Released on September 26, 2014
The community of Meadow Lake is celebrating the opening of Meadow Lake Properties, an affordable housing project consisting of 11 single-family homes for entry-level homebuyers. Almost $2 million in construction financing was provided by the Government of Saskatchewan to the developer, Meadow Lake Properties Ltd., through the HeadStart on a Home program for nine of these units.“Our government is proud to help improve the quality and affordability of housing, which includes investing in affordable housing projects like this one in Meadow Lake,” Associate Minister of the Economy responsible for Trade, Tourism, Innovation and Immigration Jeremy Harrison said on behalf of Social Services Minister and Minister responsible for Saskatchewan Housing Corporation Donna Harpauer. “HeadStart on a Home is providing opportunities for moderate-income families to purchase a home that is within their financial reach. Together with our partners, we are continuing to implement the Saskatchewan Plan for Growth, the goal of which is to make Saskatchewan the best place to live, work and raise a family.”
“As the Fund Manager of HeadStart on a Home, Westcap is very pleased to report that HeadStart on a Home currently has 1,294 homes either completed or under construction,” Westcap Mgt. Ltd. President and CEO Grant Kook said. “For young professionals, newcomers to Canada, single parents or other individuals in a similar financial situation, owning a home may seem like an unattainable dream in today’s growing economy. HeadStart on a Home can help to make those dreams a reality by addressing the increasing need for entry-level homes in Saskatchewan in collaboration with our Credit Union partners, through projects like this 11-unit project in Meadow Lake.”
Located at 415 - 7th Avenue East in Meadow Lake, Meadow Lake Properties consists of 1,306 square feet (121.33 square metres), two-storey homes with three bedrooms and 1,120 square feet (104.05 square metres), bungalow-style homes with three bedrooms. The purchase price of the homes is $262,500.
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 August 2014, HeadStart on a Home has financed 1,294 new housing units – either completed or under construction – in three years. An additional 390 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