Launch of New Down Payment Assistance Program
First time purchases of homes in the Town of The Blue Mountains who would like to obtain assistance in the purchase of their home may now apply for an interest free loan of up to $20,000.
The Down Payment Assistance Program is being provided through The Blue Mountains Attainable Housing Corporation. This program is designed to give those wishing to live in The Blue Mountains, but just can’t afford to do so, a hand up into home ownership in the Town.
“It’s great to see the first secondary suite completed, and the first cheque on its way,” said Mayor John McKean. “Getting the Secondary Suites program off the ground and money flowing to homeowners is very rewarding. With the announcement of the issuance of the first Secondary Suite Grant and the new Down Payment Assistance Program, we now have two programs that will help solve the housing challenge.”
Blue Mountains real estate is an incredibly hot market with an average sale price of $620,000 at the end of 2016 which is making it difficult for many young families to purchase a home. (For more information on the local real estate market, download a copy of our latest Real Estate Market Report). With this new initiative from the Town of Blue Mountains, new homeowners could access interest free financing to assist with the downpayment of their home.
“We want them to stay here. I have four children and I want them to come back and live in the Town of the Blue Mountains. With the price of housing they can’t do that right now,” says deputy mayor Gail Ardiel.
The town’s “Attainable Housing Corporation” is trying to help and is now offering special loans to first-time home buyers.
The loans are limited to homes under $400,000 and even in this market there are options.
People who are interested in applying for the new loans can find more information on the town’s website.
“We are willing to give them a hand up in the way of a $20,000 interest free down payment assistance loan and that loan would be available to them for 20 years at which time they pay it back,” says Bruce Taylor, of the Attainable Housing Corporation.
In addition to the newly implemented Down Payment Assistance Program, the Corporation also implemented a Secondary Suite Grant Program last year.
Funding for both programs is limited and will be available on a first-come, first-served basis. For further information about the Down Payment Assistance Program as well as the Secondary Suite Grant Program, you may contact The Blue Mountains Attainable Housing Corporation