Alberta seniors home adaptation & repair program

Seniors Home Adaptation and Repair Program (SHARP)

Alberta seniors home adaptation & repair program allows senior homeowners age 65 and older to finance home repairs and adaptations through a low-interest home equity loan with the Alberta government.

Under SHARP, a maximum home equity loan of $40,000 will be available to single seniors and senior couples with an annual total income of $75,000 or less, and who have a minimum of 25 per cent home equity.
Alberta seniors home adaptation & repair program
Get your copy of
Directory Forgivable Canadian Real Estate Grants
now at
www.GovernmentGrantsCanada.ca


Consumer Protection Information


This new program includes consumer protection measures to ensure seniors know their rights when hiring contractors and entering into contracts. As a contractor operating in Alberta, you should be aware of the following:

SHARP will consider the reasonableness of the cost or fees to the senior for a home repair, Alberta seniors home adaptation & repair program or adaptation as part of the loan approval process.
Seniors who apply to the program will have contract cancellation rights if the senior is not eligible for a loan, has not waived their right to cancel and has not accepted any of the goods or services agreed to in the contract.
All current requirements for contractors and protections afforded to consumers under the Fair Trading Act still apply.
SHARP legislation ensures consumers get the information they need when they enter into a contract by obligating contractors and suppliers to carry out specific duties.

Alberta seniors home adaptation & repair program

Contractor (Supplier) Duties Under the Program

The following information summarizes contractor (supplier) duties and obligations as set out in the Seniors Home Adaptation and Repair Act (Act) and the Seniors Home Adaptation and Repair Regulation (Regulation). In the event of any conflict or discrepancy between the information on the Ministry of Seniors and Housing website and the Act and Regulation, the Act and Regulation shall take precedence. You are encouraged to click on the links to the Act and Regulation to verify the current information.

Before entering into a contract with a consumer, contractors (suppliers) are required to:

Advise the consumer that the Alberta seniors home adaptation & repair program is available to provide home equity loans to cover the costs of home repairs, Alberta seniors home adaptation & repair program or adaptations that are reasonably necessary for the maintenance, structural integrity or energy efficiency of the home or for the health, safety or mobility of the occupants.
Advise the consumer that if the consumer's application for a Alberta seniors home adaptation & repair program loan to cover some, or all, of the costs of the goods and/or services agreed to in the contract is received by SHARP within 45 days of the date of the contract, that the consumer has the right to cancel the contract if:
the consumer is notified by Alberta seniors home adaptation & repair program that their application for a loan is not approved, and
the consumer has not chosen to waive their cancellation rights, in writing, as authorized in the standardized written Seniors Home Adaptation and Repair Program statement of cancellation rights included in the contract, and
the consumer has not accepted delivery of the goods and/or provision of the services agreed to in the contract, in whole or in part.
Provide the consumer a standardized written Seniors Home Adaptation and Repair Program statement of cancellation rights, in the prescribed format as per the Schedule, which is included in the contract.
Refund any money paid to them by the consumer, under the contract, within 15 days if the consumer cancels the contract within 30 days of receiving notification from the Seniors Home Adaptation and Repair Program that the consumer is not eligible for a loan.

Alberta seniors home adaptation & repair program


Method of Contract Cancellation

The notice of cancellation may be given by any means, including, but not limited to, personal service, registered mail, courier or fax, or by any other method, including orally, by which the consumer can provide evidence of the date that the consumer cancelled the contract.

Impacts of Cancellation of a Contract and Responsibility of Supplier
Cancellation of a contract in accordance with the Seniors Home Adaptation and Repair Act means that the
contract

Alberta seniors home adaptation & repair program

 

any related transaction
any guarantee with respect to money payable
any credit arranged by the supplier whether or not included in the contract
any security given by the consumer
is cancelled as if it never existed. When the contract is an offer to buy, the offer is withdrawn.

In the case of cancellation, any money paid to the supplier must be returned to the consumer within 15 days of the contract cancellation.

Need More Information?
If you want more information about the Seniors Home Adaptation and Repair Program:

Call the Service Alberta Call Centre toll free at
1-877-427-4088 or 780-427-4088 in Edmonton or
email seniorsharp@gov.ab.ca.

