The City of Peterborough is offering a
$15,000 loan to assist with a down payment

. The eligibility criteria for this Program include, but are not limited to, the following:

Applicants:

Are currently renting (as defined by the Residential Tenancies Act,2006);

Do not presently own a home or property;

Do not owe money to a social housing landlord;

Have a gross annual household income up to $78,400;

Will use the purchased home as the sole and principal residence;

Qualify for a mortgage from a qualified lender; and

Are at least 18 years old.

The Home:

Is purchased for $300,000 or less;

Is a single detached, semi-detached, townhouse, row, or apartment unit
(freehold or condominium);

Is inspected by a professional home inspector (resale homes); or

Is covered under the Ontario New Home Warranty Program (new homes);

Is located in the City or County of Peterborough; and

Is of a modest size (approx. 1100 sq. ft for a 3 bedroom home).

[b]Application Process:[/b]

Step 1

Household eligibility approval

Mortgage pre-approved by qualified lender

Homeownership Education complete

Step 2

Requires signed-back Agreement of Purchase and Sale dated at least 5days
later then the date of your Step 1 Eligibility Approval Letter and with a
minimum of 30 days notice of the closing date

Signed-back Loan Agreement to receive loan upon closing

Other Key Points:

The loan is forgiven if the home
is the sole and principal residence for 20 years, but is otherwise repayable.

The loan is registered on title as a second mortgage on closing.

Canada Mortgage and Housing Corporation (CMHC) mortgage insurance treats the
$15,000 loan as equity.

Additional funds may be available to
applicants moving out of social housing.

Household assets, including any gifting amounts from
friends or family, savings, GICs etc. cannot exceed $15,000.

RRSPs do count towards personal assets
if they can be accessed for home
purchases as per Canada Revenue Agency guidelines.

The loan amount may be decreased if
$15,000 is greater than 10% of the purchase price.

Loans will be offered, subject to availability, on a first-come, first-serve basis.

The Program ends when funding has been allocated or December 1, 2017

Peterborough Renovates Program (PRP)

The Peterborough Renovates Program (PRP) is a home repair program. It helps low to moderate income homeowners afford home
necessary repairs and upgrades. This can include energy and accessibility work. Funding comes from the federal and provincial governments. The whole program is called the Investment in Affordable Housing program. The City of Peterborough has a contract with Habitat for Humanity to delivery PRP. This means that staff at the Habitat office handle all applications and questions.

Yes, funding is limited. Funding is provided to qualifying applicants on a first-come, first-served basis. When funding has been used for
the current year, applicants may be placed on a wait list. This program can help homeowners in both the City and County of  Peterborough.  You must meet all program requirements to be an eligible applicant.

There are household income and house value limits.

Applications will be processed as funding is available each year.

PRP may be expanded to include a component for multi-unit residential projects in the future. This is at the discretion of the City.

Repairs and upgrades that may be eligible under this program include:

Fire and life safety related

Foundation and structural

Heating and ventilation systems

Insulation

Windows and exterior doors

Roofs and eaves

Septic systems

Water supply systems

Electrical / plumbing

Accessibility related The Program Guidelines lists the types of eligible repairs. Security type upgrades are included in the program.

A household can receive no more than $25,000 through PRP. This could include a grant for up to $5,000 for accessibility work. The applicant must pay for any costs greater than the approved project amount

These loans are “forgiveable” with a term of 10 years. “Forgiveable” means that you do not need to pay anything as long as you continue to meet the terms in your loan agreement. All loans will be registered as either a Mortgage or a Notice on Title.

Contact
Habitat for Humanity  Peterborough & Kawartha Region for an application. Habitat is the delivery agent for PRP. This means they handle all applications for the program.

Phone:
705-750-1456 or 1-855-750-1456

Email: louise@habitatpkr.ca

Check out the website for more information: www.habitatpeterborough.ca/peterborough-renovates

Their office hours are Monday to Friday from 9:00a.m. to 4:00p.m.