Down payment Assistance Saskatoon, Saskatchewan

[Navtaj Chandhoke]

Goal

Assist moderate-income households to move from rental accommodation to homeownership.

Target Group

Households with moderate annual incomes, between $44,500 and $80,000, who are currently renting their dwelling.

Synopsis

Moderate-income Saskatoon residents who rent their dwelling can now enter the homeownership market through an innovative partnership between the City of Saskatoon and Affinity Credit Union. The Equity Building Program, launched in 2011, provides down payment assistance for qualifying homebuyers. The program helps families to purchase a home and start to build equity, while their down payment loan repayments are returned to the program to fund loans for future homebuyers. The City of Saskatoon provided the start-up funding and promotion. Affinity Credit Union manages the program. The program’s target is to support 250 households over a five-year period.

more info at

http://www.cmhc-schl.gc.ca/en/inpr/afhoce/afhoce/afhostcast/afhoid/fite/eqfi/eqfi_006.cfm

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