Inauguration of a 40 million dollar loan plan for the construction of secondary residential units

In an innovative move to tackle the housing crisis in British Columbia, the Canadian province's government has launched a $40 million program that allows homeowners to take advantage of low-interest loans to build secondary housing units. This three-year incentive program offers loans of up to 50 percent of total renovation costs, up to $40,000.

Loans can also be used to cover the costs of building underground units, gardens and roadside houses. Prime Minister David Abe has announced that this program is part of the government's efforts to solve the housing crisis in the province. If the sub-residential unit is rented by the house owners for at least five years at rates equal to or lower than the market rate, loans are granted to them. The program is expected to help 1,000 individuals and families annually.


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