Privacy  
CanEquity Mortgage Canada
Canadian mortgage rates,
mortgage calculator & news.

Canadian Mortgage News

July 2005 National News Archive

 

Related Links:
National Archive
2005 Archive
January 2005
February 2005
March 2005
April 2005
May 2005
June 2005
July 2005
August 2005
September 2005
October 2005
November 2005
December 2005


CanEquity Mortgage News RSS 2.0 Feed

CanEquity Mortgage News Atom Feed

About RSS and Atom Feeds

Portable Document Format Printable Version Page d'accueil franšais

Homeownership Dream Made a Reality in Prince Albert

PRINCE ALBERT, Saskatchewan, July 29, 2005 — An affordable housing project in Prince Albert is providing low- to moderate-income families with an opportunity to realize the dream of homeownership.

Jovin Homes, a registered Saskatchewan corporation involved in the home construction business in Prince Albert for the last 16 years, has broken ground on building 10 new detached homes for low- to moderate-income families. The two- and three-bedroom houses, 900 square feet in size, are located on Weir Road in the Southwood area, a private street in close proximity to a new school in East Central Prince Albert. The lot sizes are 40 feet by 118 feet.

"The Government of Canada is dedicated to helping provide families with every opportunity to realize the dream and security of homeownership," said Ralph Goodale, Minister of Finance, on behalf of Joe Fontana, Minister of Labour and Housing. "This project will help the people of Prince Albert by showing that homeownership is more than just a dream - we are helping to make it a reality."

"Our HomeFirst strategy has a goal of helping Saskatchewan families build safe and prosperous communities through homeownership," said Prince Albert Northcote MLA Eldon Lautermilch on behalf of Community Resources and Employment Minister Joanne Crofford. "Prince Albert will be a stronger and more prosperous community because of projects like this to help working families own their own homes and futures."

"In Prince Albert, a strong community begins with a strong family unit and that begins with homeownership," said Prince Albert Mayor Jim Stiglitz. "As Mayor I know how important projects like these are for both families and our community because everyone wins with opportunities like these."

The Government of Canada and Province of Saskatchewan through the Centenary Affordable Housing Program (CAHP) are helping to build the project.

For the Homeownership Option, the CAHP Equity Loan can range from a minimum of $5,000 for each household to a maximum of $19,500 in relation to a maximum income limit of $39,500. Assuming that the 10 successful applicants will have an adjusted household income of less than $32,250, the total maximum CAHP contribution will amount to $195,000. The breakdown of the CAHP contribution of $195,000 would be as follows: Federal Government — $97,500; Provincial Government — $78,000 and the City of Prince Albert $19,500.

Funded under the Canada-Saskatchewan Affordable Housing Agreement, CAHP provides $33 million in federal funding for affordable housing, matched by Saskatchewan, municipalities and other parties. With these matching contributions, a total of $66 million will be allocated by 2007/08 for affordable housing.

For further information, please contact:

Greg Urbanoski
Communications Consultant
Community Resources and Employment
Phone: (306) 787-4011

Jason Cobb
Canada Mortgage and Housing Corporation
Calgary, Alberta
Phone (403) 515-2903

Backgrounder

  • Jovin Homes (2000) Ltd is a registered Saskatchewan corporation that has been involved in the home construction business in Prince Albert for 16 years.

  • The principals of Jovin Homes, Chris and Shirley Knudsen, submitted an Expression of Interest dated October 2004 for the phased construction of 40 affordable houses under the CAHP Homeownership Option.

  • For the first phase, the project consists of the new construction of 10 detached houses for low- to moderate-income families. The two and three bedroom houses, 900 square feet in size, are located on Weir Road in the Southwood area, a private street in close proximity to a new school in East Central Prince Albert. The lot sizes are 40 feet by 118 feet.

  • The estimated capital cost for each house is $128,200 consisting of the land cost of $22,240, house construction cost of $97,000, three appliances, grade levelling/top soil, client counselling and goods and services tax.

  • For the Homeownership Option, the CAHP Equity Loan can range from a minimum of $5,000 for each household to a maximum of $19,500 in relation to the Maximum Income Limit (MIL) of $39,500. Based on this criteria, if the adjusted household income is less than $32,250, the successful applicant can qualify for the maximum of $19,500. Assuming that the ten successful applicants will have an adjusted household income less than $32,250, the total maximum CAHP contribution would amount to $195,000. The breakdown of the CAHP contribution of $195,000 would be as follows: Federal Government — $97,500; Provincial Government — $78,000; and the Municipal Government — $19,500.

  • A positive response to this homeownership initiative has been received from Northern Lights Casino employees and families who wish to transition from rental premises.

News source: Canada Mortgage and Housing Corporation (CMHC)

 

Top of page