Hamilton offers $30k grant to homeowners adding rental suite

With rent prices skyrocketing across Ontario and Greater Toronto Area, City of Hamilton is the latest to announce grants to support homeowners looking to add rental suite to their primary residence. The program, called as Ontario Renovates Secondary Suite Forgivable Loan, offers upto $30,000 grant, $25,000 of which is available in the form of a 15 yrs forgivable loan and an another $5000 if accessible modifications are included in the project.

Who is eligible?

Here are the key requirements to be eligible for the

• The grants are eligible for homeowners whose annual income does not exceed a maximum of $92,500
• The eligible project should be on the homeowner’s sole and principal residence. i.e. If you are trying to add the additional unit in your investment property or if you already have a secondary property, then you are not eligible for this program
• The amount of rent to be charged for this add-on rental suite should be within the maximum permitted under this program. The city will publish this at the beginning of the October every year. For 2022, the applicable maximums are as follows:
• The future tenant’s household income should be below the maximum permitted (family income under $62,500)
• The secondary suite must meet applicable zoning by-law and building code regulations
• The project must be completed by contractors who are licensed to work in the City of Hamilton

“Creating secondary suites in existing housing is an innovative way to tackle the housing shortage that our entire province is facing,” said Hamilton’s Mayor Fred Eisenberger in a press release. “Moreover, secondary suites can meet a variety of housing needs, from older adults who wish to stay in place to multi-generational living. Reducing regulatory barriers and making this grant available is a great way to meet our community’s needs for more housing.”

For more information on the grant and how to apply for it, refer to https://www.hamilton.ca/people-programs/housing-shelter/supported-housing/ontario-renovates-programs