Released on April 4, 2014
Construction of McConnell Place, a new housing development consisting of four single family homes for entry-level homebuyers, is officially underway in Maidstone. The Government of Saskatchewan is providing $920,000 in construction financing to the developer, Alderwood Ventures Ltd., through the HeadStart on a Home (HeadStart) Program.“We are pleased that Maidstone is taking advantage of the HeadStart program to help meet their housing needs,” Cutknife-Turtleford MLA Larry Doke said on behalf of Social Services Minister and Minister responsible for Saskatchewan Housing Corporation June Draude. “Our goal is to make Saskatchewan the best place to live, work, and raise a family. HeadStart is helping to achieve that by providing Saskatchewan families with an opportunity to buy a home that fits within their budget.”
“HeadStart on a Home addresses the current need for entry-level homes in our province,” Westcap Mgt. Ltd. President and CEO Grant Kook said. “As housing prices increase, homeownership becomes unattainable for many people. As the Fund Manager of HeadStart, working closely with our Credit Union partners as well as local municipalities like Maidstone we are very pleased to report that HeadStart on a Home has approved financing to construct 1,398 homes across Saskatchewan.”
Located at 401-408 4th Avenue in Maidstone, the McConnell Place project consists of four 1,028 square feet (95.5 square metre) detached single family homes with two bedrooms. All four units come with self-contained, finished, legal two-bedroom basement suites. Each home is priced at $325,000 and is covered with new home warranty protection.
HeadStart was announced in March 2011 to finance construction of entry-level homes in Saskatchewan. Builders and developers are eligible for construction loans of 90 per cent on the construction cost of the homes including land, at an interest rate of four per cent.
Builders and developers apply for loans in collaboration with the local municipality. Funds for the program are made available through the Federal Immigrant Investor Program, which flows through the Saskatchewan Immigrant Investor Fund Inc., a subsidiary of Crown Investments Corporation. HeadStart is managed by Westcap Mgt. Ltd.
Westcap is partnering with Saskatchewan credit unions (Affinity, Conexus, Cornerstone, Diamond North, Innovation, North Valley, Plainsview, Prairie Centre, Synergy, and Weyburn) to offer HeadStart on a Home down payment loans for purchasers through the HeadStart Equity Builder ProgramTM to ensure communities across Saskatchewan have every opportunity to be a part of this housing program. Builders who are interested in meeting their community’s housing needs may contact Westcap directly.
For more information about HeadStart on a Home, visit the website at www.headstartonahome.ca.
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For more information, contact:
Tara Gereaux
Social Services
Regina
Phone: 306-787-3610
Grant Kook
Westcap Mgt. Ltd.
Saskatoon
Phone: 306-652-5557