Boost toward home ownership from Grey County

·1 min read

Those with household income under $82,000 and personal assets (including family gifts) of under $50,000 qualify for a Grey County affordable housing forgiveable loan.

Applications open up April 1, and the program closes when available funds have been granted. The form and full conditions for the program are on the Grey County website under “Affordable Housing Programs.”

The loan for first-time homeowners is for up to five percent of the purchase of a new or resale home in Grey County that is $383,000 or less.

The amount does not need to be repaid if the house is owned for more than 20 years.

If it is sold before that time, the original amount plus five percent of the capital gains must be paid back. That money is then kept within the program to be loaned again.

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

The program requires full financial information and verification of employment by the employer.

M.T. Fernandes, Local Journalism Initiative Reporter, Dundalk Herald