Nova Scotia offers $40K loans for backyard housing

Nova Scotia is growing its forgivable loan program to allow people to build secondary or backyard suites on their property in an attempt to tackle the housing market problem.

According to a news release from the province, the incentive program will now offer forgivable loans up to $40,000 — up from the previous limit of $25,000 — for people who want to make affordable suites near their homes. The loan will be worth 50 per cent 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, stepchildren, grandchildren, siblings, aunts, uncles, nieces, nephews, , and family members living with disabilities related to the property owners — along with people living below the household income limits for the area — to live in these suites.

“Accessible units are hard to find, so this means people won’t have to leave their communities of choice to find accessible housing,” said Lora Church, executive director of the Nova Scotia Residential Agencies Association, in the release. “Units can be built to accommodate the unique needs of each person. People will be able to live more independently, but with support from family members close by if they need it.”

According to the release, the province has received more than 500 inquiries for the program and 48 applications. They have approved 25 forgivable loans.

For more Nova Scotia news visit our dedicated provincial page.