Peel Affordable Ownership Program – Up to $10 000 in Government Assistance!

The Ontario Government has designed an Affordable Home Ownership Program to help provide low-to-moderate income residents who are currently renting the opportunity to qualify for down-payment load assistance when they buy a home in Peel Region (which covers Brampton, Caledon and Mississauga)

This program will assist eligible applicants who have a total annual income of $75,800 or less and a purchase price that does not exceed $247,000.

Qualifying applicants can receive up to a maximum of $10,000 in assistance.

Who Qualifies for this Government Assistance Home Ownership Program?
o Applicants must be 18 years of age or older
o Applicants must not own or have an interest in another residential property
o The home must be the sole and principal residence of the purchaser
o The applicant must currently be renting and looking to buy a sole and principal residence
o The applicant must have a total household income not exceeding $75,800
o The applicant must be able to obtain a mortgage and demonstrate sustainability
o Participants may not include anticipated rental income from a portion of the property in order to obtain a mortgage
o The applicant must be able to pay all additional closing costs
o The applicant must supply all necessary documentation to the Region of Peel

The down payment loan is for a 20-year period and no interest is charged if:
o The home remains the sole and principal residence of the owner.
o The home cannot be rented, leased or sold in the 20-year period.
o On the 20th anniversary date of the agreement, the loan is automatically forgiven provided there has been no default.

Repayment of the loan is required when:
o The home ceases to become the sole and principal residence of the owner.
o The home is sold before the 20-year affordability period.

If the home is sold before the 20-year affordability period, and there is a value increase, the down payment loan must be repaid plus five per cent (5%) of the capital gain (appreciation).

If the home is sold for less than the original purchase price, the owner does not pay appreciation and the principal is forgiven (the sale must be at fair market value and must be an arm’s length transaction)

Participants on a first-come, first-serve basis.
Applications and further program information can be obtained at www.peelregion.ca/homeinpeel, by calling 905-453-1300
or via e-mail at homeinpeel@peelregion.ca.

Questions?
Please feel free to contact us or visit our website if you would like more information about mortgage brokerage services.