City of Edmonton has $9 Million in FREE MONEY!

[Sherilynn]

We just had the final inspection for our second suite funded by the Cornerstones Grant, and I learned from the City Inspector that they are having difficulty giving away the $12 million allocated to this grant program. (In fact, at one point he was assigned a social worker to follow him around to be sure that people weren`t declining the grant because of him!)For those that don`t know, the Cornerstones Grant is a City of Edmonton program intended to encourage the developing and legalizing of secondary and garage suites in order to help ease the affordable-housing crisis in Edmonton. One has a property inspected, applies for building and development permits, gets two contractor quotes, submits the grant application, has the work completed, gets a final inspection, and VOILA!...receives a cheque for 75% of the costs of improvements and repairs. The investor gets almost free upgrades that will increase property values and appeal to tenants...What`s not to like?

At this point the main restrictions are:

• new suites are only allowed in owner-occupied properties (but existing suites need not be)
• new suites require a second heating/ventilation system (existing suites can share one system with the main suite)
• for five years after receiving grant funding, all Cornerstones suites must be occupied by tenants making below median income. For a household of two, the maximum income is currently $43492. (When you think about it, this is the demographic that normally rents a secondary suite, so no harm done.)
• of course all fire and building codes must be met, but the grant is able to solve most of those issues.
• the grant program is only scheduled to run until the end of 2010Good news about the restrictions:
  
  • the grant department is pushing for the owner-occupied restriction to be liftedthey are also pushing for the program to be extended since they still have $9 million to give away
  The inspector said that the higher-ups are asking why more people have not taken advantage of the program. My response was that many landlords fear that they will be denied and then they will be forced to remove their suites. The inspector stated that it is extremely rare that a property is denied a development permit

• because the City is fully behind this push for affordable housing. He said that in the few cases that permits have been denied (for example, for insufficient space to create adequate parking), he has encouraged and assisted the property owner with an appeal and all of his appeals have been successful.
  
  The benefits of the program are many:
  
  safer suites (One of our suites had a couple of major safety issues of which we were completely unaware - even though the property was professionally inspected.)reduced liability due to increased safetyFREE money for FREE upgrades resulting in FREE equity gains!

• (Another potential reason for not applying for the grant would be the tenant restriction. However, the free money compensates for the possibility of a vacancy while one waits for the right tenant.)and more affordable housing for the masses (makes me feel all warm and fuzzy)

If you own a property in Edmonton that either has an illegal suite or has the possibility of developing a basement or garage suite, I encourage you to consider the Cornerstones Grant Program. The staff is incredibly helpful and they can walk you through the process. Here is the link: Cornerstones

Regards,
Sherilynn Milsom

 

[Berubeland]

I wish it were in my area.

In Toronto we have the RRAP program, the business improvement loan for improving store fronts and also the Eco Energy Program.

I have applied and gotten two of these grants over $140,000. It was pretty easy.

 

[HeatherBrandt]

Ask him to send the leftover money to the Red Deer program! No grants here.

 

[behardner]

QUOTE (Sherilynn @ Jul 8 2010, 08:02 PM) We just had the final inspection for our second suite funded by the Cornerstones Grant, and I learned from the City Inspector that they are having difficulty giving away the $12 million allocated to this grant program. (In fact, at one point he was assigned a social worker to follow him around to be sure that people weren`t declining the grant because of him!)For those that don`t know, the Cornerstones Grant is a City of Edmonton program intended to encourage the developing and legalizing of secondary and garage suites in order to help ease the affordable-housing crisis in Edmonton. One has a property inspected, applies for building and development permits, gets two contractor quotes, submits the grant application, has the work completed, gets a final inspection, and VOILA!...receives a cheque for 75% of the costs of improvements and repairs. The investor gets almost free upgrades that will increase property values and appeal to tenants...What`s not to like?

At this point the main restrictions are:

• new suites are only allowed in owner-occupied properties (but existing suites need not be)
• new suites require a second heating/ventilation system (existing suites can share one system with the main suite)
• for five years after receiving grant funding, all Cornerstones suites must be occupied by tenants making below median income. For a household of two, the maximum income is currently $43492. (When you think about it, this is the demographic that normally rents a secondary suite, so no harm done.)
• of course all fire and building codes must be met, but the grant is able to solve most of those issues.
• the grant program is only scheduled to run until the end of 2010Good news about the restrictions:
  
  • the grant department is pushing for the owner-occupied restriction to be liftedthey are also pushing for the program to be extended since they still have $9 million to give away
  The inspector said that the higher-ups are asking why more people have not taken advantage of the program. My response was that many landlords fear that they will be denied and then they will be forced to remove their suites. The inspector stated that it is extremely rare that a property is denied a development permit

• because the City is fully behind this push for affordable housing. He said that in the few cases that permits have been denied (for example, for insufficient space to create adequate parking), he has encouraged and assisted the property owner with an appeal and all of his appeals have been successful.
  
  The benefits of the program are many:
  
  safer suites (One of our suites had a couple of major safety issues of which we were completely unaware - even though the property was professionally inspected.)reduced liability due to increased safetyFREE money for FREE upgrades resulting in FREE equity gains!

