Mayor Naheed Nenshi is touting a $2,000 downpayment plan as a solution to unaffordable housing in Calgary.
City agency Attainable Homes Calgary has partnered with developer Hopewell Residential to craft a program offering working individuals or families townhouses or apartments for the low entry payment.
Speaking in a townhouse in the southeast area of Copperwood similar to the homes in the program, Nenshi said purchasing a home in Calgary is beyond the means of even those with decent-paying jobs.
“We still have an issue of the cost of housing — it’s been increasing much faster than wage inflation which means more people are locked out of home ownership,” said Nenshi, who’s the director of Attainable Homes.
A typical downpayment of $16,000, he said, “is a lot of money to save.”
For now, the partnership will supply 24 units with the first ones becoming available in the fall of 2016.
The program will free up rental homes that can be used to lodge the homeless and those choosing to rent, said Nenshi.
“We need to relieve the pressure at every point of the continuum,” said Nenshi.
There’s no reason why working Calgarians shouldn’t be home owners, said Jeff Rust, Hopewell’s multi-family vice president.
“We believe hard-working Calgarians deserve to attain the dream of home ownership,” he said.
“We look forward to the beginning of a productive and long relationship.”
The eligibility cutoff for the housing is a maximum of income of $90,000 for those with children and $80,000 for buyers without kids.
The company said they’re confident the homes will sell quickly.
Attainable Homes Calgary Corporation (AHCC) is a nonprofit social enterprise and wholly owned subsidiary of The City of Calgary that delivers well-appointed, entry-level homes for Calgarians who have been caught in the city’s growing housing affordability gap.
Through our Attainable Home Ownership Program, we connect builders, developers, lenders, lawyers and others to bring down the upfront costs of ownership so qualifying Calgarians can buy their very own home with a $2,000 down payment. Furthermore, when you decide to buy an attainable home, you're also choosing to pay it forward to help another family in the future. When you eventually decide to refinance or sell your home on the market, a share of the appreciation goes back into the program to fund more developments that will help even more people get a foot on the property ladder.
Do you aspire to own a home of your own? Contact us today and let us show you just how attainable this milestone can be.