To ease the burden of rising housing costs The Investment in Affordable Housing for Ontario Program can help provide the 5% down payment that you need to become a home owner.
The program provides qualified low to moderate income households with down payment assistance loans of 5% of the purchase price of an eligible home.
The down payment assistance loan is interest-free and forgivable after 20 years, provided there has been no default under the terms of the loan. If the home is sold before 20 years, the principal amount of the loan plus a percentage of the capital gain realized through the sale is repayable.
To be eligible for a Homeownership Loan, prospective purchasers must be a renter household buying a sole and principal residence in the county that they are applying to, and:
Qualify for a mortgage
Not own or have an interest in a home
Have a household income of below the limits set out at the end of this package
Not owe money to a social housing landlord
Be at least 18 years of age
Have legal status in Canada
Be currently renting
Intend to have this home as your one and only residence
The list of qualifications above is intended as an overview only and does not necessarily encompass all of the qualifications of the program. Each Ontario County that is participating in the program also has a set of rules and qualifications specific to that County. Contact your County’s Community Services department or Housing Department for more information and application forms.
“The Investment in Affordable Housing (IAH) for Ontario Program is a federal and provincial program to provide funding for the creation and repair of affordable housing. The IAH is based on the principles of Ontario’s Long-Term Affordable Housing Strategy and is a continuation of the Canada-Ontario Affordable Housing Program (AHP). Funding for the program is renewed each April 1st and has to be committed by December 31st of that year.”
Your REALTOR® can help you with these and other programs that may be available to you!