The City of Victoria will be giving up to $5,000 to homeowners who want to create secondary suites or bring currently illegal ones up to code.

Recently elected Mayor Dean Fortin said he is hoping the $250,000 investment by the city could result in the creation of up to $14 million worth of safe affordable housing.

"That's what I'm hoping — that we'll be able to keep local builders building, local people working, being able to help young couples who are starting to buy their home, for seniors who are in their homes to remain there, and for young moms and kids who are in hotel rooms, having a place, a decent place to live in. …That's what the goal of this program is," Fortin said.

Fortin is promising this is just the start of an affordable housing program he plans to roll out over the next three years of his administration.

With a vacancy rate of less than half of one per cent, it has become difficult to find safe, affordable housing in Victoria.

The city will also eliminate a bylaw that prevents homeowners from making any exterior changes five years before or after creating a secondary suite.

Last year, the city dropped its requirement that secondary suites have parking spaces.