Home Buying and Renovation Assistance Programs
Local assistance for first-time home buyers.
The Blue Mountains Down Payment Assistance Program
Down Payment Assistance Program is designed to provide first time home buyers in the Town of the Blue Mountains with a loan, up to 5% of the purchase price, to assist them with owning their own home. The program assists eligible applicants in the purchase of a home that does not exceed the purchase price of $400,000. Program funds are available January 1 annually until funds are exhausted.
Approval for funding is based on the information provided by applicants and conditions for funding include, but are not limited to the following:
- Applicants are first time home purchasers in the Town of the Blue Mountains
- Applicants do not have assets greater than $100,000
- Applicants have a maximum household income of $100,000
- Applicants will use the purchased home as their sole and principal residence
- Applicants qualify for a mortgage (without a co-signor)
For more information about the program visit Blue Mountain Assistance Program
Contact the Blue Mountains Attainable Housing Corporation.
Affordable Housing Programs
The Investment in Affordable Housing (IAH) for Ontario Program is a federal and provincial program to provide funding for the creation and repair of affordable housing. The IAH is based on the principles of Ontario’s Long-Term Affordable Housing Strategy and is a continuation of the Canada-Ontario Affordable Housing Program (AHP). Funding for the program is renewed each April 1st and has to be committed by December 31st of that year.
The Ontario Renovates Program includes funding for urgent repairs, renovations, and accessibility modifications for low to moderate income homeowners. Funding of up to $15,000 per unit is available. Accessibility modifications are particularly beneficial for seniors to allow them to ‘age in place’ and persons with disabilities who require unit modifications.
Application intake for urgent home repairs and accessibility modifications is year round; however, as funding is limited, applicants may be placed on a waitlist. Eligible applications are reviewed in the order they are received.
Major repairs could include but are not limited to heating systems, doors and windows, roofs, electrical systems and plumbing. Modifications for accessibility could include ramps, handrails, chair and bath lifts, cues for doorbells and fire alarms. Forgivable loans of up to $15,000 are provided for repairs and secured with a promissory note. If the property is sold within 10 years the loan is due back to the County. The forgiveness of the funding occurs at an equal rate over the 10 years. Any funds returned will be put in a revolving fund for Ontario Renovates. Grants are provided up to $5,000 for accessibility modifications and adaptations.
The Homeownership Program
The Homeownership Program aims to assist low-to-moderate income renter households to purchase an affordable home by providing 10% down payment assistance in the form of a forgivable loan. The Program provides renter households with the opportunity to move to homeownership thereby freeing up rental units, encouraging developers to build affordable housing and fostering demand.
Applicants are encouraged to apply even though there is a waiting list.