THREE INCREDIBLE PROGRAMS ARE NOW AVAILABLE FOR CITY OF HAMILTON RESIDENTS – ONTARIO RENOVATES PROGRAMS!
The Ontario Renovates Program provides up to $25,000 in forgivable loan assistance to low and moderate income households to assist them in performing eligible major repairs, renovations and accessibility modifications to their homes. This program exclusively serves homeowners.
- The Ontario Renovates Secondary Suite Forgivable Loan Program aims to increase the supply of affordable housing units in Hamilton, while creating an opportunity for homeowners to generate additional income.
- The Homeowner Ontario Renovates offers financial assistance to low-income households who own and occupy substandard housing to enable them to repair their dwellings to a minimum level of health and safety.
- The Person with Disabilities Ontario Renovates offers financial assistance to low income households occupied by persons with disabilities who require special modifications to improve accessibility to their residence.
Ontario Renovates Program – Secondary Suite Forgivable Loan Program
The City of Hamilton, through the Ontario Priorities Housing Initiative (OPHI) is implementing the Ontario Renovates Secondary Suites Forgivable Loan Program.
The aim of the program is to increase the supply of affordable housing units in Hamilton, while creating an opportunity for homeowners to generate additional income.
This program provides eligible homeowners financial assistance in the form of a 15-year forgivable loan to create affordable secondary suites in existing single-family homes or garden suites on the property lot of a single-family home that is the homeowner ’s sole and principal residence. Eligible homeowners can apply for a maximum $25,000 forgivable loan to add or renovate an existing second unit in their homes. Also, an additional grant of $5,000 if accessible modifications are included in the project.
Application intake is open and ongoing, however funding is limited and will be provided on a first-come first-served basis to eligible applicants.
PROGRAM ELIGIBILITY
You may qualify for funding to help build an affordable secondary suite if:
- The project is to be completed on the property of a homeowners sole and principal residence.
- Mortgage payments and City property taxes are paid and current, and property insurance coverage for full value of home is in place.
- The homeowner’s total annual household income does not exceed a maximum of $92,500
- The amount of rent charged for secondary suite is below the maximum permitted during the 15- year term of the agreement
- The future tenant’s household income is below the maximum permitted
- The secondary suite meets applicable Zoning By-Law and Building Code Regulations
- If you are not completing the work yourself, the work must be completed by a contractor licensed to work in the City of Hamilton
Learn more about Secondary Suite Forgivable Loan Program, go to:
Homeowner Ontario Renovates and Person with Disabilities Ontario Renovates Programs
The Homeowner Ontario Renovates offers financial assistance to low-income households who own and occupy substandard housing to enable them to repair their dwellings to a minimum level of health and safety.
The Person with Disabilities Ontario Renovates offers financial assistance to low income households occupied by persons with disabilities who require special modifications to improve accessibility to their residence.
ASSISTANCE AVAILABLE
Assistance is provided as a 10 year forgivable loan up to a maximum of $25,000 to assist with the cost of certain work required to the home.
If the homeowner remains in the home as their sole and principal residence for the 10 year forgivable loan period, and complies with all program requirements during the term, the loan is interest free and payment free and is completely forgiven after 10 years.
The full amount of the loan is repayable if false information was provided by the applicant and/or the funding is used for purposes other than the approved use. If the homeowner ceases to occupy the home as the sole and principal residence, 10% of the loan is forgiven each year and the pro-rated balance of the loan is repayable.
ELIGIBILITY
Homeowners may apply if the value of their house is below a certain value and if their household income is at or below certain levels that are based on the number of people in the household. Eligibility is limited to properties in need of major repair in one or more of the following categories: Structural, Electrical, Plumbing, Heating and Fire Safety.
Program criteria includes but is not limited to:
- applicants must own and occupy the home, which requires work, as their sole and principal residence;
- maximum total household gross annual income at or below $60,000;
- the assessed value of the home must not exceed $300,000;
- the mortgage, property taxes, and home insurance must be paid up-to-date; with no arrears owing.
Approved applicants are required to sign a Loan Agreement to be registered on the title of the home. The cost of a legal representative and registration may be an eligible cost under the program.
ELIGIBLE REPAIRS
Mandatory repairs relating to health and safety and to extending the useful life of the property qualify. It is important to keep in mind that this assistance is for basic mandatory repairs and not repairs to modernize or improve the appearance on the home.
Eligible repairs for Ontario Renovates may include the following activities:
- Repair / replacement required to remedy leaky roofs where deterioration is beyond practical repairs,
- fire safety items
- electrical defects
- repairs / replacement mandated by the local municipal Building Department;
- replacement of a furnace (or the home’s primary heat source) that has been flagged as obsolete and/or at the end of its useful life and/or beyond practical repair and/or has been tagged prohibiting use.
- Modifications to increase accessibility including:
- permanent installations of ramps,
- handrails, chair and bath lifts,
- height adjustments to countertops.
- cues for doorbells/fire alarms.
Any work started prior to the registration of the Loan Agreement on title is not eligible for program funding.
Work must begin within 45 days of date the Loan Agreement is registered on title and be completed within 120 days of commencement.
Learn more, go to:
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