The City of Peterborough is offering a $10,000 loan for people who are currently renting and are buying a home in the City or County of Peterborough. The eligibility criteria for this Program include, but are not limited to, the following:
- Are currently renting;
- Do not presently own a home or property;
- Do not owe money to a social housing landlord;
- Have a maximum gross annual household income of $63,300;
- Will use the purchased home as the sole and principal residence; Qualify for a mortgage from a CMHC approved lender; and,
- Are least 18 years old.
- Is purchased for a price that does not exceed $220,000;
- Is a single detached, semi-detached, townhouse, row, or apartment unit
(freehold or condominium); and,
- Is inspected by a professional home inspector (resale homes only); or
- Is covered under the Ontario New Home Warranty Program (new homes only); Is located in the City or County of Peterborough; and
- Is of a modest size (approx. 1100 sq. ft for a 3 bedroom home)
Other Key Points:
- Canada Mortgage and Housing Corporation (CMHC) mortgage insurance treats the $10,000 loan as equity
- The loan is forgiven if the recipient maintains the home as their primary residence for 20 years
- The loan is registered on title as a second mortgage on closing.
- Application to determine eligibility
- Requires mortgage pre-approval
- Loan Agreement to receive loan
Requires signed-back Agreement of Purchase and Sale with 30 days notice of closing date
- Loans will be offered, subject to availability, on a first-come, first-served basis to eligible applicants who complete Step 2 before December 15, 2010
Interested? Obtain an application package in the Housing Division, City Hall at 500 George Street North to pick it up.
Homeownership in the City and County of Peterborough
Made Affordable Under the Canada-Ontario Affordable Housing Program
- Are you currently renting and dreaming of owning a home, but you don’t have all the down payment in the bank?
- The City of Peterborough may be able to help with a $10,000 loan under the
Canada-Ontario Affordable Housing Program (AHP). Repayment of the loan is only
required if the home is sold within 20 years.
- Applicants must be renting, be at least 18 years old, have a gross household income
at or below $63,300 and have access to mortgage financing.
- The selling price of the home must be at or below $220,000. The Agreement of
Purchase and Sale must be executed after March 31, 2010 and with a closing date
on or after April 30th, 2010.
- Application Packages will be available in the Housing Division starting March 15,
2010 at City Hall, 500 George St N Peterborough, ON.
- The Canada Ontario Affordable Housing Program has committed funding to help
make homeownership affordable for low and moderate-income households across
Ontario. Approximately 17 households may be assisted in the City and County of
Paid for in part by the Government of Ontario
This is the link to the media release on the City website.
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