Carol Ireland

Canada-Ontario Affordable Housing Program's Homeownership Program

The purpose of the Homeownership Component of the Canada-Ontario Affordable Housing Program (AHP) is to provide down payment assistance in the form of a forgivable loan to eligible individuals and families for the purchase of a home. 

The County of Simcoe has committed to delivering the Homeownership Program for a minimum of 15 years. Therefore, any down payment assistance that is paid back to the County by purchasers is held in a ‘Revolving Fund’ to be redistributed to future home owners. 

Minimum Household Eligibility 

• Must be a renter household buying a sole and principal residence
• Cannot currently own a home or have any vested interest in a residence/land
• Must provide proof of gross household income at or below $77,900
• Have liquid assets of no more than $20,000
• No outstanding arrears if a former tenant of social housing in Ontario
• At lease 18 years of age, Canadian citizen, landed immigrant, or have Refugee Claimant status
• Supply photo identification and birth certificate
• Provide documentation showing mortgage pre-approval upon request

Eligible Homes Considered

• Homes must be modest in size and located in Simcoe County
• Re-sale properties and new construction are eligible
  • All re-sale homes must have an inspection performed by a certified home inspector
  • New construction must provide Tarion Certificate of Completion and Possession under the Ontario New Home Warranty Program

• You will be advised of the maximum purchase price when your name comes up on the waiting list
• Persons seeking funds to offset construction costs on land that they currently own are not eligible for funding
• Units may be detached, semi-detached, condominiums, stacked homes, row/town houses, or apartments (mobile homes and homes on reserve land are ineligible)

• The down payment assistance loan is considered by CMHC as homeowner equity for the purposes of securing CMHC mortgage insurance.
• The Loan is registered on title

Application Process

• Applications are available by calling the County of Simcoe or you can download a copy from our web site
• Funding is available on a first come, first served basis
• You will be advised when your name comes up on the waiting list
• At that time you will informed of the maximum purchase price for a home and the amount of down payment assistance available (5% - 10%)

Conditions for Repayment 

• No repayment of the loan if home is sold after 20 years

• If the home is sold before 20 year period expires, you must repay the original loan plus a percentage of the realized capital gain

• If the home is sold before 20 year period expires and seller experiences a capital loss, repayment would be forgiven provided the sale meets the following criteria: 

• •            the unit is sold at a fair market value; and
  •            the purchase and sale of the unit is an arm’s-length transaction

• If the purchaser is in default of any term of the Loan Agreement within 20 years of the date of purchase, it is deemed a sale and the loan, plus a percentage of the increase in market value, becomes immediately due.
• Contact me today for more information carol.ireland@century21.ca