Some Mississauga Homeowners Eligible for Home Renovation Funding
Published April 10, 2017 at 3:55 pm
If you’re a Brampton or Mississauga resident who desperately needs to renovate your home to address accessibility needs–or if you want to rejuvenate a basement or secondary suite for additional income–the Region of Peel might fund your improvements to the tune of $25,000.
The region recently announced that it’s offering up to $15,000 for eligible low-to-moderate income individuals and families, including seniors, who have to renovate their homes for accessibility and safety reasons.
Homeowners who are renovating an existing second unit (otherwise known as a basement apartment) can receive up to $25,000 if they’re improving the suite for health, safety and accessibility purposes.
The move to provide financial incentives to residents with basement suites comes as no surprise, as the region–and the city of Mississauga in particular–has made affordable housing a priority and increased rental stock in the form of registered secondary suites will help officials point lower-income earners towards affordable housing alternatives (basement suites typically cost less than $1,200 to rent).
Homeowners interested in getting a little extra scratch for renos for their home or suites can apply for funding online at peelregion.ca/housing/peelrenovates/.
Both programs are first-come, first-served. Home renovation funding is available until April 21 or until funding runs out. Second unit renovation assistance is available until funding runs out. Demand for these programs is expected to be high, so applicants are urged to apply early to avoid disappointment.
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As for how to qualify, homeowners looking to renovate their homes must meet the following criteria:
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Have an annual household income of no more than $60,000 (gross income)
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Be a Canadian citizen or landed immigrant
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Own and live in their home in Brampton, Caledon or Mississauga, with a maximum value of $487,165 for Brampton, $685,189 for Caledon and $546,203 for Mississauga.
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Need renovations or repairs to improve accessibility, safety, structural integrity or electrical, plumbing or heating issues.
To receive funding to improve a second unit, homeowners must:
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Have an annual household income of no more than $88,900 (gross income)
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Own and live in their home in Peel, with a maximum value of $750,000
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Need renovations or repairs to improve accessibility, safety, structural integrity or electrical, plumbing or heating issues.
While the move is, by and large, a benevolent and helpful one, the maximum home values might prove challenging for most homeowners–especially since the average detached house in Peel is officially selling for $1 million.
In a market as wild as this one, it might be tough for homeowners to meet the minimums. That said, something is indeed better than nothing that this initiative could create a few more affordable units in a region with an ongoing housing crisis.
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