The City of Langford is expanding its Attainable Home Ownership Program to make more people who live and work in the city eligible.
At a press event at the Trailside at the Lake condo development, the city announced anyone who has lived or worked in the city for at least six months and can meet the financial requirements is eligible for the program. Previously, only those who had lived in Langford for at least two years were eligible.
B次元官网网址淥ne of the things we realized was a lot of the workers in Langford donB次元官网网址檛 live in Langford,B次元官网网址� said Mayor Scott Goodmanson. B次元官网网址淭hey would like to, but they are just trying to find a house wherever they can. If you are a worker and have worked in Langford for six months or more, we know you have an investment in Langford, so now you can apply for the program. If you are working here, we want to bring you here so you are not travelling as much.B次元官网网址�
Financial eligibility requirements vary based on the size of the unit being applied for. One bedroom units require a household income of $125,000 or less and be qualified for pre-mortgage approval of $399,000, while the largest three bedroom units require a household income of $150,000 or less and be qualified for pre-mortgage approval of $499,000.
Regardless of what size of unit they are interested in, applicants must not own any real estate, must not hold more than $50,000 worth of assets, not have access to down payment assistance from family, friends, or other sources.
The program provides down payment assistance to individuals and families in purchasing a condo at a purchase price attainable to the middle-income household, and is intended to help people who may qualify for a mortgage but are challenged to save the minimum down payment required.
Support is provided through the cityB次元官网网址檚 Affordable Housing Reserve Fund, which is funded by developer contributions as a condition of rezoning applications. Eligible buyers are subject to a housing agreement registered on title stipulating the resale price will be limited and restricts the unit being rented within the first five-years of ownership.
Also announced on Thursday were the addition of Keycorp Developments and Seacliff Properties as partners with the city program, as well as updates on the construction of the Trailside at the Lake building.
The six-storey building will feature two phases, with the first phase set for completion in December. The building will have 37 attainable units.
B次元官网网址淲e in the development community know that quality, attainable housing is key to our communityB次元官网网址檚 success. For years weB次元官网网址檝e worked with the city so that more Langford residents and workers can have the flexibility and opportunity they need to purchase their own home,B次元官网网址� said Malcolm McNaughton, KeycorpB次元官网网址檚 director of planning and business development. B次元官网网址淲e are pleased that Trailside at the Lake is our first project under this new program, and weB次元官网网址檙e excited to offer these brand-new homes at a significantly reduced price of $100,000 or more under market value.B次元官网网址�
READ MORE: Langford condo building an example of needed alternative home purchasing models: Economist
