There is help for moderate income, renter households to realize the dream of owning their own home. The City of Peterborough is offering home ownership assistance loans to eligible applicants in the City and County of Peterborough.

 

The loan will be repayable if the house is sold within twenty (20) years. Any loans, which are repaid, will go into a revolving fund to help other households purchase a home in the future.

 

Since 2008, the Canada Ontario Home Ownership program has been successful in assisting 55 renters achieve their dream of owning a home in this area.

 

The 2013 program will assist approximately 15 households to purchase a new or resale home in the City and County of Peterborough priced at $240,000 or below.

 

The Agreement of Purchase and Sale must be executed after April 2, 2013 and have a minimum of 30 days notice of the closing date.

 

Homebuyers who are 18 years of age and older, earning a gross annual household income of $69,800 or less, currently renting, do not currently own a home and are pre-approved for a mortgage may be eligible.

 

Application packages are now available from the Housing Division at City Hall.

 

Susan Bacque, Manager, Housing Division with the City of Peterborough,

is excited about this program saying, “This is the third time we have been able to offer assistance for the purchase of an affordable home.”

 

The range of Housing programs available to City and County residents is broad, addressing the entire housing continuum “from people who are homeless, to low income renter households, to those renters who, with a little assistance, can become successful home owners”.

 

The City and County support this program as a way to assist moderate -income renter households who are able to carry a mortgage but have not been able to save a full down payment.