The information on this website is provided for your personal or
educational use only. It is not legal advice.

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.

Alberta seniors home adaptation & repair program
Tickets for LIVE CRASH COURSE at [color=#0000BF]http://www.Flipping4Profit.ca

Grants for Alberta Disable & Senior Home Owners

RAMP – Residential Access Modification Program

RAMP is a program that helps people with
mobility challenges to modify their homes to be
more accessible.

Grants for Alberta Disable & Senior Home Owners
Get your copy of
Directory Forgivable Canadian Real Estate Grants
now at
www.GovernmentGrantsCanada.ca

Who is eligible for Grants for Alberta Disable & Senior Home Owners?

 Albertans of any age who use wheelchairs
 Seniors who use a wheelchair or four-wheel
walker
 People who have progressive neurodegenerative
diseases, including multiple
sclerosis, muscular dystrophy, ALS (Lou
Gehrig's disease), COPD (chronic
obstructive pulmonary disease), Parkinson's
disease, Alzheimer's disease, spina bifida,
spinal cord injuries, or non-recovering
stroke

  Grants for Alberta Disable & Senior Home Owners

What are the income/asset limits?

 Applicants must have a gross household
income of $36,900 or less for a single
person, or $46,500 or less for a couple
 Amount can be increased by $9,600 for
each child under 21 years of age still living
at home and attending school full-time
 Amount can be increased by $7,131 if the
family is applying for a dependent child
under 18 who uses a wheelchair
 For applicants who bought a home within
the last 24 months, property value
thresholds apply as follows:

Calgary $510,000
Edmonton $420,000
Fort McMurray $660,000
Grande Prairie $360,000
Red Deer $390,000
Lethbridge $300,000
Medicine Hat $330,000
All rural areas $276,000

Grants for Alberta Disable & Senior Home Owners

 Property threshold values are also applied
to new homes being built on previously
owned land (new house and land value
combined)

How much is the RAMP Grants for Alberta Disable & Senior Home Owners?

 Up to $7,500 per grant
 Clients can get multiple grants of up to
$15,000 in a 10-year benefit period

What modifications are eligible?

 Modifications must enable the wheelchair
user to:
o access their own living space
o move within their own living space
 For a complete list, see:
humanservices.alberta.ca/documents/rampallowable-modifications.pdf

Is the Grants for Alberta Disable & Senior Home Owners available to people who rent?

 Yes, with approval from the landlord
 Either permanent or temporary
modifications can be done with landlord
approval

 

Will RAMP fund projects that are already
finished?

 

 If the project falls within RAMP’s policy
guidelines it may be considered
 Applications should be submitted to RAMP
as soon as possible, but no later than 90
days of the project being completed

How to apply

Online application packages are available at:
humanservices.alberta.ca/ramp

More information:
Web: humanservices.alberta.ca/ramp
Phone: Edmonton local: 780-427-5760
Toll free anywhere in Alberta: 1-877-427-5760
Email: HS.RAMP@gov.ab.ca

Alberta Community and Social Services
10th floor, Milner Building
10040-104 Street NW
Edmonton, AB T5J 0Z2

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.

Grants for Alberta Disable & Senior Home Owners
Tickets for LIVE CRASH COURSE at [color=#0000BF]http://www.Flipping4Profit.ca

Down payment assistance program Calgary-Alberta

Down payment assistance program Calgary-Alberta

PEAK is designed to help middle-income families and individuals purchase a home. PEAK stands for Public, Essential And Key workforce which is the primary group the program serves.
 

Down payment assistance program Calgary-Alberta
Get your copy of Directory Forgivable Canadian Real Estate Grants
now at www.GovernmentGrantsCanada.ca

The PEAK Program was introduced in 2009 to provide an affordable home ownership option for employed individuals who were unable to save up enough money for a Down payment assistance program Calgary-Alberta on their home. PEAK began as a joint program between Trico Residential, the Government of Alberta Municipal Affairs, CMHC and Habitat for Humanity.

To date, PEAK has helped 111 individuals and families purchase a home of their own.

