More New Brunswickers are now eligible for funding through the government’s Homeowner Repair Program.
The home value threshold to qualify has been increased from under $175,000 to under $275,000.
Social Development Minister Jill Green said this better reflects current housing market conditions.
“This change will allow New Brunswickers to remain safely and sustainably housed and ease pressure on the housing market across the province,” Green said in a news release.
The program supports low-income homeowners who need major repairs, disabled access modifications, or adaptations for seniors’ independent living.
Assistance is in the form of a loan, some of which may not have to be repaid.
The maximum forgivable loan for repairs by a homeowner in substandard housing is $15,000. Any repayable loan is at the provincial government’s borrowing interest rate and can be repaid over a period of up to 15 years.
Homeowners may be eligible for a forgivable loan of up to $20,000 if they are making modifications benefiting people with disabilities and other major repairs, such as structural or electrical.
Seniors are eligible for a forgivable loan of up to $5,000 for minor adaptations to facilitate independent living.
