This August Halton Region will launch a pilot program to financially assist homeowners in the region who want to create secondary residential units, such as basement apartments or granny suites.

Given a green light by Halton Regional council Wednesday (April 20), the project aims to encourage creation of more housing in Halton.

Eligible participants will require a building permit issued by their local municipality and will receive a 15-year interest-free, forgivable loan to cover up to 75 per cent of the project costs up to a maximum of $50,000.

However, according to a regional report, certain restrictions will apply during the 15-year period, including a cap on the maximum rent that may be charged and the maximum household income of incoming tenants.