There is now a solution for people who are renting and want to own a home, but have limited access to the necessary funds for a downpayment. This solution is The Canada-Ontario Affordable Housing Program (AHP). The AHP makes home ownership affordable for low and moderate-income households across Ontario. The AHP provides up to 5 percent down payment assistance for eligable consumers when purchasing a home.
Applicants must:
- be 18 years and older
- renting
- have combined household income at or below the maximum level
- qualify for mortgage financing
The price of the purchase must not exceed the AHP's eligible value, and must be modest in size relative to community standards.
Jim FitzGerald
Business Development Manager, ResMor Trust Company
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