Category Archives: Real estate grants

Down payment Assistance program starting May 1, 2017 in Nova Scotia

Down payment Assistance program starting May 1, 2017 in Nova Scotia

New Program Helps Nova Scotians Purchase Their First Home

HALIFAX, NOVA SCOTIA–(April 26, 2017) – Professional Real Estate Investors Group (PREIG) Canada | http://www.Flipping4Profit.ca |

First-time home buyers struggling to save enough for a down payment could soon get access to an interest-free loan from Housing Nova Scotia to make their dream of home ownership come true. The governments of Canada and Nova Scotia are investing $1.3 million to fund a new one-year Down Payment Assistance pilot program.

Andy Fillmore, Parliamentary Secretary to the Minister of Democratic Institutions and Member of Parliament for Halifax, on behalf of the Honorable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), along with the Honorable Joanne Bernard, Minister responsible for Housing Nova Scotia, made the announcement today.

Quick facts about Nova Scotia down payment assistance starting May 1st, 2017:

The new Home Ownership Down Payment Assistance Program will help 100-125 modest-income Nova Scotians who are pre-approved for an insured mortgage from an accredited lender, but struggle to save for the required down payment because of their income.

The program will offer interest-free loan of up to five per cent of the purchase price of a new or existing home, to a maximum purchase price of $280,000 in Halifax Regional Municipality (HRM) and $150,000 in the rest of the province.

To be eligible, applicants must have a total household income of $75,000 or less. Based on a sliding scale of household income and house purchase price, the down payment assistance loans can range between up to $7,500 and $14,000 (in HRM). Eligible home buyers will have ten years to repay their interest-free loan. Payments can be waived for the first year to allow new homeowners to adjust to any unforeseen costs.

“This is awesome news for first-time home buyers from Nova Scotia," Navtaj Chandhoke, founder of Professional real estate investors group (PREIG) Canada, said. "This program will stimulate the economy and have ripple effect to associate industries." Saving up for a down payment remains one of the main hurdles for first time home buyers in Nova Scotia.

The purchase price of the home may not exceed $280,000 in the Halifax Regional Municipality (HRM) and $150,000 in the rest of the province.

New home buyers must have good credit and be pre-approved for an insured mortgage by a recognized financial institution.

For an applicant to be eligible for the assistance of Nova Scotia First Time Home Buyer Down Payment Program, the following criteria must be met:

The property is in Nova Scotia, Canada.

The applicant is a first-time home buyer

The applicant is pre-approved for an insured mortgage by a recognized financial institution

The applicant has a satisfactory credit rating

The applicant has reviewed the educational material for first-time home buyers provided by Housing Nova Scotia

The applicant’s total household income is less than $75,000

The applicant has resided in Nova Scotia for at least 12 months

The purchased property must be the applicant’s principal residence; rental properties, seasonal and recreational properties are not eligible.

Nova Scotia First Time Home Buyer Down Payment Program Loans:

The loans are interest-free and are repayable over ten years. Participants may waive their payments in the first year.

The loan must go toward the down payment and cannot be used for financing, closing or other costs.

The down payment assistance loans can range between up to $7,500 and up to $14,000.

Additional Information for Nova Scotia First Time Home Buyer Down Payment Program:

The pilot program starts on May 1, 2017 and loans will be advanced between May 1, 2017 and March 31, 2018.

The program will help between 100 and 125 households based on Federal and Provincial funding of $1.30 million.

The program is based on a first come, first served basis. Unused monies in any area may be redistributed if take up is not on target in any of the four regions.

$250,000 is available through federal-provincial cost-matched funding of the Social Infrastructure Fund to cover interest costs and carrying charges.

The province is also making available $1.05 million in funds that will be loaned to program participants.

Learn more about Forgivable Canadian real estate grants at
www.GovernmentGrantsCanada.ca

City of Toronto Basement Flooding Protection Subsidy Program

City of Toronto Basement Flooding Protection Subsidy Program

Help protect yourself against basement flooding

Basements can flood for many reasons.

While the City of Toronto is working to make improvements to its complex system of underground pipes, sewers and catchbasins, these improvements alone cannot completely protect a home from basement flooding.

With increasingly frequent severe weather events, it is essential that homeowners take appropriate action to reduce the risk of basement flooding on their own private property.

To assist, the City offers owners of single-family, duplex and triplex residential homes a financial subsidy of up to $3,400 per property to install flood protection devices including a backwater valve, a sump pump, and pipe severance and capping of the home’s storm sewer or external weeping tile connection.

