Down payment assistance program Region of Waterloo-Ontario

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Down payment assistance program Region of Waterloo-Ontario

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Tue Jan 08, 2019 1:04 pm

Down payment assistance program Region of Waterloo-Ontario

The Affordable Home Ownership component of the Canada-Ontario Affordable Housing Program is
delivered by the Region of Waterloo on behalf of the Federal and Provincial governments.

The program provides qualified low to moderate-income households with down payment assistance
loans of 5% of the purchase price of an eligible home (current maximum purchase price is $386,000).
Households must apply to participate in the program, and, if eligible, will be placed on the Affordable
Home Ownership (AHO) Waiting List. As funds become available, eligible households will be
contacted by mail and provided with a Conditional Letter of Commitment.

Recipients of the loan can purchase a new or resale home that is located in Waterloo Region that has
a maximum purchase price of $386,000.

Households that are interested in participating in the Affordable Home Ownership Program must meet
the qualification criteria listed in the eligibility section below.

The down payment assistance loan is interest-free and forgivable after 20 years, provided there has
been no default under the terms of the loan. If the home is sold before 20 years, the principal amount
of the loan plus 5% of the capital gain realized through the sale is payable to the Region’s Affordable
Home Ownership Revolving Loan Fund.

To be eligible to apply, you must:

Qualify for a mortgage;

Have a maximum household income of $90,500
;

Be at least 18 years of age and currently renting;

Not own or have an interest in a home;

Not owe money to a community housing landlord;

Be a legal resident of Canada; and

Intend to have this home as your one and only residence.
Attached, you will find a Home ownership Application form, a Bank Verification of Income and Assets
form, and an Employment Verification form. Please read the forms very carefully.
You must complete and submit all forms, along with the required documentation as stated in the
Application Checklist to:

Region of Waterloo, Housing Division
Attn: Affordable Home Ownership Program
20 Weber Street, East, 4th Floor, Kitchener, ON N2H 1C31
Fax: 519-575-4026

Affordable Home Ownership E-mail([email protected])
https://www.peelregion.ca/housing/home- ... ions.htm#3

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