The struggle to become a new homeowner may have found a Sugar Daddy in Victoria suburb.

How does a grant that will pay up to 75 per cent of the cost of a down payment sound to you?

The city of Langford has announced a new program that will gift established residents of Langford a portion of their down payment costs, through funds collected from developers over the past five years as a condition of rezoning.

By imposing additional rezoning fees on every Langford developer over the last five years, Langford Mayor Stewart Young said the city was able to earmark $3 million towards their affordable housing fund, which will assist 250 families in buying those finished homes.

B次元官网网址淭his program comes at the height of a major housing crisis across the region and will assist those Langford families who could afford a mortgage payment but are struggling to save the amount necessary for a downpayment,B次元官网网址� Young explained in a statement.

Households of at least two people having lived in Langford for at least two years, earning less than $125,000 combined gross annual income, without real estate or more $50,000 in assets, and who qualify for pre-mortgage approval will be able to apply for the program. Funds gifted from the program can reach up to 75 per cent of the downpayment on a two-bedroom condo not exceeding $450,000.

READ ALSO:

READ ALSO:

B次元官网网址淲e ran this by the developersB次元官网网址� association and theyB次元官网网址檙e supportive of it,B次元官网网址� Young told Black Press Media. B次元官网网址淭hey recognize that if they want to continue building in Langford, they have to contribute to affordable housing B次元官网网址� we know that the more we build, the cheaper it will be.B次元官网网址�

The idea for the program came about after Langford council observed a rental housing boom as a result of the increasing purchase prices of homes over the last 15 years.

B次元官网网址淭hereB次元官网网址檚 been a lot of rentals being built because (Langford residents) donB次元官网网址檛 have the downpayment, and that was impeding owning a home,B次元官网网址� Young continued. B次元官网网址淲e want to get a supply of condos and townhomes that are built so people can take ownership rather than just having a rental stock. We really like the idea of pride in homeownership, and we want to make sure that everybody in Langford has an opportunity to be a homeowner.B次元官网网址�

Do you have a story tip? Email: kiernan.green@blackpress.ca.

Follow us on and and like us on