PEAK housing units are priced at market value and recipients must be able to qualify for and hold a mortgage. Once you are approved for the program, PEAK will provide a second mortgage for either a partial or full Down payment assistance program Calgary-Alberta up to a maximum of 5% of the purchase price.

The second Down payment assistance program Calgary-Alberta mortgage is interest free for the first five years, with repayment not due until you sell your home. If you choose to stay in the home beyond the five-year period you will begin to accrue interest to the second mortgage.

The best part about it is that PEAK recipients are able to retain all of the equity in their home, minus their initial deposit, if they stay in the home for at least three years.
The goal of PEAK is to help new home buyers enter the market, retain their equity to move up, and to continue to recirculate the initial fund to help additional buyers purchase a home.

Down payment assistance program Calgary-Alberta

WHO QUALIFIES FOR THE PROGRAM?

PEAK is geared towards buyers who meet the following qualifications:

Are pre-approved for a five-year fixed-rate mortgage equivalent to the price of the PEAK housing unit;
Have a household income to a maximum of $80,000 per year for singles or couples with no dependant children living at home; or, $90,000 per year for singles or couples with dependent children living at home;
Don’t have available resources for a 5% down payment;
To secure a unit you must have $1,000 available for a Down payment assistance program Calgary-Alberta
Have assets equaling less than $30,000 per household (excluding primary vehicle, RESP, RRSP or pension); and
Will keep the PEAK Housing unit as your sole permanent residence.

More info at http://www.peakinitiative.ca/

Down payment assistance program Calgary-Alberta

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.

Down payment assistance program Calgary-Alberta
Tickets for LIVE CRASH COURSE at [color=#0000BF]http://www.Flipping4Profit.ca

Down payment in Calgary-Alberta

Buy a home with a $2,000 down payment in Calgary-Alberta

Attainable Homes Calgary Corporation (AHCC) is a nonprofit social enterprise and wholly owned subsidiary of The City of Calgary that delivers well-appointed, entry-level homes for Calgarians who have been caught in the city’s growing housing affordability gap.

Down payment in Calgary-Alberta
Get your copy of
Directory Forgivable Canadian Real Estate Grants
now at
www.GovernmentGrantsCanada.ca

Through our Attainable Home Ownership Program, we connect builders, developers, lenders, lawyers and others to bring down the upfront costs of ownership so qualifying Calgarians can buy their very own home with a $2,000 down payment. Furthermore, when you decide to buy an attainable home, you're also choosing to pay it forward to help another family in the future. When you eventually decide to refinance or sell your home on the market, a share of the appreciation goes back into the program to fund more developments that will help even more people get a foot on the property ladder.

Down payment in Calgary-Alberta

Attainable Homes Calgary Corporation (AHCC) In a nutshell

One significant barrier to home ownership for many moderate-income Calgarians is the Down payment in Calgary-Alberta. We remove this barrier through an investment partnership. You, as the home buyer, provide $2,000 and we provide the rest to get to the required five percent Down payment in Calgary-Alberta. You live in your home as long as you want. If and when you sell your home, that’s when a portion of the home’s appreciation goes back into the program to pay it forward to future participants. The longer you live in your home, the larger your share to a maximum of 75 percent.

Attainable Homes Calgary Corporation (AHCC) Eligibility

· Maximum household income of $90,000/year with dependent children living in the home
· Maximum household income of $80,000/year with no dependent children living in the home
· Your assets are less than 20% of the home’s purchase price, up to a maximum of $50 000 (this does not include primary vehicle, RESP, RRSP & pension)
· You can qualify for a mortgage and put $2,000 of your own money down
· You complete one of our home education sessions (group session or independent)
· Your home will be your permanent and only residence

Attainable Homes Calgary Corporation (AHCC) Shared Equity Calendar

You never have to sell your home. But if you do, that’s when we share in the home’s appreciation with you. If you live in your home for three years or more, you will keep three quarters of the increase in your home’s value. The portion we take is to help pay it forward to future program participants.

Years of ownership*

Your share of the home’s appreciation 0 – 1 year 0%

1 – 2 years 25% 2 – 3 years

50% 3 + years 75%

*There is no minimum or maximum length of time required.

