The Province of Manitoba provides financial assistance in the form of a forgivable loan to homeowners in hopes of encouraging the creation of affordable rental units as well as more opportunities for home ownership. With up to 50% of construction costs to a maximum of $ 35,000 the forgiveness is earned over a 10 year period on a prorated basis.
Part of the eligibility guidelines include a limit of one secondary suite per house that is self contained. The rental amount charged must fall within Manitoba Housing affordable guidelines for at least 10 years.
Many investors are familiar with "cheater" suites and this program elevates the extra revenue suite to a legitimate status as well as being recognized by many financial institutions as extra income when considering debt service ratios.
Please call us if you want more information on this fantastic, but seldom advertised, program.