TORONTO--Households in Ontario in need of renovations and repairs can now apply for funding under the Ontario Renovated Program.
Often homeowners want to repair and update areas in their homes, but struggle to do so because of lack of funds. The Ontario Renovates Program helps to make home repairs more affordable.
The program allows you to live in your home longer, by assisting with the funding needed to repair your home with eligible repairs so that it becomes safer, while making it more energy efficient.
As a result, low to moderate income homeowners can make urgently needed home repairs that address home health and safety issues, or to make modifications to their home in order to accommodate family members with disabilities.
Eligibility guidelines may enable homeowners for a forgivable loan, at 10 per cent per year.
Guidelines for eligibility includes total household income; specifically:
- Single or couple with no dependents – $51,000
- Household with one dependent – $66,000
- Household with two dependents – $76,000
- Household with 3 or more dependents – $89,200
- The condition of your home is substandard or deficient and needs repair to bring it up to a reasonable standard.
- Your cash and assets are at or below $20,000 (savings account, bonds, not including locked in RRSP/RESP/RDSP).
- The house that needs repair is your sole and principal residence.
When going through the application process, residents will see the type of work that the Ontario Renovates Program covers. Items such as: roofing, electrical, plumbing and heating are just a few of the items that are funded.
More information about this can be found on the Ontario Renovates Program website.