Down payment in Calgary-Alberta

Attainable Homes Calgary Corporation (AHCC) Example

Sometimes it’s easier to understand how the program works when we walk through an example.

Purchase price $220,000

Deposit from you $2,000

Gifted Down payment in Calgary-Alberta we provide $9,000

Your mortgage from a preferred lender $209,000

Say you sell your home after four years and the appraised value is $254,700.

Market value of your attainable home $254,700

Minus your original deposit $2,000

Minus your mortgage amount $209,000

Appreciation (increase in value) $43,700

The home grew in value by $43,700. If you are selling after four years of ownership, you keep 75% of that value or $32,775. The program keeps 25% or $10,925 which is paid forward to more people like you. It’s an investment partnership that works to help you and others like you.

Think you are ready to take the next step?

3 simple steps that will change your life

1. Fill in the online application form by clicking the “Let’s begin” button below. This will tell us about who you are, what you’re looking for and whether you fit the program criteria.

2. Education. Every home buyer must come to our office to complete an education session which can be done individually at our computer terminals or in a group session offered monthly. The session explains how the program works, provides information about our lender and legal partners and helps you to consider whether homeownership is right for you.

3. Mortgage pre-approval. As with any home purchase, all our clients must qualify for a mortgage. We are partnered with all of the major financial institutions. Each has specific agents who are very familiar with our program. Please contact us for a list.

Home ownership is within reach…

More info at http://attainyourhome.com/

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.

Down payment in Calgary-Alberta
Tickets for LIVE CRASH COURSE at [color=#0000BF]http://www.Flipping4Profit.ca

Toronto Down payment support

Toronto Down payment support Options is a non-profit developer of condominiums. We help people achieve their dream of becoming homeowners by passing along cost-savings and offering down payment support through the Options Down Payment Loan. Since building the first 3 condos in Toronto's Distillery District over 20 years ago, Options has helped 3500 people and their families through our Pay It Forward model.

How Options for Home Toronto Can Boost Your Down Payment

Toronto Down payment support can boost your down payment by 10-15% of the Purchase Price of our suite. The Options Down Payment Loan helps you keep your carrying costs lower by reducing the mortgage amount needed from the bank. This is an optional shared appreciation loan that is payment-free until you sell or rent out your home. All you need to pay is your portion of the down payment, at least 5% of the Purchase Price.

Toronto Down payment support
Get your copy of Directory Forgivable Canadian Real Estate Grants
now at www.GovernmentGrantsCanada.ca

Toronto Down payment support

The Options Down Payment Loan is available to all purchasers through a partnership with Home Ownership Alternatives, a non-profit organization whose mission is to bring home ownership within reach.

When you sell, or at any time you so choose, you repay the original amount that you borrowed plus its equivalent percentage of any profit you make through the increase in the price of your suite. In other words, if your suite has increased in value by 20%, then the Toronto Down payment support has increased in value by the same percentage.

This is an internationally recognized and award-winning “pay it forward” model that relies on the repaid loans of previous purchasers over the past 20 years. The fund is 100% user generated and does not rely on government assistance for its success. Repaid Toronto Down payment support are then used to help fund new communities and keeps home ownership within reach for others.

Toronto Down payment support

Upcoming Communities Toronto Down payment support Toronto Down payment support

The Humber
​Weston Village

A new Options development will be located just south of Weston Road and Lawrence Avenue West, a 5-minute walk from the Weston GO and future LRT station. Right on the banks of the Humber River, this condominium is expected to begin selling early 2018!

Get Priority Access to future Options condos like this one and be among the first to see floor plans before it launches to the public!

Toronto Down payment support

Carlton Street Condos
Downtown Toronto

Options' Carlton Street Condos will be among the most environmentally-conscious condo communities in Toronto. To be located at the corner of Sherbourne and Carlton in downtown Toronto, this is a car-less condo and will feature a variety of environmentally-friendly features such as solar hot water heating and advanced garbage sorting. The 10 parking spots available will be reserved exclusively for a car sharing.

Get Priority Access to future Options condos like this one and be among the first to see floor plans before it launches to the public!

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.

Toronto Down payment support
Tickets for LIVE CRASH COURSE at [color=#0000BF]http://www.Flipping4Profit.ca