From blogTO:
Toronto resident Tarik Kadri knows what it is like to live on a limited income and struggle with housing.
“I grew up in city housing — we had two bedrooms for four people,” he says.
So when he bought a two-bedroom home in Riverside, he felt it was too big for him and his wife.
“This is something a lot bigger than I lived in before. And I’m very fortunate that I’m able to live in a home like this,” he says.
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The final home will have a garage below and a 350-square-foot studio apartment on the upper level, says Moore.
Kadri applied to the City of Toronto’s Affordable Laneway Suites Pilot Program, which provides a forgivable loan of up to $50,000 for eligible property owners developing a laneway suite.
The loan will be forgiven in 15 years from the date when the first tenant occupies the laneway suite. The rent being charged cannot exceed the City of Toronto Average Market Rent.
As a pilot project, the laneway home cost less than $200,000 to build, Kadri says.
He plans to charge about $1,300 a month for the bachelor unit.