Municipal Home Ownership Program,Kingston-Ontario

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Municipal Home Ownership Program,Kingston-Ontario

Post: # 4738Post Flipping4Profit.ca
Sun Aug 05, 2012 5:06 pm

Municipal Home Ownership Program,Kingston-Ontario

The City of Kingston has committed funds for the creation of a home ownership program to provide down payment assistance to City residents renting and purchasing within the City of Kingston.

AHP Home Ownership Program:
Under the previous Canada-Ontario Affordable Housing Program, a home ownership program provided down payment assistance to all residents of the City of Kingston and County of Frontenac. Through a revolving reserve fund, there is currently funding available under this program for households renting and purchasing within the City of Kingston or the County of Frontenac.

Both programs are available with the same program rules and application process as set out below:

Program Rules The funding is available only for down payment on the purchase of a home.

The funding cannot be used for any construction financing or any other purpose. Approved applicants must provide a fully executed Purchase and Sale Agreement within ninety (90) days of receipt of the Letter of Conditional Approval. Closing date may be beyond 90 days.

The funding will be paid directly to the home purchaser’s solicitor upon closing the purchase. The maximum amount of the funding will be up to five per cent (5%) of the purchase price of the home to a maximum of $12,500.00.

The funding will be in the form of a 20 year interest free loan registered on title. The home purchaser will be responsible for covering all costs associated with finalizing the purchase of the home, including legal fees, land transfer tax, and any other related costs.

All re-sale homes must have a home inspection completed at the expense of the home purchaser and provide verification of same (i.e. copy of inspection summary page and invoice).

The funding will be forgiven and can be discharged at the request and expense of the home owner on the 20th anniversary date of the home purchase.


The funding plus a percentage of the capital property appreciation will become payable if at any time prior to the 20th anniversary,

 the home is no longer the sole and principal residence of the home owner; or
 the home is sold, transferred or disposed of; or
 the home owner wishes to increase the original financing for the home; or

 there is any default of the funding agreement. The percentage of the capital appreciation payable will be the same percentage used to determine the amount of the original funding.

For example, if the home purchaser received down payment funding equal to five percent (5%) of the purchase price then the home owner would be required to repay five (5%) of the capital appreciation in addition to the original funding. Should the funding become payable, the City may at its expense, commission an appraisal of the property in order to determine the fair market value and the property appreciation. The home owner must provide confirmation of their continued residency on an annual basis or upon request by the City of Kingston. Any misrepresentation may result in an applicant being deemed ineligible.

Household Eligibility Criteria At least one member of the household must be 18 years of age.


The household members must be permanent residents of the City of Kingston or County of Frontenac. The household must be renting a unit within the City of Kingston or County of Frontenac.

The household must not currently own a home or have a vested interest in any real estate.

The household must be purchasing their sole and principal residence.

The combined total gross income of the adult household members must be at or below $73,500.

The combined total assets of the adult household members must not be above $30,000.


Assets include vehicles, recreational vehicles, non-registered investments and bank accounts.

Registered retirement assets are exempt. The household members must be Canadian citizens, landed immigrants, or have Refugee Claimant status and must be able to provide such documentation.

The household must have a valid mortgage pre-approval from a primary lending institution.

The adult household members must each provide documentation as follows:

 Two (2) most current Notices of Assessment (2010 & 2011 or 2009 & 2010), and
 Verification of current income, and
 Verification of current banking information, and
 Verification of rental status, and
 Photo identification (health card is unacceptable), and
 Copy of mortgage pre-approval from a primary lending institution, and
 Verification of full time attendance in school, if applicable.

Eligible Home Purchases
The home must be located within the City of Kingston or County of Frontenac. The home may be new or re-sale. The purchase price of the home cannot be higher than $250,000. Homes must be single residential units which may include detached, semi-detached, condominiums, limited equity co-operatives, or row houses.

Mobile homes are not eligible.
Multi-residential units, such as duplexes and triplexes, are not eligible.

