The Better Homes Ontario Loan Program (BHOLP) offers homeowners the opportunity to become energy efficient. Solify is here to support and guide local residents of Ontario.
What Is Ontario Better Homes Loan Program?
This program offers low-interest, 20-year loans of up to $125,000 or 10 percent of the current value assessment of the home, whichever is less to cover the cost of home energy improvements.
Eligible measures include thermal envelope upgrades, mechanical systems, renewable energy, EV chargers (Level 2), and the addition of rental suites (up to a maximum of 30% of the value of the loan). The minimum loan amount which will be issued to an applicant is $10,000.
On June 30, 2022, the City of Ontario recapitalized the Better Homes Ontario Loan Program by securing a $15 million loan agreement with VanCity Community Investment Bank. Which allows an estimated 500 residents of Ontario to access fixed rate (4.33% interest), 20-year loans from the city .
Eligibility for Ontario Better Homes Loan Program
- The property must be a residential building (detached, semi-detached, townhouse, or multi-unit up to 3 stories) complying with Part 9 of the Ontario Building Code.
- It must have a property tax account with the City of Ontario, and the owner must have a good payment history with the city over the past five years, including taxes, utility bills, and other obligations. If issues exist, a credit check may be required.
- The property must not be enrolled in either the CMHC’s Mortgage Deferral Program or the City’s Tax Deferral Program.
