Down payment Assistance Program Niagara-Ontario

[Navtaj Chandhoke]

Down payment Assistance Program Niagara-Ontario

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 $20,296

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 $80,300 and assets below $30,000

Be eligible to obtain a mortgage

Provide documents to prove eligibility

Agree to register loan on title for 20 years

Eligible Homes

New homes (home inspection encouraged)

Purchase price cannot exceed $405,930

May be detached, semi- detached, townhome, duplex or condo

Must be modest in size and features

Homeowner Assistance

Homeowners will receive 5% of the cost of an eligible home (maximum $20,296) 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

http://www.nrh.ca/applicants/fact-sheets/welcome-home.shtml

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