Affordable Home Ownership   |
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Note: The information on this page is subject to change from time to time at the discretion of the Region of Waterloo and pursuant to the requirements of the Ministry of Municipal Affairs and Housing. Be sure to check back regularly for updates.
Many people across Ontario have recently become homeowners thanks to the down payment assistance loan they have received from the Affordable Home Ownership component of the Canada-Ontario Affordable Housing Program. We have been told by the Provincial government that the money that was available from this Program has now been used up.
Starting April 1, 2010, money will once again be available from the Provincial government for the Affordable Home Ownership Program on a first-come, first-served basis. Therefore, we are still accepting applications from local households that are interested in receiving down payment assistance towards the purchase of a home.
The applications we receive will be checked to make sure they meet the eligibility criteria. If they do, the Region will then contact those applicant households to talk to them about what to do next.
Because we cannot guarantee that anyone will receive down payment assistance and because we do not want anyone to be disappointed, we ask that applicants do not begin shopping for a home until they receive a Status of Application letter from the Region of Waterloo.
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About the Program
The Affordable Home Ownership component of the Canada-Ontario Affordable Housing Program is being delivered by the Region of Waterloo on behalf of the Federal and Provincial governments.
The program provides qualified low to moderate-income households with down payment assistance loans of 5 per cent of the purchase price of an eligible home (current maximum purchase price is $231,000). The down payment assistance loan is 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 5 per cent of the capital gain realized through the sale is payable to the Region of Waterloo’s Affordable Home Ownership Revolving Loan Fund.
Please note that an "eligible" home, as per the 2009 Provincial Guidelines, is limited to only new construction units not previously occupied (including conversion from non-residential) that qualifies for Tarion’s new home warranty. Re-sale homes are not eligible for funding under the current program.
Funding for the new construction home ownership program will be provided by the Province on a first come first served basis until all funding is exhausted, or until the deadline of March 31, 2011. The down payment loans will be made available on closing. Purchasers will be responsible for any down payments or deposits required prior to closing.
Potential applicants should note that the Region of Waterloo is still taking applications for the Affordable Home Ownership Revolving Loan Fund Waiting List, which, when funds become available through loan repayments, will allow for the purchase of resale homes. ** Funding for resale homes is not currently available for households on this waiting list. Households on the waiting list will be notified when funds are available. **
Are you eligible to apply?
To be eligible to apply, you must:
- Qualify for a mortgage,
- Have a maximum household income of $69,500,
- Be at least 18 years old and currently renting,
- Not own or have an interest in a home,
- Not owe money to a community housing landlord,
- Be a legal resident of Canada, and
- Intend to have this home as your one and only residence.
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If you are interested in this new program, please read the new Affordable Home Ownership Program Fact Sheet (updated August 2009) for detailed information about the new construction home ownership program before completing an application.
The Application
Click here to print an application. Or, you can call 519-575-4046 and ask us to mail or fax you an application package.
Completed applications can be dropped off, mailed or faxed to:
Region of Waterloo, Housing Division
Attention: Affordable Home Ownership Program
150 Frederick St., 8th Floor, Kitchener, ON N2G 4J3
Fax: 519-575-4449
If you have questions about how to complete the application, please contact Carolyn Crozier at 519-575-4757 Ext. 3657 or e-mail aho@region.waterloo.on.ca.
Additional Information
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