More eligible applicants are needed for a program that provides down payment assistance to qualified low to moderate-income households. Households with a combined gross income of $66,500 or less can apply for the Canada-Ontario Investment in Affordable Housing (IAH) Home Ownership Program for the purchase of new or re-sale homes. For the April 1, 2014 – March 31, 2015 provincial fiscal year, the Municipality of Chatham-Kent has an allocation of $150,000. Right now, about $64,000 of that is not committed.
Qualified applicants are eligible for an interest-free down payment loan of 7% of the purchase price of the home, to a maximum of $7,300. The funding is provided in the form of a 20 year interest-free loan registered on title.
The purchase price of the home must not exceed $145,000. Applicants must be at least 18 years old. For re-sale home purchases, a written home inspection from a certified home inspector is required at the home buyer’s expense.
Applications are processed on a first come/first served basis. Qualified applicants who apply after the current funding has been committed will be included on a pre-qualified applicant waiting list for the next fiscal year.
“The uptake on the Home Ownership Program had been quite brisk in the past,” said Director of Housing Services Shelley Wilkins. “I still believe it is needed in our community – particularly in assisting young couples and families to get into their starter home.”
An Affordable Home Ownership Program Fact Sheet is available on the municipal website at www.chatham-kent.ca.
Anyone interested in participating in the program should contact Housing Claims Analyst Lyn Leitans at 519-351-8573 or by e-mail at lyn.lietans@chatham-kent.ca.
