooms or backyards on their property in an attempt to address the housing market problem.
According to a news release from the province, the incentive program will now offer forgivable loans of up to $40,000 – up from the previous limit of $25,000 – to people who want to make affordable rooms near their homes. The loan will be worth 50 percent of eligible costs or $40,000, whichever amount is less.
The program allows for parents and step-parents who are at least 65 years old, adult children, step-children, grandchildren, siblings, aunts, uncles, nieces, nephews, and family members who living with disabilities associated with the property owners – along with people living below the household income limits for the area – to live in these rooms.
“Accessible units are hard to find, so this means people won’t have to leave their communities of choice to find accessible housing,” Lora Church, executive director of the Nova Scotia Association of Residential Agencies, said in the statement. “Units can be built to meet each person’s unique needs. People will be able to live more independently, but with support from family members nearby if they need it.”
According to the statement, the province has received more than 500 inquiries for the program and 48 applications. They have approved 25 forgivable loans.
