The provincial government officially announced a three-year-pilot project incentivizing the construction of secondary suites with the goal of providing more affordable rental homes for B.C. residents.

Starting on May 2, homeowners in most B.C. municipalities and regional districts can apply to Secondary Suite Incentive Program through B.C. Housing91裸聊视频檚 secondary suite website.

Premier David Eby officially launched the $40-million program Thursday near a hardware store in Greater Victoria. Housing Minister Ravi Kahlon and Children and Family Minister Grace Lore, MLA for Victoria-Beacon Hill joined him in the announcement.

The program first announced last year offers eligible homeowners forgivable loans covering up to 50 per cent of costs up to a maximum of $40,000 to add secondary suites or accessory buildings (garden suites, laneway houses) on the property of their primary residence.

They must rent out those units for five years at rates 40 per cent below market rates to see the loan forgiven.

Eby said this program will benefit both homeowners and landlords, creating thousands of affordable rentals.

91裸聊视频淭his is a win for homeowners, a win for renters and a win for communities throughout our province,91裸聊视频� he said.

About 1,000 homeowners will receive forgivable loans each year, which will add 3,000 new rental units, according to government.

Kahlon said the program will make it 91裸聊视频渆asier and more affordable for homeowners to become part of the solution to the housing shortage,91裸聊视频� calling it later a 91裸聊视频渢riple-score word.91裸聊视频�

Kahlon acknowledged that the rents will be significantly below market rates, but that is why government is offering incentives with the loan attached to title.

If properties are sold within five years, the province recoups its money, he added. Kahlon said the program will operate on a first-come, first-serve basis for three years.

91裸聊视频淚t91裸聊视频檚 an innovate new tool,91裸聊视频� Kahlon said. 91裸聊视频淲e are going to see how it rolls out and if it needs to be expanded, I will be knocking on the finance minister91裸聊视频檚 door,91裸聊视频� he said.

B.C. United Leader Kevin Falcon is critical of the program. 91裸聊视频淲e all want to see secondary suites built,91裸聊视频� he said. But Falcon said he cannot imagine public support for a program that gives home-owners money for a secondary suite that will provide them decades of potential revenue when they are already in an 91裸聊视频渁dvantageous91裸聊视频� position. Falcon said he would offer eligible repayable loans on 91裸聊视频渇avourable terms to ensure that the taxpayers get their money back.91裸聊视频�

Falcon said he would also create a province-wide standard for secondary suites to avoid

When asked about Falcon91裸聊视频檚 critique, Eby said this program is actually cheaper for government than handing out subsidizes to individuals, who must then compete for rental units charging market rates. 91裸聊视频淪o it has the same effect of delivering below-market-rental housing (units), but it is adding more supply to the rental housing market,91裸聊视频� Eby said. 91裸聊视频�

Eligible homeowners must obtain building and occupancy permits from their local government, have a combined gross annual income of less than $209,420 and have property assessment values below the homeowner grant threshold of $2.15 million.