Nunavut Home Renovation Program

[Navtaj Chandhoke]

Nunavut Home Renovation Program

The NHC will provide a contribution in the form a forgivable loan to cover the cost of materials, freight and labour, to a maximum amount of $65,000, depending on household income, and provided that any amount exceeding $50,000 is used specifically for energy efficient improvements. Funding shall be allocated to homeowners based on a sliding scale. Maximum contribution amounts shall be set relative to household income as a percentage of HPIE limit for their community.

Where an applicant has already received HRP assistance to renovate their home, they may apply for an additional $15,000 to improve the energy efficiency of their dwelling.

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Clients are responsible for:

Arranging for and entering into a contract with a general contractor acceptable to the NHC. Clients may be permitted to carry out the work themselves provided they have the necessary skills as determined by the NHC.

Paying for all costs exceeding the approved amount of assistance.

Eligible Clients

The applicant(s) must be at least 19 years of age and have resided in Nunavut for at least two years.

This program follows income eligibility limits as set by the Home ownership Program Income Eligibility (HPIE) numbers (See NHC VOI Guidelines).

Applicants with rental or mortgage arrears with any Local Housing Organization in Nunavut or with the NHC, or have otherwise caused a loss to the NHC, do not qualify for the program until those arrears or losses are paid in full. However, at the discretion of the Corporate Executive Committee, this requirement may be waived, provided that the client(s) agree in writing to a Repayment of Arrears Schedule.

The applicant(s) must possess title (or leasehold title) to the property. Existing NHC homeowner clients who do not possess leasehold title to the property, but occupy the unit under an Occupancy Agreement are eligible for the HRP provided that all other eligibility requirements are met.

Sliding Scale Funding

Funding shall be allocated to homeowners based on a sliding scale. Maximum contribution amounts shall be set relative to household income as a percentage of HPIE limit for their community, as follows:

Income as % of the community HPIE Limit Maximum Contribution Amount

0% up to 80% 100% of repair costs up to a maximum of $ 65,000

>80% up to 85% 80% of repair costs up to a maximum of $ 52,000

>85% up to 90% 60% of repair costs up to a maximum of $ 39,000

>90% up to 95% 40% of repair costs up to a maximum of $ 26,000

>90% up to 100% 20% of repair costs up to a maximum of $ 13,000

>90% up to 100%

For more information

Directorate

P.O. Box 1000, Station 1400,

Iqaluit, NU X0A 0H0

867 975-7200

867 979-4194

The Nunavut Housing Corporation (NHC) was created in 2000 through the Nunavut Legislature by the Northwest Territories Housing Corporation (Nunavut) Act. Our mandate as a public agency of the Government of Nunavut (GN) is to create, coordinate and administer housing programs so that we may provide fair access to a range of affordable housing options to families and individuals in Nunavut.

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.

Speaking Engagements

Navtaj Chandhoke can be your next key note speaker for real estate office meeting or Canadian real estate investment conventions, expos or trade shows. Please contact us for topics and availability.

Please contact us directly at Pam@WorldWealthBuilders.com or 647-393-6100 to set up a session at your meeting or convention.

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