Released on November 28, 2014
The community of Moose Jaw is celebrating the opening of Maple View Condominiums, an affordable housing project consisting of 12 apartment-style units for moderate-income, entry-level homebuyers. Close to $1.8 million in construction financing was provided by the Government of Saskatchewan to the developer, Schultz Electric, through the HeadStart on a Home program.“Our government is committed to keeping Saskatchewan strong, which includes making key investments to support homeownership for moderate-income families in Saskatchewan,” Moose Jaw Wakamow MLA Greg Lawrence said on behalf of Social Services Minister and Minister responsible for Saskatchewan Housing Corporation Donna Harpauer. “HeadStart on a Home projects contribute to attainable housing in 16 communities around the province, including Moose Jaw. We are proud to work with Westcap Mgt. Ltd. and other community partners to make this happen and to support Saskatchewan families in housing need.”
“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 the City of Moose Jaw, we are very pleased to report that HeadStart on a Home currently has 1,521 homes either completed or under construction.”
Located at 418-422 Home Street West in Moose Jaw, Maple View Condominiums consists of 12 two-bedroom apartment-style units in a two-storey building, ranging in size from 1,092 to 1,300 square feet (101.45 to 120.77 square metres). The purchase price of the homes is between $209,000 and $249,000. Each unit is covered with new home warranty protection.
HeadStart on a Home is expected to finance 1,500 new entry-level homes in five years. Announced in March 2011, the program was originally expected to create 1,000 new housing units in five years. To the end of October 2014, HeadStart on a Home has financed 1,521 new housing units – either completed or under construction – in three years. An additional 354 units have been approved for financing, but are not yet under construction.
Municipalities may apply for the loans on behalf of builders and developers. There is $200 million in financing available for the program through the Federal Immigrant Investor Program, which flows through the Saskatchewan Immigrant Investor Fund Inc. (SIIF), managed by Westcap Mgt. Ltd. (Westcap). SIIF is a subsidiary of Crown Investments Corporation.
The target sale price for homes constructed through HeadStart on a Home is at or below the MLS average sale price in each community. The homes may include condominiums, multi-unit dwellings, single-family dwellings, modular homes or ready-to-move units.
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 downpayment loans for purchasers and 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:
Linda Saliken
Social Services
Regina
Phone: 306-787-0246
Grant Kook
Westcap Mgt. Ltd.
Saskatoon
Phone: 306-652-5557