Affordable Laneway Suites - A Win For Owners & Tenants
While laneway suites in Toronto are gaining popularity, many owners are deciding to rent out their newly built units. What many don’t know is that the city has an Affordable Laneway Suites Program that can help you with the cost of building your project. Not only is this a great way to enable your dream of building a laneway suite, but it is also a way of ensuring lower-income tenants can find an affordable home within the city.
One can receive up to $50,000 in subsidies, while adhering to some minor requirements in order to qualify as affordable housing. The loan will be forgiven after 15 years - during which owners agree to charge no more than Toronto's Average Market Rent. These rates are adjusted every year and therefore offer a good guideline for owners in deciding what to charge tenants.
Many owners shy away from offering affordable housing due to the stigma commonly associated with it. This is where it is important to be transparent with your neighbours and have them involved in the development process, as well as teaching them about the benefits of affordable housing.
We are hoping that more developers and owners are considering making use of this program. Not only will it support construction costs, but it will allow more people to find a place to call home in Toronto, sustaining the diversity and cultural richness of our city.
We are happy to guide you through the application process and beyond. If you are interested in building your affordable laneway suite, check out our website or contact us directly!