$50,000 of Forgivable Loan for Garden Suites
So you are interested in having a backyard unit, but have no idea where to start?
Well, the City of Toronto has just made it even easier for homeowners to build their own laneway or garden suite on their property.
The Garden Suite Programs
As part of Toronto’s initiative to develop more laneway and garden suites, the City has established two new programs to allow eligible property owners to construct secondary/ancillary dwelling units: the Development Charges (DC) Deferral Program for Ancillary Secondary Dwelling Units and the Affordable Laneway and Garden Suite Program (ALGSP).
The ALGSP offers funding in the form of a forgivable loan of up to $50,000 for eligible property owners developing a laneway or garden suite. The loan will be forgiven over the course of 15 years from the date when the first tenant inhabits the suite. The rent being charged cannot be higher than the City of Toronto's Average Market Rent, by bedroom type at any time during the 15 year affordability period.
More information about Garden Suite programs is available on the City of Toronto’s website here.