Released on October 29, 2004
The dream of owning a new home may soon become a reality for up to 50 Saskatoon families. That's the promise offered by Affordable New Home Development Foundation Inc., a non-profit organization that can make it possible for low to moderate income households to make the transition from renting to home ownership.Through funding made available under the Centenary Affordable Housing Program (CAHP), Affordable New Home Development Foundation Inc. has worked with Canada Mortgage and Housing Corporation (CMHC), Saskatchewan Housing Corporation and the City of Saskatoon to develop a program that makes it possible for up to 50 families with children to purchase their own homes.
As part of the Foundation's program, prospective homeowners participate in the "Building for Home Ownership" activities that include reducing debt, saving money and attending a comprehensive 22-hour education program in preparation for home ownership.
The CAHP funding will be based on a family's adjusted household income and will be in the form of a forgivable equity loan ranging from $3,500 to $19,500. Approved households are responsible for financing the difference between the purchase price and the forgivable equity loan. The new homes must be modest in terms of size, design and amenities and must be at or below the average market price for similar properties in the community.
CMHC is providing 50 per cent of the CAHP funding with the Province contributing 40 per cent and the City of Saskatoon adding 10 per cent. The total amount funded will depend on how many homes are built and on the individual financial circumstances of the Saskatoon families who participate in the program.
"Today's announcement goes way beyond a dollar figure," said Ralph Goodale, Minister of Finance, on behalf of Minister of Labour and Housing, Joe Fontana. "This is about people and community building. It's about helping 50 Saskatoon families live in their own homes. This is about restoring pride and dignity in people."
Environment Minister David Forbes, speaking on behalf of Community Resources and Employment Minister Joanne Crofford said this program is a good example of the HomeFirst housing strategy at work. "We are working with Saskatchewan people to make affordable housing a reality. This program funding helps families build their independence, acquire a new home and open the door to the future for their children, their community and the province."
"New homes are a significant contribution to our neighbourhoods and can provide more stability and economic growth," Saskatoon Mayor Don Atchison said. "The fact that this program makes it possible for moderate income families to become homeowners is good news for our residents and our city."
"The Foundation has been very successful in providing the opportunity for families to become homeowners," Affordable New Home Development Foundation Inc. Executive Director Keith Hanson said. "We currently have many people registered with the Foundation who are working toward home ownership. We are pleased to make use of the CAHP funds to directly benefit 50 families and we encourage all families with low to moderate household incomes to contact the Foundation for details about the CAHP funding."
The Affordable New Home Development Foundation Inc. was founded in 1999 and is run by a volunteer board of directors. Among many of its successful projects is a 50 unit affordable condo complex on Saskatoon's Gropper Crescent. For more information call: (306) 477-4034.
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For More Information, Contact:
| Terry Lazarou Community Resources and Employment Regina Phone: (306) 787-8689 | Jason Cobb Canada Mortgage and Housing Corporation Calgary Phone: (403) 515-2903 |
Lorne Sully City of Saskatoon Saskatoon Phone: (306) 975-2686 | Kristina Johnson Affordable New Home Development Fountation Inc. Saskatoon Phone: (306) 665-2525 |