The struggle to become a new homeowner may have found a Sugar Daddy in Victoria suburb.
How does a grant that will pay up to 75 per cent of the cost of a down payment sound to you?
The city of Langford has announced a new program that will gift established residents of Langford a portion of their down payment costs, through funds collected from developers over the past five years as a condition of rezoning.
By imposing additional rezoning fees on every Langford developer over the last five years, Langford Mayor Stewart Young said the city was able to earmark $3 million towards their affordable housing fund, which will assist 250 families in buying those finished homes.
鈥淭his program comes at the height of a major housing crisis across the region and will assist those Langford families who could afford a mortgage payment but are struggling to save the amount necessary for a downpayment,鈥� Young explained in a statement.
Households of at least two people having lived in Langford for at least two years, earning less than $125,000 combined gross annual income, without real estate or more $50,000 in assets, and who qualify for pre-mortgage approval will be able to apply for the program. Funds gifted from the program can reach up to 75 per cent of the downpayment on a two-bedroom condo not exceeding $450,000.
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鈥淲e ran this by the developers鈥� association and they鈥檙e supportive of it,鈥� Young told Black Press Media. 鈥淭hey recognize that if they want to continue building in Langford, they have to contribute to affordable housing 鈥� we know that the more we build, the cheaper it will be.鈥�
The idea for the program came about after Langford council observed a rental housing boom as a result of the increasing purchase prices of homes over the last 15 years.
鈥淭here鈥檚 been a lot of rentals being built because (Langford residents) don鈥檛 have the downpayment, and that was impeding owning a home,鈥� Young continued. 鈥淲e want to get a supply of condos and townhomes that are built so people can take ownership rather than just having a rental stock. We really like the idea of pride in homeownership, and we want to make sure that everybody in Langford has an opportunity to be a homeowner.鈥�
Do you have a story tip? Email: kiernan.green@blackpress.ca.
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