New Measures Make Homeownership a Reality for Low-income Renters in Ontario



    TORONTO, July 10 /CNW/ -

    NEWS

    It is now easier for Ontario families to buy a home and enter the housing
market through new rules under the Canada-Ontario Affordable Housing
Homeownership Program.
    The Government of Ontario has increased from $62,600 to $75,800 the
maximum amount a household can earn to be eligible to receive interest-free
down-payment assistance loans under the program. In addition, the maximum
price of homes eligible for purchase through the program has risen to reflect
average market selling prices.
    The maximum amount a household can earn to qualify for the program may
vary among municipalities. The maximum price of eligible homes is updated
quarterly based on average resale prices in your area. Municipalities may
establish their own maximum house price and household income limits provided
it is consistent with the program requirements. You may consult the list of
maximum house prices (http://www.mah.gov.on.ca/AssetFactory.aspx?did=5449) and
the list of income limit (http://www.mah.gov.on.ca/AssetFactory.aspx?did=5448)
by municipality.

    QUOTES

    "By making it easier for renters to buy their first homes, we're helping
Ontarians secure a brighter future for their families," said the Honourable
Jim Watson, Minister of Municipal Affairs and Housing.

    QUICK FACTS

    
    -   Applicants must be at least 18 years old and have a combined
        household income at or below the maximum eligible income limit for
        their area.
    -   Applicants who own or partly own a property do not qualify for down-
        payment assistance.
    -   The AHP loan is granted for a period of 20 years. There is no
        interest charged on the loan.
    -   The unit must remain the sole and principal residence of the
        applicant for the entire 20-year period. It may not be leased to
        another party.
    -   Applicants must secure mortgage financing through a lending
        institution.
    -   Application forms are available from the housing department of your
        municipality or through an organization delivering the program in
        your area.
    -   On the 20th anniversary date of the agreement, the loan is
        automatically forgiven, provided there has been no default under the
        terms of the loan.

    LEARN MORE

    -   Homeownership program brochure
        (http://www.mah.gov.on.ca/AssetFactory.aspx?did=5447)

    -   The Canada Ontario Affordable Housing Program
        (http://www.mah.gov.on.ca/Page1112.aspx)

    -------------------------------------------------------------------------
                                                      www.ontario.ca/housing
                                                      Disponible en français


                                                                BACKGROUNDER
                                   Ministry of Municipal Affairs and Housing
    -------------------------------------------------------------------------

                THE CANADA-ONTARIO AFFORDABLE HOUSING PROGRAM
                           HOMEOWNERSHIP COMPONENT
    

    The Government of Ontario has increased from $62,600 to $75,800 the
maximum amount a household can earn to be eligible to receive interest-free
down- payment assistance loans under Canada-Ontario Affordable Housing
Homeownership Program. In addition, the maximum price of homes eligible for
purchase through the program has risen to reflect average market selling
prices.
    Under the AHP, every region in Ontario has been allocated a specific
amount of funding to assist low to moderate-income rental households to
purchase affordable homes by providing interest-free down payment assistance
loans. Municipalities may establish their own maximum house price and
household income limits provided it is consistent with the program
requirements. You may consult the list of maximum house prices
(http://www.mah.gov.on.ca/AssetFactory.aspx?did=5449) and the list of income
limit (http://www.mah.gov.on.ca/AssetFactory.aspx?did=5448) by municipality.

    An Interest-free Loan

    
    -   The AHP loan is for a period of 20 years. During this period, no
        interest shall be charged on the loan.
    -   The unit must remain the sole and principal residence of the
        applicant for the entire 20-year period. It may not be leased to
        another party.
    -   The home can be new or resale. It may have a selling price at or
        below the maximum selling price set for your municipality. The home
        must be modest in size, relative to community standards.

    -------------------------------------------------------------------------
                                                      www.ontario.ca/housing
                                                      Disponible en français
    





For further information:

For further information: Adam Grachnik, Office of the Minister of
Municipal Affairs and Housing, (416) 585-6492

Organization Profile

Ontario Ministry of Municipal Affairs and Housing

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890