The home ownership program offered by the City of London has been expanded and re-released to offer renters in the city a chance to purchase a home. The initial program, launched last year, attracted some response, but wasn't used to the degree the city expected - mostly because the conditions to use the program were unfavourable to most potential buyers. One thing they have changed is the maximum purchase price is now $132,000. And there is no expire date for application, they will provide the funds until the money runs out.
Full details on the program are available HERE. To sum up the program, the City of London will provide renters - who meet their specified criteria - the 5% down payment plus 1% for closing costs to purchase a single family residence in the city.
Why is the city doing this? In conjunction with the Federal and Provincial Governments, the aim as mandated in their news release is to:
- Ease the demand for rental housing by assisting renter households across the province in purchasing affordable homes;
- Free up social housing stock to address waiting lists; and
- Provide low and moderate-income individuals and families with an opportunity to move up the socio-economic ladder through homeownership
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