Project Build II
The only project of its kind in Canada, Project Build was designed to help get 40 families in the Central Okanagan into the housing market by overcoming what is often the biggest hurdle, the down payment. Since Project Build went into operation in January 2010, 23 mortgage down payment grants of $45,000 each have been awarded. “It’s basically a free down payment provided by a group of local businesses that are helping more Okanagan working class families get in the market,” says John Antle, Manager, Residential Mortgages, TD Canada Trust. “Non-Repayable Grants provide families who have not been able to save enough for a down payment with attainable housing in beautiful Lake Country at Sageglenn,” says Project Build brainchild Gino Dal Ponte at the Property Source Group, MacDonald Realty Kelowna.
The business community contributes the grants to these families and in turn, homes are purchased, mortgages get paid, and the local economy is invested back into by working class families living in the area. The semi-custom homes are built in consultation with the homeowners by Built-Rite Homes, and are a good size for a family home. Most of the packages can accommodate legal basement suites which is a terrific supplement to monthly mortgage payments.
Applications can be submitted through the Central Okanagan Foundation, and Project Build’s eligibility is fairly simple. As a rough guideline, if a couple has a combined annual income of approximately $65,000 and are able to cover a monthly mortgage payment of about $1,690, they would likely qualify, so long as their credit rating and debt are not an issue. There are some standard transactional costs such as legal fees, property transfer taxes, property insurance and HST, however a rebate on the HST can be applied for afterwards.
For more information on Project Build II Contact Us.