Housing Programs announced by Grey County
In April 2012, Grey County Housing announced 2 new Federal/Provincial programs which will benefit some local homeowners in Grey County. Both of these programs run for 3 years.
Designed to assist renters in purchasing their own home, a forgivable loan of up to 5% of the purchase price may be available. Eligible homes would be modest in comparison to current norms, and cannot exceed a purchase price of $175,000 for Grey County or $207,300 for The Blue Mountains. Maximum household income is $66,200 to be eligible.
An added benefit to the program is helping to ease the demand for rental housing by helping to turn some renters into homeowners. To be eligible for the program, applicants must currently rent in Grey County, and must intend for the purchased residence to be their principal residence and it must also be in Grey County. Resale or new housing qualifies as does detached, semis, towns, condos, stack, row or apartments and duplexes. Home inspections will be required of the purchased property.
Approved eligible purchasers will be assisted with a downpayment assistance loan which will be forgiven after 20 years. Income must be proven. The assistance will be provided at time of closing, when a mortgage can be registered.
Repayment will be required if the homeowner is in default; if the unit is sold, or if the unit is no longer the principal residence, before the 20 years has elapsed.
Any repayed funds are redistributed.
Assisting low to moderate income households, the Ontario Renovates program helps Grey County homeowners to repair their home and increase the accessibility of their home through modifications and adaptations. According to their website, Grey County says, ‘major repairs could include but are not limited to heating systems, doors and windows, roofs, electrical systems and plumbing. Modifications for accessibility could include ramps, handrails, chair and bath lifts, cues for doorbells and fire alarms.”
Secured with a promissory note, forgivable loans of up to $15,000 may be provided for repairs. Repayment would be due if the property is sold within 10 years of the loan advance. The County says, “the forgiveness of the funding occurs at an equal rate over the 10 years. Any funds returned will be put in a revolving fund for Ontario Renovates. Grants are provided up to $3,500 for accessibility modifications and adaptations.”