Eligible Yukon homeowners with low or moderate incomes will soon be able to apply for a one-time payment to help them with their housing costs.

The move is in recognition of high interest rates, heating costs and the overall cost of living, the federal and Yukon governments said Friday.

Yukon MP Brendan Hanley, on behalf of Sean Fraser, the federal minister of Housing, Infrastructure and Communities, and Premier Ranj Pillai made the joint announcement.

To help homeowners offset their housing costs, Ottawa is investing an additional $1.1 million in the Canada Housing Benefit.

This investment is being cost-matched by the existing territorial Home Owners Grant.

To be considered for the benefit, homeowners must be spending 50 per cent or more of their gross household income on housing costs.

These include mortgage payment, property tax, home insurance, home repairs, heating fuel and electricity, and applicants must meet all other eligibility requirements.

The program will close when fully subscribed or at 4 p.m. March 26, whichever occurs first.

The value of the one-time payment awarded to each eligible Yukoner will depend on the number of applications the government receives before the deadline.

Recipients in Whitehorse can expect to receive $1,000. Those outside Whitehorse can anticipate getting $1,500.

“In recognition of ongoing cost-of-living challenges affecting all Yukoners, the Government of Yukon is grateful to the Canada Mortgage and Housing Corporation for this contribution that will support Yukon homeowners in need,” said Pillai, who is also the minister responsible for the Yukon Housing Corp.

“I encourage eligible Yukoners to apply for this benefit before the deadline to help support housing costs.

“We will continue working with our partners at all levels to address the ongoing housing challenges and make life more affordable for Yukoners.”

Yukoners interested in receiving the benefit are encouraged to visit the homeowner subsidy website for a full list of eligibility requirements.

“The Canada Housing Benefit is helping Canadians in need afford their housing costs,” said Fraser.

“With this additional funding, our goal is to ease the pressure on residents in the Yukon who are struggling to cover their living expenses.

“This is just one of the many ways that the National Housing Strategy is helping to ensure every Canadian has a safe and secure home.”

Yukoners who are approved for the benefit will receive it by June 1.

“This additional funding through the Canada Housing Benefit program will help some of the Yukon’s most vulnerable residents by providing funding directly to households to help offset the escalating cost of living,” Hanley said.

“Ensuring that all Canadians can remain in their homes and in their communities is an important part of the National Housing Strategy.”

The Canada-Yukon Housing Rental Benefit was first announced by the territorial government in partnership with the federal government on Nov. 4, 2020.

At that time, the program supported low- to-moderate income Yukoners in rental housing who couldn’t afford rent for a home that met their needs.