New Home Ownership

This program is for developers who are interested in building modest new homes in areas of revitalization to help moderate-income households move from rental housing to home ownership. It provides an average of $40,000 in assistance for each household.

Eligibility

Developers must be from the non-profit or private sectors. Developers must submit an application and project proposal to the Department of Community Services. If a proposal is approved, developers must enter into a project development agreement with the Province. Projects must be located in urban areas of revitalization and homes must be offered to moderate-income households and remain affordable for at least 10 years. Interested households will submit applications directly to developers, who are responsible for selecting applicants based on a first-come first-serve basis, with priority given to those with an urgent health or safety need.

Households must have average annual income of $30,000 to $54,000 to qualify for assistance under this program. Applicants must meet normal private-sector lending criteria for first-time homebuyers and be prepared to sign a ten-year forgivable loan agreement with the Province. In addition to the assistance received through this program, applicants must be able to provide a 5% down payment and cover closing costs equal to at least 1.5% of the purchase price of the home. Applicants are required to finance the balance of the purchase price with the private sector.

For full details on eligibility, contact your local Housing Services Office.

Next steps

Developers interested in building modest new housing in an urban area of revitalization will need to complete an application form, provide supporting documentation and submit a project proposal to their local Department of Community Services Office.

Households interested in applying for the New Home Ownership program may contact their local Housing Services Office to find out whether any projects are planned for their area. If so, you will need to submit an application directly to the developer. Developers will then select applicants based on a first-come first-serve basis, with priority given to those with an urgent health or safety need.

Contact the nearest Housing Services office of the Department of Community Services.