COUNCILLOR DHILLON WELCOMES REGION’S NEW LOAN PROGRAM FOR BASEMENTS
BRAMPTON, ON – At its meeting on February 13th, Peel Regional Council passed a motion moved by Councillor Gurpreet Singh Dhillon that would see the creation in principle of the ‘My Home Second Unit Renovation Pilot Program’.
The program will allow eligible homeowners to secure a 10 year interest-free loan to upgrade and renovate their “illegal” basements, and will be mortgaged against the title of their property. Loans of up to $20,000 will be granted for second-units that house a tenant of the applicant’s choice, or up to $30,000 if they choose to house a person on the Region’s Housing Services’ wait list for the period of the loan.
“This program will help the current affordable housing crisis that exists in Brampton. It will not only encourage more legal basement registrations, but also provide a safe and inexpensive place to live for those whom home ownership is not a reality,” said Councillor Dhillon, who is also Vice-Chair of the Peel Region’s Human Services, which the Strategic Housing and Homelessness Committee falls under.
Councillor Martin Medeiros, Chair of Human Services stated: “I’m really pleased with the passing of this program. Brampton is a high-growth community and this will meet our objectives for more affordable housing options, and also increase our housing supply.”
Applicants will be required to provide the Region with copies of lease agreements and rental receipts showing the stipulated affordable rental rate being charged for their renovated unit. The rental rates must be set at 80% of the average market rent, or lower, for the local municipality. Homeowners will also be able to access support services offered by the Region which will include landlord-tenant mediation supports, unit inspection assistance, and damage and rent arrears funds, to name a few.
The program and the application process are scheduled to commence in Summer 2020. Full criteria and specific eligibility requirements will be released by the Region within the coming weeks.