Brampton homeowners to become landlords

March 11, 2017 by  

The Brampton Peel Region is considering a new loan program for homeowners who are interested in becoming landlords.

The proposed program included offering homeowners up to $50,000 to renovate their basements into apartments to provide affordable housing. Homeowners would be required to rent the units to people registered with the region as requiring affordable housing.

Creating more reasonably priced housing has been a priority for the council this year. Upon completion, the homeowners would be required to rent the units for the term of the loan, which would be 15 years. All units would be consistently inspected to ensure they are meeting all municipal standards.

To notify homeowners of the new program, it is likely that print companies would be utilized to complete direct mail printing programs. Informative brochures and flyers would fully explain the program to potential landlords.

Several modifications to the program were suggested by the city councillors. With a $900,000 federally and provincially funded budget, only 50 units could be funded with the current promised loan of up to $50,000. Suggested amendments included lowering the maximum loan amount, or requiring that homeowners provide half the money required for the renovation themselves.

A plan to prevent homeowners from selling their units shortly after receiving the loan, would also be required before the proposal could be approved.

Councillors hope to have the loan program approved and implemented as soon as possible. It would be reviewed on a yearly basis to ensure it is successfully increasing the number of affordable housing units in the region.