Region of Waterloo Affordable Home Ownership Program Fact Sheet

Many Canadians dream of owning a home but struggle to come up with the money for a down payment.

The Canada-Ontario Affordable Housing Program is supporting these Canadians by committing more than $28 million to make home ownership affordable for low to moderateincome households across Ontario.

The Region of Waterloo has received $1.161 million to help deliver the Affordable Home Ownership component of the Affordable Housing Program on behalf of the Federal and Provincial governments. Starting in March 2008, this funding will be used to help an estimated 133 eligible households realize their dream of owning a home.

The Affordable Home Ownership Program provides low to moderate-income households with down payment assistance loans of 5% (up to a maximum of $10,000) of the purchase price of a home.

Households must apply to participate in the program, and a series of lottery draws will determine which of the applicant households will be selected to receive a down payment assistance loan.

Recipients of the loan can purchase a new or resale home that is located in Waterloo Region and has a maximum purchase price of $208,000.

Are you interested? If so, you should read this Fact Sheet to learn more about the application process, the selection process, and the details of the program.

Are you eligible to apply?

If you are interested in the Affordable Home Ownership Program and would like to apply, you must:

  • Qualify for a mortgage,
  • Have a maximum household income of $61,400,
  • Be at least 18 years old and currently renting,
  • Not own or have an interest in a home,
  • Not owe money to a community housing landlord,
  • Be a legal resident of Canada, and
  • Intend to have this home as your one and only residence (you cannot transfer or lease it to someone else).

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