All three levels of government announced their support of alternative routes to home ownership last week by giving $2.5 million to fund Home Ownership Alternatives and
Option for Homes' latest project, the 643-unit Village by High Park condo tower in the Junction at Dundas and Keele, on the site of the old Canadian Tire.
The funding will provide financial backing for buyers of 108 units in the building.
"These new units will provide quality, affordable housing for low income households and benefit the economic and social well- being of the entire community," said Finance Minister Jim Flaherty in a press release.
"This investment will allow more people to realize their dream of owning a home which is a key ingredient of the City's 10-year affordable housing action plan," said city councilor
Gord Perks. The plans calls for assistance for 257,700 households.
With this contribution the value for the average second mortgage offered to help prospective home buyers with a down payment will be $53,000.
Writer: Bert Archer
Source: Sharon Rego
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