Parent Apartment Program

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Service Description

Creates affordable housing options for senior family members by providing low interest loans for additions or renovations to existing single family homes.

The maximum loan available is $25,000 and it must be repaid over a maximum of 10 years. The interest rate is established at the time of approval. If a chattel mortgage is used to secure the loan, the repayment term is a maximum of 6 years.

Eligibility

To be eligible for this program:
• You must own and live in the home you want to renovate
• You must have a good credit rating
• The senior must be 50 years of age or older
• Your total household income is below the established income limit, which varies depending on household size and the area you live in
• The additions/renovation must include a bedroom (minimum of 120 sq ft) and closet space. Washroom and kitchen spaces are optional, but if they are not included, they must be easily accessible.