Released on March 21, 2014
A total of 11 homes are being created in Warman to help meet a need for affordable housing in the community. The Government of Saskatchewan provided more than $1 million in financing assistance to Marco Developments, and $1.3 million to a second Welcome Homes project, through the HeadStart on a Home (HeadStart) program.
“HeadStart is another way that communities can work together to provide affordable housing options for Saskatchewan people,” Central Services Minister Nancy Heppner 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. Our government is determined to make that happen as we continue to move forward with the Saskatchewan Plan for Growth and Housing Strategy.”
“HeadStart is a made-in-Saskatchewan solution that will help sustain our current growth and prosperity in this province,” Westcap Management Ltd. President and CEO Grant Kook said. “As the Fund Manager of HeadStart, working closely with our Credit Union partners, we are very pleased to report that HeadStart on a Home has approved financing for the construction of 1,351 homes, including these two projects to construct 11 homes in collaboration with the City of Warman.”
Located on Martens Street in Warman, the Marco Developments project consists of five 1,039 square foot (96.526 square metres) single family homes. All five units of the Marco Developments project are financed by HeadStart; one has sold and the four remaining are ready for occupancy. The purchase price of the units is $299,900.
Welcome Homes II is currently under construction, with the first home expected to be completed in July 2014. Located on Maple Crescent, the project consists of four detached two-storey units and one two-storey style duplex (two units). The project offers three-bedroom units ranging from 1,222 to 1,406 square feet (113.53 to 130.62 square metres). The purchase price of the units range from $279,000 to $314,900.
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 Management Limited.
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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