Motion that Bill 5, Seniors’ Home Adaptation and Repair Act, be amended in section 2 by adding the following after subsection (6):
(7) Notwithstanding any other provision in this Section, loans made by the Minister under subsection (1) to an owner with an annual income for the preceding year that is equal to or less than $24,600 shall be subject to the rate of interest determined under subsection (6) minus one per cent.
This is intended to recognize the fact that we are here today under this act to help primarily low-income seniors who are in their houses and prefer to stay there. These individuals may face other challenges as they go through this. Obviously, the opportunity for them to adapt and repair their home so that they can live and age in place for longer periods is of great importance to us. However, they may also require further access to the equity in their homes at a later date, and we certainly don’t want to have them in a situation where the 25 per cent requirement is accelerated too quickly for them to do so.