Funding for Home Repairs for Muskoka Home Owners
Forgivable Grants for Muskoka Home Owners – Do you have home repairs that need to be done, but you don't have enough money to do them?
Get your copy of Directory Forgivable Canadian Real Estate Grants now at www.GovernmentGrantsCanada.ca
Forgivable Grants for Muskoka Home Owners is a program for low and modest income households that provides funding for necessary:
- Home repairs
- Home accessibility modifications for persons with disabilities
- The purchase and installation of energy-saving products
Forgivable Grants for Muskoka Home Owners
Funding is limited, and will be available based on eligibility requirements and receipt of complete and eligible applications. There are 12 Ontario Renovates loans available , at a maximum of $12,200 each.
Eligibility Requirements
- Property value may not exceed the House Value Threshold, set at $295,000 for 2017/2018
- Total household income must be at or below the Homeowner Income Threshold, set at $79,700 for 2017/2018
- Total household asset level must be less than $20,000 which includes, savings, GIC's, and other financial assets (not including RRSP's or RESP's) and land or other properties, but does not include items such as vehicles
- The home must be at least five years old
- The home cannot have been purchased with a Homeownership down payment assistance loan
- Ontario Renovates projects must meet eligible repair project parameters
Terms & Conditions
- The program will fund up to 100% of the cost of qualifying repairs, replacements and related costs to a maximum of $12,200 per owner-occupied home, in the form of a forgivable loan based on the cost of the approved work items
- The loan forgiveness period for the home repair loan is 10 years
- Forgivable Grants for Muskoka Home Owners are forgiven at an equal rate annually, for each of the 10 years
- Applicants will be required to sign a loan agreement with the District Municipality of Muskoka, and the home repair loan will be secured through a mortgage that will be registered on title
- Once an applicant(s) is in receipt of a conditional letter of acceptance for the Ontario Renovates program, and until the project is complete and the forgivable loan is registered on title, applicant(s) may not change any terms of their mortgage, including refinancing
The District must be named as an additional insured party on the applicant's home insurance policy
Accessibility Grants
Forgivable Grants for Muskoka Home Owners Accessibility Grants are available in funding amounts of up to $5000.00 (non-repayable) for accessibility modifications
A healthcare professional must provide confirmation of the disability and outline the recommended modifications to enable greater independent living
Accessibility Modification Grants may be combined with Home Repair loans at the discretion of the District
For more information regarding the Ontario Renovates Accessibilities Grant please refer to the Ontario Renovates Program Guidelines
Direct Questions to:
Affordable Housing Program
705) 645-2412, ext. 614
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.
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