Assistance for first homes
Looking for assistance to purchase your first home ?
The Home ownership Program and Ontario Renovates Program are made possible through the Investment in Affordable Housing (IAH) Program 2014 Extension, which is funded by the federal and provincial governments.
Both programs provide financial assistance to qualified low-to-moderate income households. Funding is limited and is available on a first come, first served basis.
Unfortunately the funding allocations for the Home ownership Program have been fully spent. The program will be offered again next year starting April 1, 2016.
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Home ownership Program
The Home ownership component of the IAH Program 2014 Extension provides down payment assistance to qualified low-to-moderate income households wishing to purchase a home.
Funding is provided in the form of a 20-year interest free loan registered on title and up to 10% of the purchase price of the home.
To qualify for the program, applicants must be renting, be at least 18 years old, with a combined gross household income of $78,500 or less (maximum income level is updated annually).
The applicant household must be eligible for a mortgage and the purchase price of the home must not exceed $237,306 (maximum purchase price is updated on a quarterly basis).
A home inspection is required for resale homes. The home must be the sole and principle residence of the approved purchaser(s) and be located within Haldimand or Norfolk Counties.
Funding is available on a first come, first served basis until all funds have been exhausted. Therefore, down payment assistance may not be available to all eligible applicants. Download the Home Ownership Application and return the completed application form along with the requested supporting documentation to the Social Housing Division.
For more information on this program, contact
at 519.426.6170 or
905.318.6623 ext. 3121
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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