Forgivable Grants for Muskoka Home Owners

[Navtaj Chandhoke]

Forgivable Grants for Muskoka Home Owners

Funding for Home Repairs for Muskoka Home Owners

Do you have home repairs that need to be done, but you don’t have enough money to do them?

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Directory Forgivable Canadian Real Estate Grants

now at

Muskoka Ontario Renovates is a program for low and modest income households that provides funding for necessary:

Home repairs

Home accessibility modifications for persons with disabilities

The purchase and installation of energy-saving products

Funding is limited, and will be available based on eligibility requirements and receipt of complete and eligible applications. There are 12 Ontario Renovates loans available , at a maximum of $12,200 each.

Eligibility Requirements

Property value may not exceed the House Value Threshold, set at $295,000 for 2017/2018

Total household income must be at or below the Homeowner Income Threshold, set at $79,700 for 2017/2018

Total household asset level must be less than $20,000 which includes, savings, GIC’s, and other financial assets (not including RRSP’s or RESP’s) and land or other properties, but does not include items such as vehicles

The home must be at least five years old

The home cannot have been purchased with a Homeownership down payment assistance loan

Ontario Renovates projects must meet eligible repair project parameters

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Terms & Conditions

The program will fund up to 100% of the cost of qualifying repairs, replacements and related costs to a maximum of $12,200 per owner-occupied home, in the form of a forgivable loan based on the cost of the approved work items

The loan forgiveness period for the home repair loan is 10 years

Loans are forgiven at an equal rate annually, for each of the 10 years

Applicants will be required to sign a loan agreement with the District Municipality of Muskoka, and the home repair loan will be secured through a mortgage that will be registered on title

Once an applicant(s) is in receipt of a conditional letter of acceptance for the Ontario Renovates program, and until the project is complete and the forgivable loan is registered on title, applicant(s) may not change any terms of their mortgage, including refinancing

The District must be named as an additional insured party on the applicant’s home insurance policy

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Accessibility Grants

Ontario Renovates Accessibility Grants are available in funding amounts of up to $5000.00 (non-repayable) for accessibility modifications

A healthcare professional must provide confirmation of the disability and outline the recommended modifications to enable greater independent living

Accessibility Modification Grants may be combined with Home Repair loans at the discretion of the District

For more information regarding the Ontario Renovates Accessibilities Grant please refer to the Ontario Renovates Program Guidelines

Direct Questions to:

Affordable Housing Program

:(705) 645-2412, ext. 614

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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