Take advantage of secondary suite grants?

  • MG911

    Status: REIN™ Member

    Posts: 103
    Joined: 18 May 2012
    From: Saskatoon

    Hello everyone - this will only be my second post to these forums. In my province there are some significant incentives for adding/building permitted secondary suites. For example, I can obtain a 50% forgive able loan (5yr commitment) up to $30,000 towards the cost of developing the suite. I would be stuck with following conditions however: max. rent is $921 for 2 adults with one dependent. Tenant's max combined income can only be $40,000 or less. Normal rent for a new 2 bed suite would be in the $1100-1300 range. Any thoughts on participating in a program like this? I won't be anywhere close to $60,000 in costs to take advantage of the full $30,000 available. Not to sound arrogant but not sure what to expect of the tenants that would fit this profile. I was hoping to find young professional people. Thanks for any feedback, Michael
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