SASKATOON, June 8, 2012 /CNW/ - Four Saskatoon condominium developments,
totaling 258 entry-level homes, are receiving $38 million in financing
from the Government of Saskatchewan through the HeadStart on a Home
(HeadStart) program. The announcement was made today in Saskatoon,
where ground was broken for Blairmore Landing, a 75-unit project which
received $9.2 million in financing under the program.
Three more HeadStart initiatives in Saskatoon will also receive
financing though the program: $9.9 million for Stonebridge Villas (60
units); $6.7 million for Coad Crossing (39 units); and $12.3 million
for Hartford Crossing (84 units).
"Blairmore Landing was the first project approved under HeadStart on a
Home, and it's exciting that construction is now underway," Social
Services Minister and Minister responsible for Saskatchewan Housing
Corporation June Draude said. "By encouraging development of
affordable housing, HeadStart will enable more Saskatchewan families to
transition from the rental market into homeownership. The four
developments announced today will provide more options for Saskatoon
families in need of entry-level housing."
"HeadStart on a Home is a made in Saskatchewan solution that will help
sustain our current growth and prosperity in this province," President
and CEO of Westcap Mgt. Ltd. Grant Kook said. "As the fund manager of
HeadStart, working closely with our credit union partners, we are very
pleased to have approved over $57 million in entry-level projects to
date, including these four projects in collaboration with the City of
Located at 710 and 714 Hart Road, Blairmore Landing will consist of 75
one- and two-bedroom units in two four-storey apartment buildings. A
second phase of two additional buildings is also planned. Unit prices
will range from $138,500 to $217,900. The project is expected to be
ready for occupancy in January 2013.
Municipalities may apply for the loans on behalf of builders and
developers. Funding of $200 million is available for the program
through the Federal Immigrant Investor Program, which will flow through
the Saskatchewan Immigrant Investor Fund Inc. (SIIF), managed by
Westcap Mgt. Ltd. (Westcap). SIIF is a subsidiary of Crown Investments
HeadStart on a Home will finance construction of at least 1,000 new,
entry-level homes over five years. Builders and developers are
eligible for construction loans of 90 per cent of the construction cost
of the homes, including land, at an interest rate of four per
cent. The target sale price for homes constructed through HeadStart on
a Home will be at or below the MLS average sale price in each
community, expected to range from $180,000 to $300,000. The homes may
include condominiums, multi-unit, single family dwellings, modular
homes, or ready-to-move units.
Westcap is partnering with Saskatchewan credit unions (Advantage,
Affinity, Conexus, Cornerstone, Diamond North, Innovation, North
Valley, Plainsview, Prairie Centre, Synergy, Spectra, and Weyburn) to
administer Headstart on a Home to ensure communities across
Saskatchewan have every opportunity to be a part of this housing
program. Builders who are interested in meeting their community's
housing needs may contact Westcap directly or contact the local
participating credit union to discuss the project and eligibility.
For more information about Headstart on a Home, visit the website at www.headstartonahome.ca.
SOURCE Westcap Mgt. Ltd.
For further information:
Westcap Mgt. Ltd.