PEMBROKE — The County of Renfrew, in partnership with the Province of Ontario, is pleased to announce that owning a home is now one step closer to reality for many individuals who recently were unable to afford the long-term investment of owning a home. The Investment in Affordable Housing for Ontario (IAH) 2014 Extension Program has announced a new round of funding to make homeownership affordable for low and moderate-income households across Ontario.
The Homeownership Program provides up to 10 per cent assistance to low and moderate-income households to help with the purchase of a home in the County of Renfrew. A 10% down payment assistance loan is recognized as equity by the Canadian Mortgage and Housing Corporation (CMHC) for mortgage loan insurance purposes.
In order to qualify for the program, applicants must meet certain criteria, including but not limited to:
Applicants must be renting in Renfrew County,
Applicants must be at least 18 years old,
Have a combined household income at or below the maximum eligible gross income limit of $81,700 and have access to mortgage financing,
The purchase price for the home cannot exceed $227,097.
Chair of the County of Renfrew Social Services Committee, Councillor Debbie Robinson said, “This is a wonderful opportunity for residents of Renfrew County that are looking to buy their first home, but are struggling to meet the down payment requirements. The dream of home ownership is achievable; I encourage anyone that meets the requirements to please apply.”
Warden of the County of Renfrew, Jennifer Murphy said, “We are grateful to the Federal and Provincial Governments for continuing their support of a program that makes a significant impact in the lives of our residents in Renfrew County. This program helps not only the family to get a first home, but it helps build our communities.”
In order to qualify for the program, there is a formal application process that is administered through Renfrew County Housing Corporation. The application must provide supporting information and documentation as required. Only complete applications will be considered.
Application packages are available online at www.countyofrenfrew.on.ca or by emailing [email protected]. You may also pick an application package up at one of our Renfrew County Housing Corporation Offices as follows:
Suite 101 – 80 McGonigal Street West, Arnprior
169 Lake Street, Pembroke
Suite 105 – 450 O’Brien Road, Renfrew.