• (Another potential reason for not applying for the grant would be the tenant restriction. However, the free money compensates for the possibility of a vacancy while one waits for the right tenant.)and more affordable housing for the masses (makes me feel all warm and fuzzy)

If you own a property in Edmonton that either has an illegal suite or has the possibility of developing a basement or garage suite, I encourage you to consider the Cornerstones Grant Program. The staff is incredibly helpful and they can walk you through the process. Here is the link: Cornerstones

Regards,
Sherilynn Milsom


Sherilynn,

I have my inspection next tuesday for the conerstones grant. They also sent me a list of contractors that have been used in the past for the work on the secondary suites program. I was wondering if you could let me know if you also used this list and picked your contractor off of it ? Or if you went with someone else and if so , were you happy with their work and price ? Hope to hear back soon!

Kris

 

[Sherilynn]

Kris,

I actually had 3 contractors bail on me, and a lot of other contractors who didn`t want to quote because they didn`t want to compete against another quote. (Ridiculous, yet true.)

Then Bernie from Secondary Suites called because they hadn`t yet seen my application. I told him of my woes and he emailed the list of contractors. He said that they are not supposed to recommend contractors, but he assured me that Neville from Caruana Interiors (phone 780-935-5831) was professional, reliable, and his quotes seemed reasonable. Caruana has done several secondary suites so they know the drill.

I have since used Caruana for other jobs and have always been satisfied with their work. They seem to be able to tailor the job to your budget, which is especially important for rentals.

Just make sure you let Neville know that I recommended him. That way if he has to choose between your job and mine, he`ll feel obligated to choose mine.

And if you need electrical work done, I highly recommend Dane Company. Their prices have been quite reasonable (in some cases 20% below other quotes), and as soon as the Electrical Inspector saw that it was Daneco, he gave the work an almost immediate approval.

Regards,
Sherilynn

 

[behardner]

QUOTE (Sherilynn @ Jul 22 2010, 04:34 PM) Kris,

I actually had 3 contractors bail on me, and a lot of other contractors who didn`t want to quote because they didn`t want to compete against another quote. (Ridiculous, yet true.)

Then Bernie from Secondary Suites called because they hadn`t yet seen my application. I told him of my woes and he emailed the list of contractors. He said that they are not supposed to recommend contractors, but he assured me that Neville from Caruana Interiors (phone 780-935-5831) was professional, reliable, and his quotes seemed reasonable. Caruana has done several secondary suites so they know the drill.

I have since used Caruana for other jobs and have always been satisfied with their work. They seem to be able to tailor the job to your budget, which is especially important for rentals.

Just make sure you let Neville know that I recommended him. That way if he has to choose between your job and mine, he`ll feel obligated to choose mine.

And if you need electrical work done, I highly recommend Dane Company. Their prices have been quite reasonable (in some cases 20% below other quotes), and as soon as the Electrical Inspector saw that it was Daneco, he gave the work an almost immediate approval.

Regards,
Sherilynn

Thank you very much Sherilynn !! I will definately let him know who referred me if they are who I choose !! Thanks for the great advice, and tips !!

Kris

 

[behardner]

QUOTE (Sherilynn @ Jul 22 2010, 04:34 PM) Kris,

I actually had 3 contractors bail on me, and a lot of other contractors who didn`t want to quote because they didn`t want to compete against another quote. (Ridiculous, yet true.)

Then Bernie from Secondary Suites called because they hadn`t yet seen my application. I told him of my woes and he emailed the list of contractors. He said that they are not supposed to recommend contractors, but he assured me that Neville from Caruana Interiors (phone 780-935-5831) was professional, reliable, and his quotes seemed reasonable. Caruana has done several secondary suites so they know the drill.

I have since used Caruana for other jobs and have always been satisfied with their work. They seem to be able to tailor the job to your budget, which is especially important for rentals.

Just make sure you let Neville know that I recommended him. That way if he has to choose between your job and mine, he`ll feel obligated to choose mine.

And if you need electrical work done, I highly recommend Dane Company. Their prices have been quite reasonable (in some cases 20% below other quotes), and as soon as the Electrical Inspector saw that it was Daneco, he gave the work an almost immediate approval.

Regards,
Sherilynn

Sherilynn,

I had my inspection done a couple weeks ago and still havent got the package back from the city with all the info on what I need to upgrade or fix. How long did it take them to sent everything in the mail to you ?

Kris

 

[Sherilynn]

Greetings Kris,

I made notes during the initial inspection, so I didn`t wait for the report to arrive before getting quotes. If I remember correctly, the report took about 2-3 weeks to arrive, so you should receive it any day now. If you have your inspector`s contact details, you could give him a call to inquire. My inspector was very helpful.

If you don`t have his details, PM me with his name and perhaps I have the number.

BTW, I received my cheque last week for my most recent upgrade. I can`t tell you how much I enjoy walking into the bank with a $23,000 cheque!

Regards,
Sherilynn