Last modified: 2020-06-18 | Approximate reading time 5 mins
As we all know too well, renovating your house or home can be extremely costly. Not everyone is able to spend the necessary funds on projects they may want or need to carry out. Luckily, across Canada, there are several options in the realm of funding, subsidies and grants that can be applied to your home renovation project.
Looking to Nova Scotia, there are various programs to choose from for those who live in low-income or rural environments, as well as those looking to accommodate their elderly relatives, as well as those who may be rehabilitating or living with a disability.
Housing Nova Scotia has a variety of government subsidies and affordable housing options for its residents, and we've listed most of these programs as follows:
Bringing families together, The Parent Apartment Program offers low-interest loans for additions and/or renovations to existing single-family homes to accommodate senior family members. Those eligible must own and live in their own home, have a good credit rating and the total household income must be below the established income limit.
The senior in question must be over 50 years of age, and the additions to accommodate them must include a bedroom with a minimum size of 20 sq. feet. This loan can be paid back over a maximum period of 10 years time, and the largest loan available is $25,000. This is an excellent option for those who would like to keep their parents or an elderly family member close to home.
Those who live alone or in a smaller accommodation and are looking for a way to renovate should consider the Smalls Loans Assistance Program. This subsidy is for those who live below the poverty line but are looking to renovate their home. This program is provincially funded and looks to improve the housing conditions of those who can't afford to do so themselves. Again, it is necessary to own and live in the home you will be renovating, and you must have a good credit rating. The maximum loan amount for this program is $20,000, and luckily, it is accompanied by very low-interest rates.
For those looking to do a little more than a simple home renovation, The Family Modest Housing Program is for low to middle-income families who are interested in buying or building housing from the ground up. To apply for this subsidy, you cannot own adequate housing and must live below the established income limit. Also, it is necessary for you to have good credit. Alongside this, it is stipulated that you must have held a job with the same employer for at least a years' time. However, if you find yourself qualified, this subsidy is a fine option, as there is up to $70,000 available, as well as a 25 year period of leeway for repayment.
For individuals looking to make major renovations or reparations to an existing home, The Home Ownership Preservation Program is offered to those whose homes may not meet the minimum level of health and safety. Housing Nova Scotia will consider the location of the home, as well as the size and annual household income.
There are some specific stipulations regarding this program, as it is necessary for your home to need repairs in one of the following areas: structural, framework, plumbing, electrical system, heating system, fire safety. Further, if this subsidy is approved, you are required to sign an agreement stating that you will live in that home for at least 10 years following completion of the repairs. So, before you reach out and apply for this loan, make sure you're in love with your home and in it for the long haul!
The Provincial Housing Emergency Repair Program is funded by both the Federal and Provincial government, offering financial assistance to homeowners who cannot afford to but need to make emergency repairs to their homes. The funding available does not need to be paid back, and the maximum amount one can receive is $6,500.
Special consideration for this loan will be given to repairs that improve health and safety, including projects related to wiring, roofing, septic tanks and wells. This loan does not consider projects that are based on cosmetic repairs, as in those based solely on making your home look more aesthetically pleasing. If you've owned your home for at least a year, you are eligible, but just be certain it's an emergency renovation that coincides with one of the categories!
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The Emergency Repair Program privileges Canadian Aboriginal peoples and looks to provide the funds for those in rural areas who require home renovations or repairs to continue to live safely. To be considered a rural area, the community you live in must be less than 2,500 people and without a defined downtown core.
Further, this program only covers specific types of repairs, defined as emergency repairs, and these include repairing anything wrong with heating systems, chimneys, windows and doors, foundations, roofs, vents, plumbing and electrical systems. The maximum amount of funding available for this project is $6,000, which does not have to be paid back. However, the amount you receive will directly depend on the total cost of repairs so make certain to crunch those numbers when you consider applying for this subsidy.
The Disabled Residential Rehabilitation Assistance Program offers funding for those who wish to make their home accessible to persons with disabilities. Both the federal and provincial government fund this loan, and a total of $16,000 of unforgivable funding is available. The only major requirement is that your property meet health and safety standards. Further, the home renovation plans must directly relate to the occupant's disability.
The Homeowner Residential Rehabilitation Assistance Programs (RRAP) provides financial assistance to those who own homes that do not meet the minimum levels of health and safety. The maximum RRAP funding is $16,000, to be paid back over a 5-year period. Eligibility is determined by the value of your home as well as your income, as both must be below a certain amount. This amount is based on where you live as well as the size of your home.
As with the majority of programs available in Nova Scotia, only repairs that improve the health and safety of the property will be considered, as the renovation must pertain to one of the following five categories: structural, electrical, plumbing, heating, and fire safety.
There are also programs that offer funding to the rehabilitation and renovation of areas of low-income housing. The Rental Housing Preservation, as well as the New Rental Housing project, will provide up to $25,000 per unit in up-front capital funding, as well as an additional $25,000 per unit in rent supplement funding over a 10 year period.
If you are a project developer from the non-profit or private sector, it is possible that you are eligible for this subsidy. If the proposal is approved, you are required to offer these houses to low-income tenants for a period of 15 years. The intricate details of the proposal guidelines and specific requirements can be found on the Housing Nova Scotia Website.
Another initiative that is offered in Nova Scotia is by way of Efficiency Nova Scotia, who are trying to make green energy more accessible to residents by offering rebates, low interest, free upgrades and installation on home renovation projects that are green-friendly. If you are environmentally conscious, and you've been considering going green but haven't had access to funding, it would be worth checking out the full details of what Efficiency NS are offering the provinces homeowners as well as businesses.
RenoQuotes.com can help you get quotes for your home renovation project. If you submit your project to us, we’ll put you in contact with top-rated contractors. Fill in the form on the homepage (it only takes a few minutes), and you will receive quotes from companies that are specialized in home renovations.
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