Application And Selection Process All applicants must complete the application form, provide supporting documentation as required and submit in the time and manner set out on the application form. Eligible applicants will be approved on a first come first serve basis unless there is insufficient funding for all of the eligible applicants received in one day, then all applications received on that date will be combined and selection will be through a lottery. Remaining applicants will be placed on a waiting list and advised accordingly.

Approved applicants will receive a Letter of Conditional Approval and will have 90 days to provide a fully executed Purchase and Sale Agreement.

Closing date of the purchase can be beyond the 90 days. Upon receipt of a fully executed Purchase and Sale Agreement, the home purchaser will receive a commitment letter specifying the exact amount of funding to be paid to their solicitor, “In Trust”, on the closing date.

Home purchasers will be required to sign a loan agreement which sets out the terms of the funding prior to any funds being paid to the solicitor and which will be registered on title. If the approved applicant is unable to provide a fully executed Purchase and Sale Agreement within 90 days, the funding allocation will be withdrawn and the applicant will no longer be eligible to receive the funding. If funding becomes available, the next eligible applicant on the waiting list will be contacted and provided a Letter of Conditional Approval.

When all funding has been expended, eligible applicants remaining on the waiting list will be advised accordingly.

If you require more information, please call 613-546-2695 ext. 4949

DISCLAIMER

We believe the information contained in this article to be accurate. It is presented with the understanding that we are not engaged in rendering legal, accounting, or investment advice. When professional assistance is required, utilize the services of a licensed real estate broker, lawyer, accountant, or other consultant as may be required.

Speaking Engagements
Navtaj Chandhoke can be your next key note speaker for real estate/sales/marketing office meeting or Canadian real estate investment conventions, expos or trade shows. Please contact us for topics and availability.
Please contact us directly at [email protected] or 647-393-6100 to set up a session at your meeting or convention.


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First time Home buyer can get $14,000.00 from City of Kingst

Post: # 45999Post Flipping4Profit.ca
Sat Feb 27, 2016 12:04 pm

First time Home buyer can get $14,000.00 from City of Kingston
Kingston, Ontario


The City of Kingston opens up its public coffers to help eligible renters afford a down payment. It doesn’t offer up a whole lot of cash. In 2015 buyers could receive just five per cent of their purchase price up to a maximum of $14,000, but it’s enough to help some folks into the market.

Prospective buyers can’t have a vested interest in any other real estate or — as of 2015 — make more than $80,400 a year, and they need to buy a home priced at $280,000 or less. The city found enough cash last year to help about a dozen renters buy homes.

Kingston’s 2015 budget was $338 million and homes were selling for about $285,000in 2015. That budget is equivalent to the price of nearly 1,190 local homes.

Learn more at http://www.governmentgrantscanada.ca/

DISCLAIMER

We believe the information contained in this article to be accurate. It is presented with the understanding that we are not engaged in rendering legal, accounting, or investment advice. When professional assistance is required, utilize the services of a licensed real estate broker, lawyer, accountant, or other consultant as may be required.

Speaking Engagements
Navtaj Chandhoke can be your next key note speaker for real estate/sales/marketing office meeting or Canadian real estate investment conventions, expos or trade shows. Please contact us for topics and availability.
Please contact us directly at [email protected] or 647-393-6100 to set up a session at your meeting or convention.


Flipping for instant profit LIVE real estate training seminar

Reserve your seat now at
www.Flipping4Profit.ca
Image

Special Sale Forgivable Canadian Business & Real estate Grants, Canadian Credit Repair
Image

Alberta Foreclosure LIVE Training 2016
Image

Canadian Creative Financing Apprenticeship
Image

Canadian Real Estate Investors Coaching & Mentoring
Image

Eyewitness Canadian Real Estate Investors Training
Image

$500 reasons to be a Referral Partner
Image

P.S. Success isn't a matter of chance, it's a matter of choice. So it's up to you to make the right choice to become successful. If you don't know what to do it starts with making the choice to register for this LIVE real estate investors training in your town now at www.Flipping4Profit.ca and making sure you make the right choice to SHOW UP!!! Learn more to earn more!

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