On June 7th, the Société d’Habitation du Québec (SHQ) announced a new programme to renovate the public housing stock.
This announcement is excellent news for the public housing park that requires renovation work, regulatory updates and will provide access to more housing for tenants in need of assistance.
This Low-Income Housing Renovation Programme (HLRP)(1) has three components:
• Component #1: Support for renovations to increase or improve the quality, functionality or level of service of the building during its useful life or to maintain assets or reduce an asset’s maintenance deficit.
• Component #2: Assistance for the reconstruction of dilapidated housing developments, such as demolition and reconstruction work for physical improvements, adaptations or redevelopment that make significant changes.
• Component #3: Support for renovation or reconstruction work following a disaster, such as fire or flooding.
The financial assistance covers all eligible expenses, minus the financial contribution paid by a municipality, an insurer or a responsible third party.
Nevertheless, the Association des Propriétaires du Québec (APQ) can only wonder when such a programme will be put in place to also help the private rental housing stock? When will the government invest in the future of all Québec buildings regardless of who owns them? Whether it is a public or a private building, does the upkeep and security of it differ, really?
Private rental housing owners also need help and support to properly and environmentally renovate and upgrade their buildings.
These subsidies or tax credits are a necessity because the current method of rent-setting does not allow amortization of investments in a reasonable time and it is impossible to spread the increase over several years.
The APQ is therefore asking for the granting of incentives, both through taxation and subsidies, for renovation work in residential rental buildings in Québec.
The costs of keeping our buildings in good condition have increased, and this has the effect of making reasonable rent increases more than necessary, which is currently impossible to accomplish with the outdated method of rent-setting that is in place.
This assistance is provided through the granting of tax credits or taxation on renovation work or subsidies given by municipalities and/or the provincial government. Rental housing owners should be encouraged to invest in their buildings, and during construction, to choose energy-efficient building materials.
Every rental housing owner, regardless of the size of their building, must be able to invest and renovate while feeling financially supported!
Low-Income Housing Renovation Programme (HLRP): When will assistance for private buildings be forthcoming?
