Niagara regional Housing program offers down payment assistance
Purpose
The purpose of the Home ownership Program is to:
Make home ownership a reality for low to
moderate income households in Niagara
Ease the demand for rental housing by assisting
renter households to buy affordable houses
Niagara regional Housing program offers down payment assistance to home buyers through a 5% forgivable loan to a maximum
of $12,697
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Encourage developers to build affordable housing
Eligible Buyers
To be eligible for a down payment loan a buyer must:
Be a Canadian Citizen, Landed Immigrant or have
Refugee Claimant Status with no outstanding
removal order
Be 18 years of age or older
Not own or have an interest in other residential
properties or owe arrears to a government assisted
affordable housing provider or Niagara Regional Housing
(NRH)
Currently be renting and looking to buy a sole and
principle residence in Niagara
Have a gross household income below $76,700 and
assets below $30,000
Be eligible to obtain a mortgage (Pre-approval required)
Provide documents to prove eligibility
Agree to register loan on title for 20 years
Eligible Homes
New homes
Resale homes (home
inspection required at buyer’s
cost)
Purchase price cannot exceed $253,932
May be detached, semi-detached, town home, duplex
or condo
Must be modest in size and features
Cannot be a home in which the buyer or any member of
the buyer’s family has an ownership interest
Please call 905-682-9201 if you require this information in a different format.
Niagara regional Housing program provides Homeowner Assistance:
Homeowners will receive 5% of the cost of an eligible
home (maximum $12,302) at the time of purchase closing
No interest will be charged on the loan
Conditions for Repayment by Homeowner
The original down payment loan (plus five percent of increased
value of the home) must be repaid if:
The home is sold before the 20 year period expires
The homeowner no longer lives in the unit
The homeowner agrees to voluntarily repay the loan
The homeowner is in default of mortgage or NRH loan agreement
CONTACT
For general information or an
application for the Niagara Regional
Housing (NRH) Welcome Home
Niagara Homeownership Program,
contact:
Project Manager,
Housing
Development
905-682-9201 ext. 3918
or visit
http://www.nrh.ca
For any other inquiries contact NRH
at 905-
682-9201 or 1-800-232-3292
Niagara Regional Housing
Niagara Region Headquarters
Campbell East,
2201 St. David’s Rd. W
P.O. Box 344, Thorold, ON L2V 3Z3
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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