I was going to write about the market forecast again this week but instead I am going to congratulate the creators of a program that is little known and should be lauded as an example of commitment to quality of life in our communities. The Manitoba Real Estate Association has a program called “Quality of Life” which is an umbrella for community related charities. They include the Shelter Foundation of which I participate, it includes Realtors Care which does good deeds like feeding the homeless and it also includes Manitoba Tipi Mittawa.
MTM is a partnership of MREA and Federation of Manitoba Chiefs and its mandate is to enable First Nations people to more easily become home owners. The potential buyers must meet a high degree of qualification, must do financial training as to budgets, etc., and if successful, the MREA will provide the down payment and closing costs for the buyer and will subsidize their mortgage costs up to $400 per month for 10 years. The owner must stay in the house for 10 years or if they sell before that time, then they must pay back the costs prorated on how long they have been there.
This is such an incredible opportunity. People who never thought they could own are seeing the benefits of home ownership. They feel the pride of returning everyday from work to the place that they have a stake hold in. Their children can go to same school and have the same playmates over many years. It opens up a rental space somewhere for another family. With the market being what it has been they see their equity growing so at the end of 10 years an equity position of $30-40,000 is not unreasonable. It is a win –win situation all around. The Provincial Government has ended financial support to MTM and the founders are currently looking for other supporters – either individual or other Foundations to keep this most worthwhile endeavour growing. It is the best kept secret in our community and word needs to get out about how vitally important programs like this are. To read more about MTM see today’s Winnipeg Free Press. Page B5. We should all be proud!
Click on the Link below to learn more: