jaycola
Active Member
I have an idea which could possibly create thousands of new subsidized units, dispersed throughout the city and province if not nationally without the need of public funds.
In brief, with the backing and guaranties of some level of government, homeowners get a low cost loan for home renovations with the specific purpose of creating accessory apartments/residences. This money would only be available to privately owned residences where the owner plans to remain as a resident.
Homeowners who choose to enter the program get a streamlined development process with rapid application processing. They get the benefit of guarantied income with rent subsidies paid directly to them by the government.
Tax benefits could be offered for entering the program with current value appraisal freeze, holding the line on property tax, HST rebates and even a RRSP type income tax credit for rental income.
Some bureaucracy would be necessary for the purpose of matching tenants with homeowners, conflict resolution and the like. With a setup such as this, where the landlord shows pride of ownership over their personal home, the expectation would be that tenants share in this pride of their home to a greater extant than those living in a vertical slum.
It would be necessary to establish guidelines for sale of the property, estate transfers and for those wishing to withdraw from the program but at such a time, guarantied mortgages would have to be redeemed, tax incentives ended and proper tenant protection policies followed.
In brief, with the backing and guaranties of some level of government, homeowners get a low cost loan for home renovations with the specific purpose of creating accessory apartments/residences. This money would only be available to privately owned residences where the owner plans to remain as a resident.
Homeowners who choose to enter the program get a streamlined development process with rapid application processing. They get the benefit of guarantied income with rent subsidies paid directly to them by the government.
Tax benefits could be offered for entering the program with current value appraisal freeze, holding the line on property tax, HST rebates and even a RRSP type income tax credit for rental income.
Some bureaucracy would be necessary for the purpose of matching tenants with homeowners, conflict resolution and the like. With a setup such as this, where the landlord shows pride of ownership over their personal home, the expectation would be that tenants share in this pride of their home to a greater extant than those living in a vertical slum.
It would be necessary to establish guidelines for sale of the property, estate transfers and for those wishing to withdraw from the program but at such a time, guarantied mortgages would have to be redeemed, tax incentives ended and proper tenant protection policies followed.
