Loan program meant to encourage home ownership, pride in priority neighbourhoods
Motivating signs were put up last year on Ferguson Avenue in the Beasley Neighbourhood, one of the areas where the city is offering homebuyers who make under $70,000 household income help with their down payment.
Owning a home is an elusive dream for renters who can't scrape together enough cash for a down payment.
But the city sees home ownership as glue that helps encourage neighbourhood cohesiveness.
That's why for the first time officials are focusing a municipally run down-payment assistance program on Hamilton's less affluent areas.
City of Hamilton Down-payment program
WHO: Tenants currently renting for at least six months in Hamilton; who are over 18 years; pre-approved for a mortgage; don't own a home or property; aren't married to or in a relationship with a property owner; combined maximum annual gross household income is $70,000 or less
WHAT: Detached, semi-detached, condos, townhouses or row houses that are $275,000 or less in Jamesville, Beasley, Keith, Gibson/Landsdale, Stinson, Sherman, Crown Point, McQuesten; Riverdale, Davis Creek, Rolston (mobile homes are not eligible)
WHEN: Houses must be purchased after March 30, 2015 and after acceptance into the program
HOW MUCH: Five and 10 per cent down-payment assistance, according to income and dependents
TERMS: Funds are 20-year interest-free and payment-free loans that are forgiven if applicants keep their home for 20 or more years; if the home is sold sooner, the original loan plus five or 10 per cent of the capital gain must be paid back; the loan is also forgiven if the home sells for less than the original price.
Wednesday, April 8 — McQuesten Community Centre, 785 Britannia Ave. E., 1-3 p.m.
Thursday, April 9 — Eva Rothwell Centre at Robert Land, 460 Wentworth St. N., 6-8 p.m.
To register: Call Marjorie Walker at 905-546-2424, ext. 4837, or email [email protected]
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.
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