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Released on January 19, 2012
Construction of a new $3.2 million condominium development for 21 low- to moderate-income families is underway in North Battleford, with $2.9 million in financing assistance from the Government of Saskatchewan through the Headstart on a Home program.
Located at 2332 Kildeer Drive, the development will consist of 21 units featuring two bedrooms, a four-piece bath, an open floor plan for the kitchen, dining room and living room and a patio or deck. The cost of each unit will range between $169,900 and $184,900, including GST. The project is estimated to be completed in late 2012.
"The goal of Headstart on a Home is to increase the availability of entry-level housing across Saskatchewan," Battlefords MLA Herb Cox said on behalf of Social Services Minister and Minister responsible for Saskatchewan Housing Corporation June Draude. "The program is a key component of our housing strategy for Saskatchewan, which was announced in August last year. This project, and others like it, shows what can happen when we each bring something to the table to help create a Saskatchewan where everyone has a place to call home."
Headstart on a Home will finance construction of at least 1,000 new, entry-level homes over the next five years. 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.
The target price for the homes will be at or below the Multiple Listing Service (MLS) average for the respective communities, ranging from $180,000 to $300,000. The homes may include condominiums, multi-unit, single family dwellings, modular homes or ready-to-move units.
Municipalities may apply for the loans on behalf of builders and developers. There is $200 million in funding available for the program through the Federal Immigrant Investor Program, which will flow through the Saskatchewan Immigrant Investor Fund Inc. (SIIF), managed by Westcap Management Ltd. (Westcap). SIIF is a subsidiary of Crown Investments Corporation.
"We are very excited to be the Fund Manager of this important infrastructure fund, working closely with our credit union champions," Westcap President/CEO Grant Kook said. "The interest by municipalities and builders has been very positive."
Westcap is partnering with Saskatchewan credit unions (Affinity, Conexus, Innovation, Cornerstone, Synergy and Spectra) to administer Headstart on a Home 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 or contact the local participating credit union to discuss the project and eligibility.
For more information about Headstart on a Home, visit the website at http://headstartonahome.ca/.
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For more information, contact:
Linda Saliken
Social Services
Regina
Phone: 306-787-0246
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