Ontario Renovates Program - Homeowners Rejoice
Have you ever dreamed of fixing foundation or roof problems, updating plumping or electrical, or even switching to a conservative energy system, but can’t seem to scrape the money together to do so? Well, if you are a homeowner in the City of Greater Sudbury you might be in luck.
The City of Greater Sudbury is participating in what is called the “2016 Social Infrastructure Fund – Investment in Affordable Housing (2016 SIF IAH) Ontario Renovates Program”. “The program provides up to $20,000 in forgivable loan assistance to low and moderate income households to assist them in performing eligible major repairs to their homes” (City of Greater Sudbury, Ontario Renovates Program). To be eligible for this program you must be:
18 years of age
a Canadian or Landed Immigrant
Be a homeowner in the City of Greater Sudbury
Renovating the property that is your sole and principal residence
Annual gross household income at or below $85,200
Home value no greater than $253,068
What does this mean for investors?
For the investors that live in their rental property, the Ontario renovates program would allow you to switch to a conservative heating or energy system, lowering utility bills and ultimately increasing your cash flow. Additionally, you can do structural, electrical, plumbing and accessibility renovations. You can even create a secondary dwelling (additional approvals required). For the investors that invest in properties other than their principle residence, all these renovations can be completed to in
crease the value of your home!
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