Financial aid for senior home renos proposed

There’s often period of time in an older person’s life when they are almost too frail to look after their home but too healthy to be considered for a long-term care facility.  Plus, multiple studies show that people fare better and heal more quickly in their home – a place they’re comfortable and where their friends and community are.

Seniors are often on a fixed income, so what happens when their beloved home begins to fall apart or critical mechanical systems in their home, such as the furnace, quit working?

The province of Alberta is developing new guidelines for our senior citizens who want to remain at home but need financial assistance to pay for much needed home repairs or renovations to retrofit homes with assisted devices.

Legislation was recently tabled by Lori Sigurdson, Seniors Minister, to help maintain the independence of older Albertans as well as maintaining their homes.

This piece of legislation will give Sigurdson’s office the ability to provide loans to senior homeowners for as much as $40,000 to carry out home improvements.  The improvements must be related to the owner’s quality of life and not purely for cosmetic purposes.

That means walk-in bathtubs, wheelchair ramps to access the home, stair lift chairs or renovations to the kitchen or bedroom.  Other renovations, improvements or repairs that would qualify under the legislation are repairs or new shingles on the roof, repair or furnace replacement and updated or replaced hot-water tanks.

In a statement, Sigurdson told the press that a senior’s home should be comfortable and secure and that the ability to remain in the home is a vital component to an older person’s independence and ultimately, quality of life.

Financial aid of up to $40,000 would be considered a loan and would be applied against home equity.  Seniors would not have to make monthly payments; however they would need to be paid back if and when the home is sold or when the owner dies.

Walk-in tubs, including installation, can cost upwards of $20,000.  Stair lifts, depending on the height of the staircase, can be as much as $4,500 which includes all relevant permits and inspections.

Homeowners over the age of 65 whose annual income is over $75,000 would not be eligible for the home improvement program.  Any Alberta seniors identified as low-income who may not be eligible under other criteria could apply to receive a one-time grant for emergency repairs on such items as furnaces, boilers and hot-water tanks.

The proposed program would be operated by the provincial Seniors and Housing Department and if the bill is approved in the Alberta Legislature, the program will start operating on July 1, 2016.

When crunching the numbers regarding the feasibility of the program, Sigurdson’s department expects to provide assistance to 260,000 Alberta seniors in 145,000 homes throughout the province.

Currently, there are just over half a million people in Alberta over the age of 65 which translates to 12% of the provincial population.  It’s expected that this number will double by 2036.