Niagara regional Housing program offers down payment assistance

Purpose

The purpose of the Home ownership Program is to:

Make home ownership a reality for low to

moderate income households in Niagara

Ease the demand for rental housing by assisting

renter households to buy affordable houses

Offer down payment assistance for home buyers

through a 5% forgivable loan to a maximum

of $12,697

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

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Encourage developers to build affordable housing

Eligible Buyers

To be eligible for a down payment loan a buyer must:

Be a Canadian Citizen, Landed Immigrant or have

Refugee Claimant Status with no outstanding

removal order

Be 18 years of age or older

Not own or have an interest in other residential

properties or owe arrears to a government assisted

affordable housing provider or Niagara Regional Housing

(NRH)

Currently be renting and looking to buy a sole and

principle residence in Niagara

Have a gross household income below $76,700 and

assets below $30,000

Be eligible to obtain a mortgage (Pre-approval required)

Provide documents to prove eligibility

Agree to register loan on title for 20 years

Eligible Homes

New homes

Resale homes (home

cost)

Purchase price cannot exceed $253,932

May be detached, semi-detached, town home, duplex

or condo

Must be modest in size and features

Cannot be a home in which the buyer or any member of

Please call 905-682-9201 if you require this information in a different format.

Homeowner Assistance

Homeowners will receive 5% of the cost of an eligible

home (maximum $12,302) at the time of purchase closing

No interest will be charged on the loan

Conditions for Repayment by Homeowner

The original down payment loan (plus five percent of increased

value of the home) must be repaid if:

The home is sold before the 20 year period expires

The homeowner no longer lives in the unit

The homeowner agrees to voluntarily repay the loan

The homeowner is in default of mortgage or NRH loan agreement

CONTACT

For general information or an

application for the Niagara Regional

Housing (NRH) Welcome Home

Niagara Homeownership Program,

contact:

Project Manager,

Housing

Development

905-682-9201 ext. 3918

or visit

For any other inquiries contact NRH

at 905-

682-9201 or 1-800-232-3292

Niagara Regional Housing

Niagara Region Headquarters

Campbell East,

P.O. Box 344, Thorold, ON L2V 3Z3

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.

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