Are you a homeowner in Ontario looking to enhance your property? The Ontario Government offers a range of assistance programs tailored to support you in adding a second unit, carrying out renovations, aiding seniors, and more. In this post, we'll provide a quick overview of these programs, alongside their corresponding abbreviations and maximum allowable amounts.

Program One: My Home Second Unit Renovation Program (SUP) - Peel Region - $20,000 - 30,000 (Quote Amount)
https://www.peelregion.ca/housing/second-unit-renovation-program.asp

The My Home Second Unit Renovation Program offers eligible homeowners a forgivable loan of up to $20,000 to upgrade and legalize their existing second unit. An additional $10,000 is available for those who rent to a tenant referred by the Region of Peel. To qualify:

• homeowners must already have an existing second unit that needs renovation

• be a resident of the house

• have a gross household income of $141,512 or less

• and make the unit water efficient.

The second unit must meet certain criteria, including compliance with local municipality codes and regulations. In addition, to meet the terms and conditions:

• homeowners must obtain necessary permits

• ensure rent is affordable

• maintain a specified assessed home value

• rent to a tenant with a maximum income

• comply with municipal bylaws

• complete a mandatory orientation session.

All of which Summit Enginnering and Permit can help you with to ensure you don’t even lift a finger!

The forgivable loan is interest-free and does not need to be repaid if the second unit is rented at an affordable rate for 10 years. The loan is registered as a mortgage and removed after 10 years. The total debt on the home, including the loan, must not exceed the Municipal Property Assessment Corporation assessed value.

Affordable rental rates are determined by CHMC market reports and must be followed for the 10-year period. Additional eligibility requirements may apply for final approval.

For a forgivable loan of up to $30,000, all previous conditions apply, and homeowners must rent to a tenant referred by the Region of Peel. This option provides higher funding and assistance in finding a tenant.

To obtain the forgivable loan, approved applicants must register the loan amount on their property's title for the 10-year forgiveness period. The Region of Peel must be registered as at least the second priority on title. Financial assessments will be conducted to ensure the property is not over-encumbered.

Additional costs, such as architectural drawings, building permits, and lawyer fees, are not covered by the forgivable loan and must be borne by the homeowner.

More information about the program can be found using the link above.

Program Two: Ontario Senior Homeowners’ Property Tax Grant (OSHPTG) - Ontario Wide - $500 + Property Tax Return
https://www.ontario.ca/page/senior-homeowners-property-tax-grant

The Ontario Senior Homeowners' Property Tax Grant (OSHPTG) is an annual payment available to senior homeowners in Ontario intended to help offset property taxes for seniors who own their own home, and who have low to moderate incomes.

• paid Ontario property tax for the year

• met either of the following income requirements:

  • you were single, divorced or widowed and earned less than $50,000

  • you were married or living common-law and you and your spouse/common-law partner earned a combined income of less than $60,000

• owned and occupied your principal residence

• were 64 years of age or older

• were a resident of Ontario.

To summarize, as long as you are 64 years old, and you’re a resident of Ontario, you qualify! Senior homeowners who file their preceding year's income tax and benefit return are eligible to apply for the current year's OSHPTG. For instance, on your 2022 income tax and benefit return, you would submit an application for the 2023 grant.

Click on the calculator here to estimate the amount of your grant. And click here for FAQs regarding the program.

Program Three: Home and Vehicle Modification Program (HVMP) - Ontario Wide
https://www.marchofdimes.ca/en-ca/programs/am/hvmp/Pages/HVMP-How-to-Apply.aspx

The Home and Vehicle Modification Program (HVMP) is a funding initiative by the Ontario Government Ministry of Seniors and Accessibility, administered by March of Dimes Canada. It aims to support individuals with mobility restrictions by providing funding for essential home and vehicle modifications. To qualify:

• Be a permanent Ontario Resident  

• Be in financial need (combined household income of under $60,000)  

• Have a permanent ongoing or recurring disability that impedes mobility and results in substantial restrictions in activities of daily living (eating, bathing, toileting, transferring, and mobility) and/or getting in and out of your home to access essential medical care or community services

And if eligible, you may apply for:

• Up to $15,000 lifetime maximum for home modifications, adaptions and devices  

• Up to $15,000 for vehicle modifications every 10 years

The program covers home modification, adaptions and devices like:

• Ramps

• Platform lifts

• A deck

• And more

For an extensive list, click here.

Program Four: Residential Rehabilitation Assistance Program - Ontario Wide - Up to $75,000
https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/funding-programs/all-funding-programs/residential-rehabilitation-assistance-program

The Residential Rehabilitation Assistance Program (RRAP) On-Reserve supports First Nations and individual members with major repairs to substandard homes. Eligibility is based on income and location. Covered repairs include structural, electrical, plumbing, and fire safety work. Up to $60,000 in forgivable loans is available per unit, with 25% potential increases for northern or remote areas. The RRAP also includes coverage for a Secondary/Garden Suite. This program is open to all First Nations or individual First Nation members who need major repairs to their homes, however to qualify for the Secondary Suite:

• The existing home must meet all applicable zoning and building requirements.

• The suite’s tenant must have an income at or below the established limit which is based on the location of the community.

• The new unit must be for a senior or an adult with a disability.

For more information about the Secondary Suite, click here, otherwise click the link above for more information on how to apply and what work is covered by the RRAP.

Please note that these maximum amounts are subject to change based on government policies and funding availability. It is recommended to consult official sources or reach out to relevant authorities for the most up-to-date information.

Empower yourself as a homeowner in Ontario, particularly in the GTA and surrounding regions, by exploring these valuable assistance programs. Whether you're considering a second unit, renovations, or providing better living conditions for seniors, these initiatives are here to support you in achieving your goals.

Should you have any further questions or require additional information regarding these programs, please feel free to reach out.

In addition, if you're looking for seamless assistance with construction, engineering, permits, finance, and more, consider exploring the services offered by SummitX. With SummitX, you won't need to lift a finger.

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