SASKATOON, Aug. 25, 2012 /CNW/ - Construction of a new condominium development is underway in Swift Current and will be celebrated with a groundbreaking ceremony and presentations today. This development by D3 Developers Inc. will receive $2 million in financing from the Government of Saskatchewan through the HeadStart on a Home Program (HeadStart).
"The goal of HeadStart is to help support our province's growing population and ensure that housing is accessible for everyone," Premier Brad Wall said. "Swift Current is the latest community to participate in the program and, most importantly, help individuals and families to buy a quality home that fits into their budget. We encourage other communities to consider HeadStart as an option as they work to meet the housing needs of their citizens."
At 11:00 a.m. today, ground will be broken at Chinook Residency, a 16-unit project located at 825 Gladstone Street East. The two-bedroom, 1½ bathroom units are priced from $185,760 to $191,952 including GST and range in size from 1,112 to 1,152 square feet in two two-storey, eight-unit buildings. Each unit features a den/office space, a private balcony, as well as a separate entrance. The City of Swift Current will provide property tax abatement for up to five (5) years for purchasers. The tax savings are estimated at $1,500 - $2,000 per year. Occupancy is expected in November/December 2012.
The HeadStart on a Home Program, a $200 million initiative announced by the provincial government in 2011, will finance the construction of at least 1,000 new, entry-level homes over five years. With municipalities as the program applicants, builders and developers are eligible for construction loans of up to 90 per cent of the cost to bring new homes to market. Financing is provided without the requirement to pre-sell housing units and at a fixed interest rate of four per cent per annum.
The target sale price for homes constructed through HeadStart will be at or below the MLS average sale price for similar units 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.
The program is delivered by Westcap Mgt. Ltd. (Westcap) alongside twelve Credit Union community partners: Advantage, Affinity, Conexus, Cornerstone, Diamond North, Innovation, North Valley, Plainsview, Prairie Centre, Synergy, Spectra, and Weyburn.
"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 $64 million in construction financing for entry-level projects to date, including this project in collaboration with the City of Swift Current."
As Saskatchewan's largest private venture capital fund manager, Westcap has over $500 million in capital under management. Westcap specializes in the development, launch, and management of niche funds that address unique opportunities in Saskatchewan. Westcap's history and experience in delivering new funds and programs throughout Saskatchewan, such as the well-known Golden Opportunities Fund Inc., is integral to the success of the HeadStart program.
As leaders in Saskatchewan's financial industry, Westcap and its Credit Union Partners will ensure that the program extends to all corners of Saskatchewan.
For more information about HeadStart on a Home, visit the website at: www.headstartonahome.ca.
SOURCE: Westcap Mgt. Ltd.
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Westcap Mgt. Ltd.