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with some of our mortgage loan products ?

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
Offer down payment assistance for homebuyers through a 5% forgivable loan to a maximum of $16,964
Encourage developers to build affordable housing

More info:

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
• Currently be renting and looking to buy a sole and principle residence in Niagara
• Have a gross household income below $77,600 and assets below $30,000
• Be eligible to obtain a mortgage
• Provide documents to prove eligibility
• Agree to register loan on title for 20 years

Eligible Homes

• New homes (home inspection encouraged)
• Resale homes (home inspection required at buyer’s cost)
• Purchase price cannot exceed $339,294
• May be detached, semi- detached, townhome, 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

Homeowner Assistance

• Homeowners will receive 5% of the cost of an eligible home (maximum $16,964) 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