Secondary Suite Loan Program

What is the program?

• The Secondary Suite Loan Program offers up to a $30,000 no interest loan for the development of a new secondary suite or garage suite
• Loans are offered to eligible applicants on a first come first served basis until the available funding has been exhausted or the program has been discontinued
• The program is managed by the Homes for Sylvan Foundation
• View more details on page 132 of the March 24 Council Meeting Agenda

When is the program open?

• Applications are accepted as of April 15, 2025

Who can apply?

• Only the registered landowner(s) may access the loan program

How to apply?

1. Ensure you read the program criteria before applying
2. Complete the Secondary Suite Loan Program application ensuring all required information is provided. Incomplete applications will not be processed.
3. Submit the application fee
4. A credit check and confirmation of income will be required
5. Applications may be accepted at time of building permit application with a valid development permit
6. Secondary suites with a building permit issued prior to April 15 are not eligible for the program
7. If approved the landowner will be required to enter into a loan agreement and secure the loan via a mortgage registered on title
8. Submit application fee (to keep administrative costs down only cash or check payable to the Homes for Sylvan Foundation will be accepted)
9. Download program eligibility criteria
10. Application form

Questions?

• tlamanes@sylvanlake.ca