Did you know that some municipalities in Ontario have programs to help residents achieve the dream of home ownership?
The home ownership component of the Investment in Affordable Housing for Ontario Program provides funding for renter households with low to moderate income to transition into home ownership. This is a joint program with funding provided by the Federal and Provincial governments. Programs are implemented by Municipal governments.
For most programs, assistance is provided as a down payment loan which is forgivable after 20 years if the home is not sold within that period. The owner must remain the sole and principal resident during this 20-year period.
Since programs are run by municipal governments, they vary in eligibility requirements. Commonalities in programs include requiring applicants to be 18 years of age or older, be currently renting and not have owned residential property in the area. Requirements also include a maximum household income level at or below the 60th percentile income level within the municipality or the province, whichever is lower. A maximum purchase price of home is also set in each program.
Due to high demand some programs have stopped taking applications for the 2016 program. Those interested are cautioned not to rely on program funds to purchase a home unless and until they receive a confirmation that their application has been approved.
A list of some of the available programs are available below.
Dufferin County- Home Ownership Program
Kawartha Lakes – Homeownership Program
Kingston – Municipal Home Ownership Program
Lambton – Homeownership Program
Lanark County – Homeownership Program
Leeds Grenville – Homeownership Component
Niagara- Homeownership Program
Peel Region – Home in Peel Affordable Ownership Program
Simcoe County – Homeownership Program
St. Thomas – Affordable Home Ownership Program
Toronto (Partners with non-profits) – Options for Homes
Waterloo- Affordable Home Ownership
Windsor and Essex County – Homeownership Downpayment Assistance Program