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 Saskatoon."
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 Corporation.
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.
For further information:
Westcap Mgt. Ltd.