BRAMPTON -
Calling it a good start, Peel Region officials have launched an affordable home ownership initiative amid concerns that some of the program requirements are too restrictive. "This program is a start," said regional councillor Patricia Mullin, referring to a new initiative aimed at helping low-to-moderate income renters purchase a home. "Considering the rental housing shortages, market increases and population growth in Peel Region, the federal, provincial and regional governments are becoming more creative. By introducing new programs such as Home in Peel, we're better able to provide peace of mind for our residents by giving them an opportunity to secure a long-term investment, such as buying a home." Dubbed Home in Peel, the program will provide 328 eligible applicants with a maximum down payment loan of up to $8,500. To qualify, participants must be at least 18 years old, have a household income of less than $62,600 and be currently renting. The loan will be forgiven provided homeowners don't default on their mortgage payments and live in the home for at least 20 years. The purchase must be a resale home in Peel worth no more than $208,000. Peel has been allocated $2.85 million for this program from the Canada Mortgage and Housing Corporation (CMHC) and Ministry of Municipal Affairs and Housing. It is part of the Canada-Ontario Housing Program geared to helping the province's poorest families afford a place to live without having to sacrifice other necessities of life. Leading up to the launch date, councillors expressed concern that program specifications— namely the stipulation that homebuyers would be required to live in the starter home for two decades— would be unappealing to residents. They pushed for changes including having the 20-year occupancy requirement reduced to 10 years and the household income level hiked to $75,800 from $62,600. Those changes have not been made. "That was a provincial decision," said Janet Menard, Peel's executive of human services. "We are working with (the province) to get more flexibility but haven't been successful as yet. We were hopeful there would be some changes." Residents have responded positively to the program with 145 applications received in the first few days of the launch. Information can be obtained at www.peelregion.ca/homeinpeel.
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