The Region of Waterloo is pleased to announce that their Federal and Provincial government partners have allocated additional funding to extend the Affordable Home Ownership component of the Canada-Ontario Affordable Housing Program.
The Present Funding is for New Homes Only!
The Affordable Home Ownership component of the Canada-Ontario Affordable Housing Program is being delivered by the Region of Waterloo on behalf of the Federal and Provincial governments.
The program provides qualified low to moderate-income households with down payment assistance loans of 5% of the purchase price of an eligible home (current maximum purchase price is $231,000). The down payment assistance loan is forgivable after 20 years, provided there has been no default under the terms of the loan. If the home is sold before 20 years, the principal amount of the loan plus 5% of the capital gain realized through the sale is payable to the Region of Waterloo’s Affordable Home Ownership Revolving Loan Fund.
Please note that an ‘eligible’ home, as per the 2009 Provincial Guidelines, is limited to only new construction units not previously occupied (including conversion from non-residential) that qualifies for Tarion’s new home warranty. Re-sale homes are not eligible for funding under the current program.
Funding for the new construction home ownership program will be provided by the Province on a first come first served basis until all funding is exhausted, or until the deadline of March 31, 2011. The down payment loans will be made available on closing. Purchasers will be responsible for any down payments or deposits required prior to closing.
If you would like further information on this topic, contact Jim Danson, Sales Representative at Royal LePage Crown Realty Services - Brokerage. Office: 519-740-6400 or jim@jimdanson.com . www.JimDanson.com