Work that is eligible

A: Backwater valve

Eligible work:

Installation of backwater valve
Replacement of existing backwater valve
Installation of alarm for backwater valve

Available subsidy = 80% of the invoiced cost up to a maximum of $1,250 regardless of the number of devices installed at the property, including eligible labour, materials, permit and taxes.

B: Sump pump

Eligible work:

Installation of sump pump
Replacement of existing sump pump
Installation of alarm for sump pump
Installation of back-up power for sump pump

Available subsidy = 80% of the invoiced cost up to a maximum of $1,750 regardless of the number of devices installed at the property, including eligible labour, materials, permit and taxes.

Note: Be sure to maintain basement flooding protection devices according to manufacturer instructions. Keeping these devices in good working order is an important step in protecting your home against basement flooding.

C: Foundation drain (weeping tile) pipe severance and capping

Eligible work:

Disconnection of foundation drains (weeping tiles) from the City’s sewer system by severing and capping the underground sewer connection

Available subsidy = 80% of the invoiced cost up to a maximum of $400 including eligible labour, materials and taxes.

Note: Disconnecting the downspouts from your property’s eavestrough system is not eligible for a subsidy under this program.

How to apply for a subsidy
http://www1.toronto.ca/wps/portal/contentonly?vgnextoid=30ee7c6a9967f310VgnVCM10000071d60f89RCRD&vgnextchannel=f041ffa6ee33f310VgnVCM10000071d60f89RCRD

DISCLAIMER

We believe the information contained in this article to be accurate. It is presented with the understanding that we are not engaged in rendering legal, accounting, or investment advice. When professional assistance is required, utilize the services of a licensed real estate broker, lawyer, accountant, or other consultant as may be required.

 

 

 

 

 

 

 

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Homeownership 10% Downpayment Assistance Program in Windsor – Ontario

Homeownership 10% Downpayment Assistance Program in Windsor – Ontario

Investment in Affordable Housing Program for Ontario Extension (IAH-E)

The Federal and Provincial governments partnered to fund a Homeownership Downpayment Assistance Program in Windsor – Ontario. It is estimated the program can provide assistance for a limited number of households. Downpayment assistance of 10% of the purchase price of an eligible home, up to a maximum of $19,700 is provided by a 20-year forgivable loan registered on title as a second mortgage. Completed applications will be generally processed on a first come, first serve basis having regard to a fair distribution of the program funds across Windsor and Essex County. The program expires when program funds are depleted or November 30, 2016, whichever occurs first.

Continue reading Homeownership 10% Downpayment Assistance Program in Windsor – Ontario

Yukon Down Payment Assistance Program

Yukon Down Payment Assistance Program

Yukon Down Payment Assistance Program:

Beginning in 2005, the cost of homes in the Yukon began increasing sharply and, over the last 6 years, have nearly doubled in price. This has directly increased the required minimum down payment which has made saving a down payment more difficult for many potential homebuyers.

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Windsor Homeownership 10% Down Payment Program

Windsor Homeownership 10% Down Payment Program

Windsor Homeownership 10% Down Payment ProgramWindsor Homeownership 10% Down Payment Program:

The federal and provincial governments partnered to fund a Homeownership 10% Down Payment Program for Windsor and Essex County in 2013. It is expected the program can provide assistance for approximately 30 to 40 households. Down Payment assistance of 10% of the purchase price of an eligible home, up to a maximum of $17,300 is provided by a 20 yearforgivable loan registered on title as a second mortgage. The Windsor Homeownership 10% Down Payment Program expires December 10, 2013, or when program funds are depleted, whichever occurs first.

Continue reading Windsor Homeownership 10% Down Payment Program

Secondary Suites In Canada

Secondary Suites In Canada

What are secondary suites?

The term “secondary suite” is generally used to describe a self-contained dwelling unit with its own kitchen and bathroom, which is separate from the principal dwelling in a house. It can be located either within the principal dwelling or in an accessory building on the same lot as the principal dwelling. These units are also known as “accessory apartments” and “in-law suites.” 

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Residential Rehabilitation Assistance Programs (RRAP)

Residential Rehabilitation Assistance Programs (RRAP)

Residential Rehabilitation Assistance Programs (RRAP)Canada Mortgage and Housing Corporation (CMHC) is Canada's national housing agency. We are committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country. CMHC works to enhance Canada's housing finance options, assist Canadians who cannot afford housing in the private market, improve building standards and housing construction, and provide policymakers with the information and analysis they need to sustain a vibrant housing market in Canada.

Continue reading Residential Rehabilitation Assistance Programs (RRAP)