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Affordable home-ownership program expanded
Friday August 22 2008
By RICHARD VIVIAN Banner Staff Writer
 
Participation in the affordable home-ownership program administered by Dufferin County is expected to grow, now that some of the rules have been relaxed.
The province has increased the maximum allowable family income (to $75,800 from $62,600) and upped the value of homes that qualify for financial assistance (to $280,922 from $208,000).
Dubbed the Canada-Ontario Affordable Housing Program, the initiative helps families who would otherwise not be able to buy a home come up with a five per cent down payment, up to $10,000.
“It’s been going well. We’ve had a good response under the old rules,” says Dan Best, director of community services. “We’re hoping to get even greater take-up with the increased maximum household income and property price.”
Qualification changes were made at the provincial level, Best notes. The new household income level is equal to what 60 per cent of Ontario households earn annually. The home value was increased to match the average sale price of homes throughout the county in the first quarter of 2008.
Dufferin has received $270,000 from the Ministry of Municipal Affairs and Housing, enough to assist with the purchase of up to 27 homes.
“It surprised us,” Best says about the hike in allowable income. “This will give us a new grouping of people that could access the program.”
Under the former rules, Best says eight county residents were assisted in becoming homeowners. Four more have been approved but haven’t competed their purchases.
In order to qualify, applicants must be renting, be at least 18 years old, have a gross household income of $75,800 or less, own no more than $20,000 in assets and be eligible to get a mortgage.
The program runs until the end of March.
For more information about the program, contact Valerie Irwin or Betty Speer at 519-941-6991 or online at www.dufferincounty.on.ca.